Menu
Write a review
File a complaint
NedGroup Investments Profile

NedGroup Investments

www.nedgroupinvestments.co.za

Learn how the rating is calculated

1.0 1 Complaint
Claim Your Business
Take control of your profile: address complaints and engage with reviews
Write a review File a complaint

Latest Reviews and Complaints

ComplaintsBoard
C
7:04 am EDT

NedGroup Investments - Bad service. Incorrect transfer of funds to wrong account.

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?

Investor number [protected]

Read full complaint
Hide full review

NedGroup Investments Reviews and Complaints

Looks like NedGroup Investments has no reviews or complaints yet, which is great!

However, if you have something to share with the others, you can write a complaint or review

Write a review     Leave a complaint
Subscribe to receive notifications of all new customer feedback

Overview of NedGroup Investments complaint handling

NedGroup Investments reviews first appeared on Complaints Board on Aug 29, 2016. The latest review Bad service. Incorrect transfer of funds to wrong account. was posted on Aug 29, 2016. NedGroup Investments has an average consumer rating of 1 stars from 1 reviews. NedGroup Investments has resolved 0 complaints.
Trust badge
Collect Your Trust Badge
Be recognized for outstanding customer service
NedGroup Investments Category
NedGroup Investments is ranked 393 among 399 companies in the Banks category

Our Commitment

We stand for unbiased reviews

We make sure all complaints and reviews are from real people sharing genuine experiences.

We help resolving issues

We offer easy tools for businesses and reviewers to solve issues together. Learn how it works.

We advocate freedom of speech

We support and promote the right for reviewers to express their opinions and ideas freely without censorship or restrictions, as long as it's respectful and within our Terms and Conditions, of course ;)

We ensure transparent and fair ratings

Our rating system is open and honest, ensuring unbiased evaluations for all businesses on the platform. Learn more.

We care about your privacy

Personal details of reviewers are strictly confidential and hidden from everyone.

We are easy, free and open to everyone

Our website is designed to be user-friendly, accessible, and absolutely free for everyone to use.