C’est la vie wrote me an email and raised an interesting issue for those of you who have to pay for loan installments every month.
She said that whenever there is an overtime or a bonus to the salary credited to your bank account before your actual salary is due (even the new 120kd which was credited a week before the salary), the bank starts the process of deducting the loans’ installments believing its your real monthly salary. Leaving you without money until the real salary is due and when the real salary is credited to your account, they deduct the rest of the loan’s installment. What most people fail to realize is that when they do that, the system thinks you were late for the due payment and they then charge you a tiny fee, when in fact you’re not late for the installment, it just, they were a week early.
She’s talking based on her experience with NBK but she also said that a lot of other banks do this. She believes that a lot of people aren’t aware of this little glitch in the system. “people don’t notice coz its a small amount of money, but if enough people where charged, the amount would be huge.”
Thank you C’est la vie for sharing this with us.