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Bank Doesn’t Want Loan Paid Off With Cash

May 28, 2012 by  

Bank Doesn’t Want Loan Paid Off With Cash
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Alex Kenjeev used cash to pay off his student loan.

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.”

Bryan Nash

Staff writer Bryan Nash has devoted much of his life to searching for the truth behind the lies that the masses never question. He is currently pursuing a Master's of Divinity and is the author of The Messiah's Misfits, Things Unseen and The Backpack Guide to Surviving the University. He has also been a regular contributor to the magazine Biblical Insights.

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