ANGELIQUE ARDÉ: Investment rollover shocks pensioner
If the bank doesn't hear from you, it reinvests your cash
26 January 2020 - 00:08
If you invest for a fixed term, be sure you know what your bank or investment house will do at the end of the term if it doesn't receive a new mandate from you.
A Stellenbosch pensioner was horrified to find her R330,000 investment with Absa had been reinvested for another 12 months and she would be charged a penalty of about R11,500 to get access to her funds before the end of the new investment term...
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