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VietNamNet Bridge – A Hanoian got shocked after he was told that he can receive the sum of money big enough to buy three kilos of pork after 20 years of depositing money at bank.
In 1982-1985, Le Minh Toan in Hoan Kiem district in Hanoi decided to deposit VND4,100 at bank. At that time, the sum of money was big enough for him to buy a small flat in Hanoi.
Twenty years later, when Toan decided to withdraw the deposit, he was astonished when hearing that he would receive VND109,778 in principal and interest, the amount of money enough for him to buy three kilos of pork.
Toan, who lives in a cramped old flat, said in 1980s, he was a worker at the Hanoi Electricity Company and received VND310 a month in salary. His wife was also a worker for a state-owned company.
“We tried to practice thrift and saved up every dong we could for a rainy day,” he said about the deposit.
“We deposited our money at the savings banks which were then put under the control of the State Bank,” he said. “We deposited 12 times, about VND200-500 each time.”
Toan and his wife vowed that they would not use the savings until they retired and could not earn money. Therefore, the deposit has been left at bank for tens of years.
Toan and his wife did not think of withdrawing the deposit when the State decided to change money in September 1985 at the ratio of 10/1 (i.e. 10 dong in old currency was exchanged for 1 dong in new currency).
“I thought my money would be safe at the state’s bank,” Toan said when asked why he ‘forgot’ about the amount of money.
In 2002, Toan decided to get the deposit back, but he did not know where to go.
He was told that the savings banks had been dissolved and replaced by a system of commercial banks, while the State Bank acts as the watchdog agency, and therefore, does not have the function of paying back deposits to people.
In June 2002, Toan lodged a complaint to the State Bank and was told to come to VietinBank Hai Ba Trung Branch to get the deposit back.
However, Toan has refused to receive the money, which is just over VND100,000 dong, enough to buy three kilos of pork. He said he has lodged a complaint once again with the Governor of the State Bank.
However, Vu Tien Vinh, who has a master’s degree in law, said that VietinBank was right when paying VND109,778 to Toan.
He said Toan “lost” money not because of VietinBank’s fault. The only “culprit” in this case is the depreciation of the Vietnam dong.
Kien Thuc
Twenty years later, when Toan decided to withdraw the deposit, he was astonished when hearing that he would receive VND109,778 in principal and interest, the amount of money enough for him to buy three kilos of pork.
Toan, who lives in a cramped old flat, said in 1980s, he was a worker at the Hanoi Electricity Company and received VND310 a month in salary. His wife was also a worker for a state-owned company.
“We tried to practice thrift and saved up every dong we could for a rainy day,” he said about the deposit.
“We deposited our money at the savings banks which were then put under the control of the State Bank,” he said. “We deposited 12 times, about VND200-500 each time.”
Toan and his wife vowed that they would not use the savings until they retired and could not earn money. Therefore, the deposit has been left at bank for tens of years.
Toan and his wife did not think of withdrawing the deposit when the State decided to change money in September 1985 at the ratio of 10/1 (i.e. 10 dong in old currency was exchanged for 1 dong in new currency).
“I thought my money would be safe at the state’s bank,” Toan said when asked why he ‘forgot’ about the amount of money.
In 2002, Toan decided to get the deposit back, but he did not know where to go.
He was told that the savings banks had been dissolved and replaced by a system of commercial banks, while the State Bank acts as the watchdog agency, and therefore, does not have the function of paying back deposits to people.
In June 2002, Toan lodged a complaint to the State Bank and was told to come to VietinBank Hai Ba Trung Branch to get the deposit back.
However, Toan has refused to receive the money, which is just over VND100,000 dong, enough to buy three kilos of pork. He said he has lodged a complaint once again with the Governor of the State Bank.
However, Vu Tien Vinh, who has a master’s degree in law, said that VietinBank was right when paying VND109,778 to Toan.
He said Toan “lost” money not because of VietinBank’s fault. The only “culprit” in this case is the depreciation of the Vietnam dong.
Kien Thuc
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