Woman’s worthless 30-yr-old deposit creates media frenzy
Woman’s worthless 30-yr-old deposit creates media frenzy
Gold, vegetables and a bank feature in the story of Le Thi Bich Thuy, a customer at VietinBank who received the paltry sum of VND4,385 for a deposit made 30 years ago.
Tuoi Tre newspaper aroused the public’s attention when reporting that Thuy, who lives in Binh Thanh district in HCM City, received VND4,385 for a deposit she made 30 years ago.
VietinBank paid Thuy the interest on her old deposit worth VND270. Thuy deposited the money in response to the local authorities’ call for making contribution to the country development at that time/
VND270 at that time could purchase 0.2 taels of gold. But now it is just enough to buy a some vegetables.
In 1985, the State of Vietnam changed money at the rate of 1 VND in new currency for 10 VND in old currency. Thuy’s deposit was then valued at VND27, which did not produce interest.
Since VND27 was lower than the minimum required amount of money to maintain the account, the balance of the account was zero.
So, Thuy lost the money she deposited 30 years ago.
However, later, after VietinBank checked the regulations, they found that Thuy could receive VND4,385 in principal and interest for the deposit.
Banking experts said that VietinBank had observed current laws in dealing with the case, and that VND4,385 was the right amount of money for Thuy.
However, the story persists. Analysts said that the story about 0.2 taels of gold and one bunch of vegetable will discourage depositors. They said commercial banks will not be able to attract long-term deposits in the future.
“Depositors will not deposit big money worth their fortune at banks to see the fortune evaporate,” an analyst commented.
He went on to say that it would be very difficult for the State to call on people to keep Vietnam dong and stop the so-called “dollarization” and “goldenization” in the national economy (people keeping dollars and gold instead of the local currency for fear of local currency depreciation).
If Thuy used VND270 to buy 0.2 taels of gold 30 years ago instead of making a deposit to show her patriotism, she would have more than VND1 million now, which is 300 times higher than the sum of money VietinBank paid to her.
Meanwhile, Luong Hoai Nam, a renowned businessman, commented that VietinBank has lost a great opportunity to polish its image.
Nam, on one hand, said that VietinBank was right in this case, but on the other hand, said the bank could have applied the regulations in a way to give a “happier ending” to Thuy. If it would have done this, customers would have appreciated this.
