NedGroup Investments
reviews and complaints

On 20th May, I asked my local financial advisor at Westville Mall to withdraw my investment as I needed to pay transfer fees for a property I recently purchased.I was told that they would fill in the forms and I must come back on 23 May just to sign. The money would be in my bank account on 25th. After several checks at the Standard Bank ATM which showed no deposit, I went to my advisors. They were adamant that the money was in my account. I went to Standard Bank and after extensive inquiries, they found that my investment was in someone else's account. Standard Bank were unable to swop the money into my account as NGI must recall it and they had made no request. It took 16 days instead of 3 days to reflect in my account and because my transfer fees were late, I had to pay occupational rent of R3185, and I lost R240 in interest. I feel that NGI should re-pay these amounts as this was their mistake. But they refused.
Management for the Durban area were quick to blame me for not checking the form. I know I have only got 1 bank account, which NGI used successfully 3 times in June 2015, so how could this mistake have been made? All accounts used are kept on their files, with no indication of being closed or active.The account NGI used was closed in 2007 and had since been given to another Standard Bank customer. Yes, Standard Bank re-cycle account numbers. My money, almost R112 000, was left in a strangers account and could have been used at any moment. I told NGI that this was their mess and accounts should be flagged as closed, current etc.
I got a text from NGI telling me all my personal details have been updated. I phoned to check, and they have 4 bank accounts in my name including the one now used by a Standard Bank client when in fact I only have 1. So nothing has changed. They still had my old address, even though I notified them of my change of address. What update!
Knowing that my investment could have been spent at any moment caused unbelievable worry and anguish, NGI should have paid me out immediately as they could afford to wait. But they would not. Is this the right way to treat loyal investors?

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