Thursday, August 8, 2013

$700k windfall: Russian man outwits bank
with hand-written credit contract

Oleg Tinkov, head of Tinkoff Group
 (RIA Novosti / Ramil Sitdikov)
This is probably one of those moments when a corporation really wishes it wasn't a "person" in a contract.... LOL!!! I don't recommend trying this, but this is very funny... -Bill

$700k windfall: Russian man outwits bank with hand-written credit contract
Published time: August 08, 2013 11:59
Edited time: August 08, 2013 15:55

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).

A headquarters of Tinkoff Credit Systems bank in
 Moscow (RIA Novosti / Ramil Sitdikov)

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.


  1. I believe I will try this. Should prove entertaining.

  2. "Stealing is a sin - in my opinion, of course"
    If that isn't the funniest bullshit line I have read in a long time. Here is the Bank's who steal everyone's money, gamble it away, use crooked politicians to pass a "tax-payer bailout" through congress, fix the interest rates so they can steal even more money, and now because they are being outsmarted by a savy businessman .....say "stealing is a sin" too funny !!
    Good for you Agarkov ......take no prisoners, you make the rest of us proud ....good for you !! :)

    1. I would have written something similar but you got to it first!!!

  3. Nicely done! People are willing to learn. He's done what the banking sytem did over time. There's no fraud to choose equal weaponry. If there's transparency, banksters could have discovered irregeluarities easily. They're simply moaning if one in a time the game is changing players' sides.


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