Banking at Its Best
"When my son was a young teenager, he and his friend set
out on a bus across town to purchase skateboard axles. They
each had $20. When they arrived downtown, they discovered
they needed more money to cover bus fare and sales tax. They
were short $3.75.
A branch of our bank was nearby, so they decided to go
in and take out a loan. The teller told them that was not
possible, but that they could get a cash advance on their
parents' credit card. So they called home, but got no answer.
They tried the teller again to see if anything more could be
done. She referred them to the desk of the vice president.
When he asked why the bank should give them a loan, they
answered, "Because we're Boy Scouts and good students,
and very trustworthy." He said that since they had no
collateral, they would have to write out and sign an IOU.
They did, and he in turn gave them the money they needed
to complete their mission.
We found out later that this wonderful man lent the boys
his own money. (My husband called him the next day asking
for the same terms on a home loan!) In talking with the man,
we learned that he had made many such loans, including a
large one to a Navy wife whose allotment was delayed.
He said he's been repaid almost 100 percent of the time, and
that the opportunity to help others in this way was one of the
most rewarding parts of his job.
My son and his friend hopped on the bus the very next
morning. They paid off their loan and received their IOU
signed by the vice president. It was banking at its best."
By Sharon Borjesson