Bank Uses Inflation To Steal Money Deposited In 1953

Bank Uses Inflation To Steal Money Deposited In 1953
80 year old Mrs. Xu deposited 50,000 RMB in the bank in 1953, she now would like to withdraw the money but the bank told her that she can only get 20 RMB counting interest because when she deposited the money it wasn’t worth much. At that moment 50,000 RMB had the buying power of about 5 RMB today. She claims she has been arguing with the bank for 10 years to get a reasonable amount from them, so she broke down the door of the bank. Netizens think that they should just give her the 50,000 RMB that she originally deposited.

Source:
Netease

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  • The banksters will be taking everyone’s money eventually.
    Most currencies, including the RMB are going to drop until the reset. If you have US Dollars, take advantage of its buying power while it lasts; convert into hard assets that maintain their value or buy anything you will consume or need.

  • donscarletti

    Nothing to do with inflation. In 1955, renminbi was re-valued, 10K yuan became 1 yuan in the new currency, 1K yuan became 1 mao, 100 yuan became 1 fen. Bank is completely correct, she should have 5 post-1955 yuan in her bank account.

    This old lady is simply being disingenuous to get money she was never entitled too, common story about the character of old people in this country. Go to a bank any day and see the busy working aged people queuing patiently and the retirees pushing and using offensive language.

    The fact that there are some netizens who agree with this nasty old bitch just explains why the problem exists in the first place.

    Edit: Ok, I just read the original article, this is all covered, as is the actual topic of inflation. It sounds like ¥5W in 1953 (i.e. ¥5 post 1955 RMB) could buy about what ¥300 could buy today. However, putting your money in the bank for 60 years, especially without interest is bound to have that effect. It is not the banks problem, she deposited ¥5 and that’s what she should be entitled to.

  • Foreign Devil

    If you had 50K US dollars gathering interest since 1955 you’d be near a millionaire . unfortunately she was dealing with funny money and funny banks.

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