man beats bank at their own game...

[sky otter]

       




http://now.msn.com/dmitry-agarkov-outwits-russian-bank-by-writing-own-credit-card-terms

Guy does to bank what banks usually do to other people
3 days ago

The idea of beating the banks at their own game may seem like a rich joke, but Dmitry Agarkov, a 42-year-old Russian man, may have managed it. Unhappy with the terms of an unsolicited credit card offer he received from online bank Tinkoff Credit Systems, Agarkov scanned the document, wrote in his own terms and sent it through. The bank approved the contract without reading the amended fine print, unwittingly agreeing to a 0 percent interest rate, unlimited credit and no fees, as well as a stipulation that the bank pay steep fines for changing or canceling the contract.

Agarkov used the card for two years, but the bank ultimately canceled it and sued Agarkov for $1,363. The bank said he owed them charges, interest and late-payment fees. A court ruled that, because of the no-fee, no-interest stipulation Agarkov had written in, he owed only his unpaid $575 balance. Now Agarkov is suing the bank for $727,000 for not honoring the contract's terms, and the bank is hollering fraud. "They signed the documents without looking. They said what usually their borrowers say in court: 'We have not read it,'" Agarkov's lawyer said. The shoe's on the other foot now, eh?

[Source    http://rt.com/business/man-outsmarts-banks-wins-court-221/]

Trending topic: dmitry agarkov bank | Click to see more on msnNOW.com

Read more:
What's in your wallet? It could be a refund from your credit card


......... X ......................... X .......................... X ......................................

[Source    http://rt.com/business/man-outsmarts-banks-wins-court-221/]


A Russian man who decided to write his own small print in a credit card contract has had his changes upheld in court. He's now suing the country's leading online bank for more than 24 million rubles ($727,000) in compensation.

Disappointed by the terms of the unsolicited offer for a credit card from Tinkoff Credit Systems in 2008, a  42-year-old Dmitry Agarkov from the city of Voronezh decided to hand write his own credits terms.

The trick was that Agarkov simply scanned the bank's document and 'amended' the small print with his own terms.

He opted for a 0 percent interest rate and no fees, adding that the customer "is not obliged to pay any fees and charges imposed by bank tariffs." The bank, however, didn't read 'the amendments', as it signed and certified the document, as well as sent the man a credit card. Under the agreement, the bank OK'd to provide unlimited credit, according to Agarkov's lawyer Dmitry Mikhalevich talking to Kommersant daily.


"The opened credit line was unlimited. He could afford to buy an island somewhere in Malaysia, and the bank would have to pay for it by law," Mikhalevich added.


Agarkov also changed the URL of the site where the terms and conditions were published and hedged against the bank's breaking of the agreement. For each unilateral change in the terms provided in the agreement, the bank would be asked to pay the customer (Agarkov) 3 million rubles ($91,000), or a cancelation fee of 6 million rubles ($182,000). 

However, after two years of active use, the bank decided to terminate Agarkov's credit card  because of overdue payments. In 2012, the bank sued Agarkov for 45,000 rubles ($1,363) - an amount that included the remaining balance, fees, and late payment charges, which violated the actual agreement. The court decided that the agreement Agarkov crafted was valid, and required him to settle only his balance of 19,000 rubles ($575).


The bankers had to admit the mistake, says Agarkov's representative  Dmitry Mikhalevich.


"They signed the documents without looking. They said what usually their borrowers say in court: 'We have not read it,'" says Mikhalevich.


Despite the victory, Agarkov decided to sue Tinkoff Credit Systems for fines of 24 million rubles ($727,000) for not honoring the terms of the agreement, and the decision to terminate the contract without paying 6 million rubles ($182,000) fee.


"Our lawyers think, he is going to get not 24 million, but really four years in prison for fraud. Now it's a matter of principle for @ tcsbank," founder of the bank Oleg Tinkov tweeted.

"We don't have small print, everything is clear and transparent. Try to open a card - then we'll talk. Stealing is a sin - in my opinion, of course. Not all in Russia think so," Tinkov tweeted.


The next hearing will be held in September.