WJ
Wanda J

1 reviews | Active since Nov 2017

30 Mar 2018, 17:33

Old Mutual & Old Mutual Money Account

In November-December 2017, I made a deposit and withdrawal from IqOptions using Old Mutuals Money Account bank card. At one point, things were going well. I'd see the deposit going off immediately, plus in the currency which I making the deposit (dollars never in rands). Give it a week later, say Thursday I made my deposit and later a withdrawal for that day. I received a notification from them (Old Mutual Money Account) stating that there was a deposit from my Money Account to IqOptions, which was correct. And later during the day, there was a deposit from IqOptions into my Old Mutual Money Account (profit) everything was correct. Okay. On the same day, my partner was even able to make small purchases at Clicks, proving that money had come in. I even received notifications of all those transactions, showing the remaining balance on my account. Basically, everything that went off (whether money coming out or money going in) would reflect immediately, which was good. Two days later, Saturday, I receive two messages saying money had been withdrawn from my money account into IqOptions, twice. Strange. (What's strange is: 1. I didn't make nor authorise such a transaction, whenever I'd make a deposit into IqOptions, Old Mutual would send me an SMS to confirm first, this time none which makes sense since I didn't make a withdrawal request. 2. I didn't make a deposit on Saturday, it was only on Thursday and I received notifications of those already. 3. This deposit is different from the usual ones, it's in Rands and not Dollars like the others?)

Called and even sent an email to ask what was going on, and they didn't respond immediately. When they eventually responded, they said the issue is with the broker and even threatened to close my account if I ever made a transaction with IqOptions using my money account again. So their security incompetence and dishonesty is my fault. Okay, it was 2017 let's forget about it?!

Now (2018-March-28), I made a bank transfer from another bank into the Old Mutual Money Account using cellphone banking, which is free. Instead of getting the full amount reflected onto the Old Mutual Money Account, I see that R300 is missing. What bank charges are those I wonder? I sent a message to them and tried calling, they didn't picked up since it's a holiday. They'll probably say, Old Mutual isn't associated with Old Mutual Money Account. When I get a stupid response from them, I'll be reporting them to Ombudsmen.

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Replies (2)
Old Mutual
Old Mutual's reply30 Mar 2018, 18:01
Official

Dear Wanda

Thank you for the review.

We apologise for inconvenience caused.

We will investigate and contact you directly to resolve.

Regards

Brent Sellidon

Old Mutual Complaints Management

Old Mutual
Old Mutual's reply12 Apr 2018, 13:17
Official

Thank you for taking the time to alert us of the matter.

I refer to the correspondence between our Money Account department and yourself. They are in constant contact with you via email and will keep you updated on the resolution of the matter.

Kind regards

KareemahSulayman

Old Mutual Complaints Management