March 5, 2024 at 1:37 am

Crooked Bank Tried To Make Customer Pay A Lot Of Interest, But He Knew The Rules And Ended Up Saving $60,000

by Matthew Gilligan

Source: Reddit/AITA/@Doujin_Connoiseur

Don’t mess with this person’s dad

That’s the main takeaway from this story that appeared on Reddit’s “Pro Revenge” page…

Because this guy knew what the heck he was doing!

Check out how he handled a sticky situation with skill and showed these folks what was up.

Try to squeeze my dad for his money, tough luck. He knows money.

“Back during the 1997 Asian financial crisis, Malaysia was hit pretty hard, especially the small independent banks.

The prime minister at the time, Tun Dr Mahathir Mohamad, passed a bill to save the banking economy by having all the larger corporate banks buy out the smaller independent banks. At the same time, he made the 1 MalaysiaHomeLoan policy.

Things were changing.

Under this, all larger banks that bought out the smaller independent banks must send an acknowledgement letter to the home loaners of their original banks stating the home loan change and must receive an acknowledgement from their new loaners, be it a signature, physical or digital.

The story: My dad never liked how banks can legally rob people. For people like him who works the daily grind, having to pay the bank what is essentially 2 houses worth in interest payments over two or 3 decades is just plain wrong in his eyes.

He strives to one day screw a bank over like how they screw their customers: A contract.

Be it sheer dumb luck or is God listened to his prayers and decided to grant him that opportunity, that was what he got.

When my dad bought our family’s first home, he got a loan from a small bank called DCB bank. All is well, until a few years later the 1997 financial crisis hit.

As the small banks were bought out by the larger banks, many home loaners received acknowledgement papers on their new home loan payment plan and policies by their new banks.

My dad for whatever reason never received this. He only knew that his original bank was bought over by the RHB bank corporation, and that he is now unofficially their customer.

Their dad knew what was up…

My dad was frugal with his money and God bless him, financially literate. He knew that if he made a full settlement against his principal loan, he can avoid paying 30 years worth of interest installments.

Sometime in 2007, he went to a RHB bank branch nearby to make a full settlement, and this is how it went down:

RHB employer: I’m sorry sir. Even if you made a full settlement, you would still need to continue making payments for the interest.

Dad: What do you mean? I have a home loan contract under DCB that states I can make a full settlement without paying for additional interests.

RHB employer: True, but since you’ve acknowledged and signed under RHB-

Dad: I’ve never received the acknowledgement papers. I never signed any papers from your bank, and all I have here is the DCB bank contract.

RHB employer: Sir. Under the 1MalaysiaHomeLoan-

Dad: You have to send acknowledgement letters about the loan transfer, yes I know. What I want now is for you, RHB bank, to produce my signature of me acknowledging the new loan policy for RHB. As of now, my paper with DCB is still valid until you produce my signature.

Cue one hour of the employer and her colleagues scrambling around their files and databases trying to find any acknowledgement from my dad about their loan contract. At this time, the manager of the bank had called my dad into his office to ‘discuss’ this problem. It basically had went from civil to a shouting match that can be heard in the neighboring food stalls.

My dad couldn’t remember most of what was said, but the end of it was what he could still clearly remember, and to his son, it was probably one hell of a convo ender.

Manager: I’m sorry Mr Muhammad, but you still need to make the interest payments, regardless of whether you make a full settlement.

Dad: Alright. I understand. I’ll just have take this up to Bank Negara (National Bank of Malaysia). Let them help you find that signature of mine.

He had him!

My dad had the bank manager by the balls now.

Rather risking a potential million dollar lawsuit and possibly losing his job, he excused himself to make a few phone calls to upper management, which took about half an hour.

After said phone calls were done, the manager approached my dad, and agreed to the full settlement without the additional interest installments.

To add salt to the wound, my dad requested that they have his housing grant ready within the week, to which they delivered.

All in all, my dad managed to secure himself a house, the housing grant and in the process screwed RHB bank of what is equal to USD $60,000 worth of interest payments, which to a middle class Malaysian in 2007 is a retirement fund.”

Check out how people reacted to this story.

This person said their dad was impressive.

Source: Reddit/AITA

Another person talked about the importance of reading contracts.

Source: Reddit/AITA

This reader talked about bullying banks.

Source: Reddit/AITA

Another reader had a story to tell.

Source: Reddit/AITA

Their dad knew what he was doing!

Nice work!

Want to read another story where somebody got satisfying revenge? Check out this post about a woman who tracked down a contractor who tried to vanish without a trace.