Alex Kenjeev, a 2009 graduate of the University of Toronto, finished paying off his student loan — with cash.
The law student carried $114,460 in a sack to Scotiabank.
Both banks involved in the transactoin gave Kenjeev a hard time. The Royal Bank of Canada, where Kenjeev withdrew the cash, initially refused him. He finally got his money, but it took three days. Then, when the former student went to Scotiabank, the lending bank, the manager did not want to accept the payment.
“I just plopped the bag down,” recalled Kenjeev.
“I was pretty naïve. I didn’t really realize how much of a hassle I’d cause for everybody. You just look at things and you figure cash is simpler than anything else,” said Kenjeev.
Kenjeev is happy to be out from under the debt, but he confesses he enjoyed the process more than the banks did.
“It was stressful enough to carry such a big debt load. I thought it would be worth getting a few laughs out of it. Neither bank thought it was as funny as I thought it was.”