Re my 87 year old mother's account:
It is on the system that the bank must phone me BEFORE any transactions on the account as she has senile dementia (confirmed with doctor's letter). I have had power of attorney on her account for years.
Earlier this year she was advised by a young black consultant to move her money from her Money Market to a new scheme - from good interest to almost no interest. She did NOT phone me & went ahead despite it not being in her best interest.
So to salvage the savings she had left, I helped her to get it invested for 90 days to gain a better interest rate as she had too little left to start another Money Market account.
The investment was to mature today so I went back to the bank with her to reinvest the money only to discover that she had gone to the Linton branch to cancel the power of attorney (she does this when she's confused) & the same consultant had cancelled her INVESTMENT & transferred the money to her debit card.
Not only was the fee R1600 to cancel the investment, they ignored ALL instructions & did not contact me.
So the bank thought nothing of putting her at risk with having a large balance in her debit card.
Now what?
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