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Old 08-09-2013, 06:28 AM   #1
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Default Russian Man Turns Tables on Bank, Changes Small Print in Credit Card Agreement, Then

http://www.minyanville.com/business-.../2013/id/51205


Russian Man Turns Tables on Bank, Changes Small Print in Credit Card Agreement, Then Sues


Read more: http://www.minyanville.com/business-...#ixzz2bS0lAujr
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In Soviet Russia, banks pay their customers' bills. Or, at least, one might.

An interesting case has surfaced in Voronezh, Russia, where a man is suing a bank for more than 24 million Russian rubles (about $727,000) in compensation over a handcrafted document that was signed and recognized by the bank.

Dmitry Agarkov said that in 2008 he received a letter from Tinkoff Credit Systems in his mailbox. It was a credit card application form with an agreement contract enclosed, much like the applications Americans receive daily from Visa (NYSE:V), Mastercard (NYSE:MA), American Express (NYSE:AXP), or Discover (NYSEFS). Agarkov filled in the form and returned the signed application, though what he sent back was not exactly the same document the bank had sent him.

A promotional image from Tinkoff Credit Systems' website.
Agarkov changed some parts for his own benefit -- most notably, the small print. He opted in for a 0% APR and no fees, and added that the customer "is not obliged to pay any fees and charges imposed by bank tariffs." He also changed the URL of the site where the terms and conditions were published from www.tcsbank.ru to tcsbank.at.ua. Additionally, he added a special clause that would protect him should the bank break the agreement in a unilateral manner. For each unilateral change in the terms provided in the agreement, the bank would be asked to pay the customer (Agarkov) 3 million rubles (about $91,000), or a cancellation fee of 6 million rubles ($182,000).

Agarkov then sent his updated agreement to the bank, and shortly thereafter received the bank's signed and certified copy, as well as a credit card.

However, after two years of active use, the bank decided to terminate Mr. Agarkov’s credit card in 2010 because he was late paying the minimum required amounts. In 2012, the bank sued Agarkov for 45,000 roubles ($1,363) – an amount that included the remaining balance, fees, and late payment charges. The court decided that the agreement Agarkovcrafted was valid, and required Agarkov to settle only his balance of 19,000 rubles ($575).


Despite the apparent victory, Agarkov fought back: On August 1, the Kominternovsky District Court of Voronezh launched hearings about Agarkov's countersuit against the bank. As Tinkoff Credit Systems had not honored eight clauses in the agreement, Agarkov now wants the bank to pay amends of 24 million rubles ($727,000) total. The law firm Konsultant, which is representing Agarkov, says that the bank’s decision to terminate the agreement cannot be lawful because his client was not paid 6 million rubles, as per terms of the amended agreement.

The bank has so far said that the case was related to "a nonrecurrent technical issue," and it is willing to have its day in court. The next hearing will be held in September.

Author's note: This story has been updated to include the real surname of the customer involved in the dispute. His name was first reported as Alexeev by the first Russian outlet to publish this story.

For an update to this story, please read: Russian Bank Chairman Comments on the Fine Print Case: 'Nobody Will Win Anything From Us'
Read more: http://www.minyanville.com/business-...#ixzz2bS0TZGCP

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Old 08-09-2013, 07:15 AM   #2
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Default Re: Russian Man Turns Tables on Bank, Changes Small Print in Credit Card Agreement, T

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Old 08-09-2013, 09:39 AM   #3
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Default Re: Russian Man Turns Tables on Bank, Changes Small Print in Credit Card Agreement, T

Give this man a statue.
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Old 08-09-2013, 09:55 AM   #4
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Default Re: Russian Man Turns Tables on Bank, Changes Small Print in Credit Card Agreement, T

He is just a thief. In the end we all pay for other people's scams.
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Old 08-09-2013, 10:43 AM   #5
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Default Re: Russian Man Turns Tables on Bank, Changes Small Print in Credit Card Agreement, T

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He is just a thief. In the end we all pay for other people's scams.
He is doing the same that the banks and another big companies do, submit them the contract he wants governing their business relationship. It's not his fault they have not readed it.

