You have to give credit where credit is due. And one Russian bank had little choice after major oversight on their part.
Dmitry Argarkov might just inspire people to test the vigilance of their own banks after creating his own, very favourable terms for a credit card, to which his bank signed off after a costly oversight.
The 42 year-old Russian received a credit card and letter from his bank, Tinkoff Credit Systems, but did not find the terms to his liking. So he decided to create his own.
After scanning the terms into his computer and sending them onto Tinkoff, they signed off without checking the small print, something that is often thrown back at banking customers worldwide.
Argarkov’s version of the contract contained a zero per cent interest rate, no fees and no credit limit. Every time the bank failed to comply with the rules, he would fine them 3m rubles (€68,000). If Tinkoff tried to cancel the contract, it would have to pay him 6m rubles.
According to The Telegraph, after two years of use the bank attempted to terminate Mr Agarkov’s credit card in 2010 because he was late paying the minimum required amounts.
However earlier this week a Russian judge ruled in Mr Argakov’s favour. Tinkoff had signed the contract and was legally bound to it. Mr Argakov was only ordered to pay an outstanding balance of 19,000 rubles, roughly €430.
“They signed the documents without looking. They said what usually their borrowers say in court: ‘We have not read it’,” the presiding judge ruled.
And to cap it all off, Argarkov is now suing Tinkoff for 24m rubles, roughly €524,000 for not honouring the contract and breaking the agreement.
We doubt the bank will get too much sympathy from the general public.
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