Man Changes Terms on Credit Contract, Bank Signs Without Reading

Banking is a crucial industry, and there are lots of great community banks out there that provide important financial services while keeping a close eye on the interests of customers. On the other hand, some banks grow too large too quickly and lose the ability to keep track of their own clients. Usually, this happens at the expense of the customer. For example, a Bank of America executive was caught signing up to 8,000 foreclosure documents a month without reading them first to verify whether or not each case met the necessary criteria.

However, Russia Today is reporting that Voronezh resident Dmitry Agarkov turned the tables on Tinkoff Credit Systems when he rewrote the terms on an unsolicited credit card offer, granting himself unlimited, interest-free credit, and mailed it back in to the bank. The bank unwittingly agreed to the terms, without reading them, and issued him a credit card. When he refused to pay any fees, the bank sued, and a Russian court found in favor of Dmitry Agarkov, citing Agarkov’s amendments to the contract which Tinkoff Credit Systems’ personnel never read.

Fine Print Frustration

Dmitry Agarkov has surely attained folk hero status, as his financial protest was a satisfying form of catharsis for the millions of people worldwide who find boilerplate, non-negotiable corporate contracts to be highly frustrating. Often, corporations ask customers to sign 30-plus-page contracts, loaded with fine print, over financial arrangements so small that no one could sensibly justify hiring a lawyer to read the terms. As a result, most people just sign them without reading, and this often leads to life-ruining financial mistakes.

However, the corporations themselves apparently sometimes don’t read the boilerplate contracts either, since there are rarely any changes made to the terms. Banks typically have one way of doing things, and customers can either jump on board or hit the road. Tinkoff Credit Systems certified Dmitry Agarkov’s amended contract without reading it and issued him a credit card.

No Interest, No Fees

Let’s dig into the specifics of the dispute. Upon receiving a mailer with an unsolicited credit card offer with undesirable terms from Tinkoff Credit Systems, Dmitry Agarkov got mad and decided to get even. He amended the provided application and contract with modified terms, granting himself an unlimited credit line with no interest and no fees. He also added in a contract cancellation penalty worth $182,000, with additional penalties costing the bank $91,000 for each affront to the contract’s terms.

He mailed the contract in, and the bank certified it and issued him a card. After using the card, he refused to pay fees above and beyond his balance, and the bank sued. The bank’s lawyers complained in court that the company didn’t read the contract before certifying it. The judge found in favor of Dmitry Agarkov. Now, Agarkov is suing the bank for $727,000, citing its lawsuit as a violation of the bank’s contract.

Countless are the stories of shady bankers who take advantage of uninformed customers, but rarely does one see the tables get turned in this manner. Ultimately, Tinkoff Credit Systems should have read these credit card contracts before signing them. The bank voluntarily agreed to some crazy terms, and Dmitry Agarkov exposed a serious hole in its business model that could have resulted in deeper damages.

Frustrated customers of mega-corporations worldwide can all live vicariously through Agarkov’s protest. For exposing a serious flaw in the business practices that have slithered forth from too-big-to-fail banking culture, Dmitry Agarkov is this week’s Rebel of the Week winner.

…And remember, always read the fine print before signing a contract!

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