Banks Prohibited from Establishing Fresh Credit Card Commission Fees by the Supreme Court
Fresh Take:
Hey there! Let's get to the nitty-gritty of the latest legal happenings in Russia, specifically concerning banks and consumer credits.
A recent ruling by the Supreme Court of the Russian Federation (SC RF) has taken a firm stance against banks aiming to unilaterally change contract terms and impose new fees on consumer credit agreements.
This decision comes after a dispute involving a St. Petersburg resident, who, upon receiving a credit card from Alfa Bank in 2022, found himself slapped with unexpected commissions. Initially, Alfa Bank claimed this was due to a unilateral change in tariffs, as per the contract. But the Supreme Court begs to differ, deeming these commission impositions null and void and ordering a retrial.
In a separate incident, the SC RF also nullified a credit agreement obtained by hacking a client's Alfa Bank mobile app account. The hackers managed to transfer the victim's phone number and disable the remote access notification function, utilizing the victim's electronic signature to secure a 265,500-ruble loan in the process. A criminal case has been launched, with the suspicious culprit still at large.
In these cases, the courts of three instances initially aligned with the banks' claims. However, the SC RF found the decisions wanting, overturning them based on what appears to be mismanagement and deception.
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- Given the recent ruling by the Supreme Court of the Russian Federation (SC RF) that nullified a credit agreement obtained through unauthorized means, it's crucial for businesses, particularly banks, to ensure the security of their digital platforms to prevent such instances of financial fraud.
- In light of the declared nullity of unexpected commissions imposed by banks on consumer credit agreements by the Supreme Court of the Russian Federation (SC RF), businesses would do well to review their financial practices and contracts to avoid such legal conflicts in the future.
