Man Battles an International Bank Over a Contract, But What He Demands From the Manager Leaves Everyone Stunned.
In a clash of principles against bureaucracy, a man’s father challenges the mighty Malaysian banking system over a contractual discrepancy following the 1997 Asian financial crisis. The climax intensifies when he confronts the bank’s upper management, dangling a threat that could upend their entire operation.
Rising Tides of Crisis
In 1997, Malaysia’s financial situation became dire due to the regional Asian financial crisis, threatening the stability of small independent banks. To salvage the situation, Prime Minister Tun Dr. Mahathir Mohamad mandates a buyout of these banks by larger corporations. As part of this, a new policy, “1MalaysiaHomeLoan,” is implemented, stipulating certain rules for acknowledging home loan transfers.
An Unlikely Hero’s Wish
OP’s father, an everyday man, harbors a deep-seated resentment for the banking system, believing it takes undue advantage of its clients. His ambition is to challenge a bank contractually, just like they do with their customers. Unknown to him, an opportunity for his unconventional dream to become a reality is fast approaching.
A Bank Becomes a Home
Years before the crisis, OP’s father secured a loan from a small Malaysian bank, DCB Bank, to buy his family’s first home. However, the financial crisis saw his bank purchased by a larger corporation, RHB Bank. Unofficially, he becomes an RHB customer, though he never receives any formal notification of the change.
An Unrecognized Change
Despite the tumult of the banking landscape, OP’s father is never formally notified of his loan’s transfer to RHB bank. According to the 1MalaysiaHomeLoan policy, he should have been sent an acknowledgment letter detailing the changes in his loan. This missing piece of paper becomes a ticking time bomb.
The Confrontation Begins
Ten years later, in 2007, OP’s father, knowledgeable about financial matters, attempted to make a full settlement against his principal loan to RHB bank. The bank informs him that even if he pays the principal, he would still owe interest payments for the remained of the mortgage, approximately another 15 years. The stage is set for a clash of perspectives.
A Dispute over Contracts
The father argues that his original contract with DCB bank allowed for full settlement without additional interest. The RHB bank representative counters that he should have acknowledged and signed under RHB. However, the father reiterates that he never received the acknowledgment papers.
The Hunt for a Signature
Despite the father’s assertions, the bank insists on enforcing the 1MalaysiaHomeLoan policy. The father challenges the bank to produce his signature acknowledging the new loan policy. Unable to find any record of such an acknowledgment, the bank staff scramble.
A Shouting Match
The bank manager steps in to handle the situation, inviting the father into his office. What starts as a civil discussion quickly descends into a heated argument. The father’s insistence on seeing the acknowledgment he supposedly signed sends ripples through the bank’s hierarchy.
A Powerful Gambit
Unable to reach an agreement with the bank manager, the father threatens to escalate the issue to Bank Negara, Malaysia’s central bank. The manager, fearing a potential lawsuit and damage to his career, leaves to consult with upper management. The father’s cunning move has turned the tide of the conversation.
Victory for the Underdog
Following intense deliberation, the manager reluctantly agrees to the father’s terms: a full settlement without additional interest payments. This concession marks a significant win for the father, who’d long dreamed of challenging a bank contractually.
Adding Salt to the Wound
To add insult to injury, the father requests the bank to prepare his housing grant within a week. RHB bank, having already conceded to his terms, complies, further emphasizing the extent of his victory.
A Victory Sweetened
OP’s father not only secures his house but also manages to keep the housing grant intact. In a brilliant maneuver, he has turned the tables on the banking system that he felt took undue advantage of people. A man who once viewed banks with deep resentment now stood victorious against one.
The High Cost of Incompetence
OP’s father’s battle resulted in the bank losing a significant amount of money, about $100K worth of interest payments. The bank’s oversight costs them dearly, shedding light on the pitfalls of complacency in adhering to policy. OP’s father’s victory isn’t just personal; it’s a statement against the banking system’s bureaucratic inefficiencies.
The End of a Saga
The saga concludes with the father securing his family home without the burden of extra interest payments. Fifteen years later, his father still boasts of the tale of bringing a powerful bank to its knees and emerging victorious. The battle between David and Goliath ends, leaving a legacy of a common man’s victory against a seemingly invincible opponent.
What Do You Think?
The readers in the forum had a lot of mixed views on the matter. Here are some of their responses:
Forum Responded
One reader said, “Love this. In the US, you can get a mortgage through a small bank, and they will turn around and sell it to a big bank so the small bank doesn’t have the risk, but the terms of the mortgage are the same, so the only difference for the consumer is who they pay.”
Another Commenter Thinks
Another responder wrote: “He should have still reported them to the central bank. They were probably doing this to other people. That would be some revenge.”
A Third View On The Story
A different person states, “Salute to your dad. Like seriously, that plan was so good, and it saved him a lot of interest money. And it would’ve been so satisfying to see the manager’s face when he mentioned bank negara.”
What Do You Think?
What are your thoughts on their actions?
What would you have done in this situation?
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