Old Mutual – Debit Order Deducted After Unit Trust Cancellation

A few years ago, my wife and I invested in a unit trust with Old Mutual in Eerste River, Cape Town.

In October last year, we visited the branch to give notice as we needed a portion of the investment to assist with paying off some debt. After a prolonged back-and-forth, the investment was finally paid out in late December, and we were advised that the unit trust had been cancelled.

Despite this, we were surprised to discover this morning that the unit trust debit order was deducted again.

This should not have happened. Once an investment has been paid out and cancelled, no further debit orders should be processed. This points to a breakdown in internal controls and has caused unnecessary frustration and inconvenience.

I am requesting that the deducted amount be refunded as a matter of urgency and that written confirmation be provided that the debit order has been permanently cancelled.

Unfortunately, this experience has significantly affected my confidence in Old Mutual. I hope this matter can be resolved promptly and professionally.