Love This Guy: Guy Does To Banks What Banks Usually Do To Other People
Shoulda read the fine print, dudes.
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?
From the "I Wish I Thought of That Department".
Which congressional toady will make sure this is outlawed? Because Heaven forbid banks have to read documents like consumers do.
JFP at August 10, 2013 11:12 PM
Why didn't he include a portion in which paying back the balance is not required?
Still, if he wins his case for the bank canceling his policy, he will, probably get back everything he spent.
Patrick at August 11, 2013 3:36 AM
HA!
Love it!
wtf at August 11, 2013 7:39 AM
OMG yes, I totally wish I had thought of this! I hope he takes the bank to the cleaners.
Daghain at August 11, 2013 2:10 PM
well, if it's good for the goose then its good the the gander.
And, I hope it cooks their goose!
Recently, I had to remove my "life's savings" from one bank because they changed the terms of our contract and started to charge me fees. A change in the "contract" that they never asked if I was okay with, BTW. The fees basically ate up most of the measely little interest they were paying. I so, hope this guy wins - and pardon the expression - repossess their asses!
Charles at August 11, 2013 2:22 PM
I hope he wins. Probably will depend whether he put his initials by the changes, and either began at the top or at the bottom with a statement that he requires the changes - if he just altered the printed terms, it may be fraud.
And usually such agreements include "the terms may be altered" unilaterally, with after-the-fact notification but no proof such notification was received. Recently a bank with I had a debit card was bought by a larger bank, which converted it to a credit card and THEN notified, even though the larger bank has debit cards for their checking account customers - I was not offered that option.
John A at August 11, 2013 3:35 PM
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