When money transferred into your account is unwelcome...

and can lead to endless troubles. This is one of the reasons why our bank account number should not be simply revealed.

'A woman says loansharks are forcing her to take a loan from them.

Ms Lin, 40, a former air stewardess, was contacted by a loanshark last Tuesday afternoon, asking if she wants to borrow money.

"I told him I don't need any money. The loanshark called me again at night and said that he had accidentally transferred $490 to my bank account."

I checked and found $488 deposited into my account. The "interest" has apparently already been deducted from the sum.

"I called the loanshark back immediately to tell him I'll return the money to him," said Ms Lin.

But the loanshark refused to let Ms Lin return the money and insisted that she must "borrow" it.

She is supposed to return $200 to the loansharks each week, over three weeks.

This way, she would have paid up a total of $600, with the loansharks earning an interest of $112 from the "forced loan".'

More:
Loanshark accidentally transferred money into my account
http://www.malaysia-chronicle.com/index.php?option=com_k2&view=item&id=23444:loanshark-accidentally-transferred-money-into-my-account&Itemid=4

This is getting ridiculous! Imagine being forced to take a loan! I hope the authorities here would take note of this possible modus operandi when investigating similar cases.

The illegal money-lending business, which includes licensed money-lenders illegally lending out money at high interest rates of at least 10% per month instead of the stipulated 18% p.a., is so lucrative that they are competing with each other with indiscriminate sticking of telephone numbers in public places as well as pushing leaflets into our letterboxes.

Recently, I have seen advertisements stating 'Borrow Rm10,000, you get Rm10,300' which is an improvement of terms over the previous 'Borrow Rm10,000, you get Rm10,000', which in turn was supposed to be better than the old custom of having the first month's interest deducted immediately from the loan sum!

Some credit card companies also resort to innovative pro-active ways of getting cardholders to borrow from them. I have received actual cheques made out to my name which could be banked in at any time I needed the money! Even then, I thought about the possibility that they could have banked into my bank account (if known to them) without my permission or knowledge! Of course, they are too reputable to do so, unlike scums like those mentioned in the news.
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