NP
Nontsikelelo P

1 reviews | Active since Nov 2015

28 Nov 2024, 09:23

Old Mutual does not want to release my money

I opened a tax free investment account for my daughter who is a minor (9 years) and on the 13th of November 2024 I went to Old Mutual branch in Festival mall in Kempton park to request for the withdrawal. I had with me all the required documents (my ID, child’s birth certificate, bank statement and proof of address). I was assisted by Lungile and Mbali, captured all the forms and was told the money will be paid within 14days. I received an email on the 17th of November, stating that there are outstanding documents. On the 20th I went back to the branch to get clarity and the manager told me that the form I was given to sign was a wrong one and apologised, asked one of the consultants to assist with completing the correct form.

I left the branch thereafter and the manager took the reference number (CEB***) and promised to escalate my case so I don’t wait over 15 days for the payout as it was their fault at the branch that the withdrawal is being delayed. I waited and no payment was made to my account, on the 26th of November I called the branch again and was told to wait for the payout.

Today, the 28th of November I called the head office and was assisted by Tania, who told me that my child’s birth certificate was still missing from the documents provided. I provided the branch with all documents including my daughter’s birth certificate, but for some reason that is still outstanding, I sent the birth certificate directly to Tania.

It has been over 15days now, i haven’t received the money and I told them I need this money to settle my child’s school fees, else she will not be getting her report card, this is so much inconvenience for myself and my child. Old Mutual doesn’t want to release the money that belongs to me and my child. The turnaround time has long passed yet I am still told to send documents that I initially provided at the branch, I need my money please or let clients know when signing them up for tax free investments, just how of a hassle it is to withdraw their money.

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Replies (2)
Old Mutual
Old Mutual's reply28 Nov 2024, 09:43
Official
Hi, thank you for reaching out and sharing your experience with us. We sincerely apologise for the frustration and inconvenience you've faced regarding the withdrawal from your daughter's tax-free investment account. We will investigate and the delays in your payout. Our goal is to resolve this as quickly as possible, and we will keep you updated on the progress.
Old Mutual
Old Mutual's reply28 Nov 2024, 09:47
Official
Hi, Thank you for reaching out and sharing your experience with us. We sincerely apologise for the frustration and inconvenience you've faced regarding the withdrawal from your daughter's tax-free investment account. We will investigate and the delays in your payout. Our goal is to resolve this as quickly as possible, and we will keep you updated on the progress.