CT
Chadwin T

1 reviews | Active since Dec 2009

15 Feb 2021, 10:59

Quick to open accounts but Slacks with customer service.

I've opened a TFS Unit trust for my son around 2017 I knew that a time would come for me to disinvest from the fund to utilize it for school fees. The service experience I've had with Old Mutual is so pathetic I would not recommend anyone signs up with them. They do not respond to emails, and in light of the lockdown they make it extremely difficult to withdraw funds. I sent an email request on the 26th January to withdraw from the unit trust. I completed the forms and submitted all supporting docs; there was one particular field that has to be completed that was required to be stamped by a commissioner of oath if a withdraw is on behalf of a contracted party (why do I need to certify that my son is my son in order to withdraw), I was not prepared to visit the police station and possibly expose myself to COVID and request info on whether there was a workaround this, on the 1 Feb I sent a follow up email, NO REPONSE. On the 8th of Feb I then sent another follow-up email and requested the complaints departments details. Seems like all communication goes into a black hole. I'm at a point where I would rather close off the Unit trust an move it over to FNB as the withdraw process is quick and efficient.

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Replies (1)
Old Mutual
Old Mutual's reply15 Feb 2021, 11:29
Official
Dear Chadwin

We are sorry to hear about the service experience. We will investigate and contact you directly to assist.

Regards
Complaints Management