It arise a question to me, this is not a visa gold or platinum. What kind of Visa would be? A graphene Visa
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Old 08-09-2013, 04:33 PM   #6
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Default Re: Russian Man Turns Tables on Bank, Changes Small Print in Credit Card Agreement, T

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He is just a thief. In the end we all pay for other people's scams.
Banks of the world and rich people in general approve this message
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Old 08-10-2013, 12:26 PM   #7
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Default Re: Russian Man Turns Tables on Bank, Changes Small Print in Credit Card Agreement, T

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Originally Posted by buddyholly View Post
He is just a thief. In the end we all pay for other people's scams.
what this thief (I tend to agree with this) must now be making clear to you, is that your average bank, creditcard company etc. are also thieves. But I'm sure you disagree
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Old 08-10-2013, 12:41 PM   #8
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Default Re: Russian Man Turns Tables on Bank, Changes Small Print in Credit Card Agreement, T

I think that guy is facing 4 months in jail for fraud.
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Old 08-10-2013, 01:19 PM   #9
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Default Re: Russian Man Turns Tables on Bank, Changes Small Print in Credit Card Agreement, T

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Honesty is always the correct way to go.
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Old 08-10-2013, 01:19 PM   #10
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Default Re: Russian Man Turns Tables on Bank, Changes Small Print in Credit Card Agreement, T

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what this thief (I tend to agree with this) must now be making clear to you, is that your average bank, creditcard company etc. are also thieves. But I'm sure you disagree
Maybe you should open an account with a Canadian bank.
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Old 08-10-2013, 07:05 PM   #11
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Default Re: Russian Man Turns Tables on Bank, Changes Small Print in Credit Card Agreement, T

Mr. Agarkov is a hero. Unfortunately, the bank will have him killed.
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Old 08-11-2013, 06:26 PM   #12
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Default Re: Russian Man Turns Tables on Bank, Changes Small Print in Credit Card Agreement, T

Damn. This is like the old soviet russia reversal joke but done in practice. Bank doesn't write you credit card agreement, you write it for the bank clever plan but fraud.

Could have backed off in 2012, but in Soviet Russia you don't back down, you go forward instead...all the way to prison
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Old 08-12-2013, 11:15 AM   #13
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Default Re: Russian Man Turns Tables on Bank, Changes Small Print in Credit Card Agreement, T

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Old 08-13-2013, 03:37 AM   #14
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Default Re: Russian Man Turns Tables on Bank, Changes Small Print in Credit Card Agreement, T

Can this really be considered fraud when it was after all just an application? Technically speaking, the bank would be the one responsible for agreeing to the document because you know for a fact that such a situation happened the other way, the consumer would be held responsible for not reading his terms...so I really doubt the man could get convicted of fraud here.
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Old 08-13-2013, 10:34 AM   #15
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Default Re: Russian Man Turns Tables on Bank, Changes Small Print in Credit Card Agreement, T

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Can this really be considered fraud when it was after all just an application? Technically speaking, the bank would be the one responsible for agreeing to the document because you know for a fact that such a situation happened the other way, the consumer would be held responsible for not reading his terms...so I really doubt the man could get convicted of fraud here.
Yes. Because the bank supplied him an agreement to review and then send back. But he REPLACED the agreement with his own fake agreement without the banks knowledge or permission.

The bank had no reason to expect the document to be replaced so even if they made a mistake by signing it they were tricked. We also don't know how professional the replacement document was but we can expect it was of very high quality and then it's clearly not reasonable to expect an ordinary employee to spot the fake.

That's where the fraud comes in and it was done BEFORE the bank made the mistake of signing it. He isn't the contractor that offers a service to the bank. It's the bank that offers him a service. He cannot set terms to begin with.


Legally I think the bank got it in the bank but ofc in Soviet Russia having something in bank can mean you lose
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