WITH THE conflict between Panay Electric Company (PECO) and MORE Electric and Power Corp. (MORE Power) that are competing to become the franchisee and power supplier for Iloilo City in the next 25 years, we share with you some “bank daffynitions” or terminologies we learned while working in the bank to entertain yourselves by your kerosene lamp when a brownout happens.
Here are the terms to familiarize yourselves with when you do business with a bank:
- Banker – a fellow who lends you an umbrella when the sun is shining but will get it back promptly when it starts to rain
- Joint Account – an account in the bank where the husband deposits and the wife withdraws
- Overdraft – when the wife withdraws and the husband did not deposit
- Current Account – total unpaid bill for electricity consumed by the bank
- Savings Deposit – a type of deposit that gives big savings to the bank because of its low interest rate
- Time Deposit – another type of deposit with a special feature that the bank can ask for “time out” or extra time to pay you back in case it cannot pay immediately
- Demand Loan – a type of bank loan that will jolt you or raise your blood pressure once the bank collects because it has to be paid in full
- Time Loan – as the term suggests, you can take your time in paying it back
- Housing Loan – a loan granted by the bank to house your family, relatives and in-laws
Another memorable incident we experienced while with the bank was when we sent a letter to demand payment from a farmer to pay his loan. We quote his reply:
“Dear Sir:
“Because of the recent typhoon and flood, I lost my rice crop. I also lost my house that was destroyed by the strong winds, and my carabao drowned in the river. Then I lost my wife who abandoned me after the disaster.
“Now, the only thing left between me and poverty is an old shotgun which I can blast my head off if it will make you happy.”
Alarmed in receiving this kind of letter, I called our bank guard and gave him instructions to watch out for the guy when he comes to the office.
“Frisk him before allowing him to come in,” I ordered.
I knew his brother who was a priest and rector in the local seminary. One day I visited him and showed the letter I received, and he had a good laugh about it. He told me his brother was just a good writer.
“You know he even contributes articles to the Philippines Free Press (a well-known national magazine),” he added.
Then he issued me a check to pay his brother’s account.
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Historical Quote of the Week
“The first successful compact farm in the country is in Barangay Tagsing-Buyo, Santa Barbara, Iloilo.” (For comments or re-action, please e-mail to jnoveracompany@yahoo.com)/PN
