tM
theon M

1 reviews | Active since Apr 2021

27 Aug 2023, 14:36

Incompetence/ Negligence

I've done a change in beneficiary and a change in my bank account details on the 2nd of August 2023. I got confirmation that all changes has been made from Old Mutual Wealth and my financial advisor. My salary had to be paid into my new banking account details on the 21st of August 2023. Old Mutual Wealth or whoever does the payments paid the money into the wrong banking account details. I have received sms's and emails to confirm the changes that has been made to my investment. I received a call on the 22nd of August 2023 from a consultant which I didn't get the name (‪***‬). Apparently my salary would be paid into my new banking details as provided to them on the 25th August 2023. I haven't received any feedback nor have I received my payment that had to be made to me as promised. I've been told this since Monday 21st August 2023 that they will attend to this matter. I've been told that my funds will be paid into my new account details on the 25th August 2023. I've sent you the proof attached to the previous email. Now you are telling me it's going to take 24-48 hours to attend to my request.

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Replies (3)
Old Mutual
Old Mutual's reply27 Aug 2023, 14:38
Official
Dear Theon

We are sorry to her about the service experienced. We investigate and contact you directly to assist. 
Regards Thabiet MintinOld Mutual Complaints Management

Best regards,

tM
theon M's update30 Aug 2023, 10:41
Reviewer Update
I have spoken to the team-leader in the OMW administration area and she has agreed to do an additional payment to your Capitec Bank account. This payment will be processed tomorrow and will be funded by Old Mutual.

Old Mutual Wealth will cover the cost of the annuity payment in the meantime for the error that has occurred. Even though your account is in "lock-up", the funds were still credited to a bank account which is in your name. This means that you would have received two payments for the month of August, which would be incorrect.

Old Mutual Wealth would need to be reimbursed with incorrect payment that was made to the Standard Bank account.

This is the feedback I got from OMW and up until today I still haven't received my payment. So whoever made the error on their side is not going to be held liable or accountable for the mistake.... Why don't they take responsibility for their actions and discipline who is responsible?
Old Mutual
Old Mutual's reply30 Aug 2023, 12:48
Official
Good day Theon 

Thank you for your update. 

I received feedback this morning.  They are attending to this matter and will provide you with further feedback before day end. 

Kind regards 

Coleen Aanhuizen
Old Mutual Complaints Management

Best regards,