Tinkoff lost $7 million due to a failure to calculate cross-rates

During the process, it turned out that due to a mistake by bank employees, 265 Tinkoff clients were able to earn money, and the damage to the bank amounted to $7 million, Forbes writes.

The bank explained to the court that on February 27 and March 1, 11, due to employee errors, there was a failure in the calculation of the cross rates. For example, on March 11, after the transfer of rubles to euros, and then to the dollar, the dollar exchange rate was 122 rubles. This is 9% below the exchange rate and 10% below the official Bank of Russia rate at the time.

Customers took advantage of these errors and changed the currency several times, and then withdrew money. The profit for one client was 1.34% of the transaction amount. The bank representative did not essentially respond to the publication's questions.

Tinkoff explained the blocking for operations that "fall under the signs of abuse of the terms of service agreement."

The conflict between clients and Tinkoff Bank has been going on since mid-March. Initially, the bank blocked money in the accounts of customers who took advantage of favorable exchange rates by intermediate conversion to the pound sterling. After that, the bank deducted money from the accounts of these clients - the minuses in the accounts reached 29 million rubles.

In April, several clients archived in court against the bank with a lawsuit to recognize the blocking of accounts as illegal and return the money debited. So the bank intended to file counterclaims.