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Merry Christmas!Santander Claus made a $ 176 million payment error

Tens of thousands wake up on Christmas day, double wages and bank balances expected after Santander deposits £ 130m ($ 176m) in an account held by a UK customer Exceeded. Santander is now hoping for a refund.

The deposit accident was the result of a mysterious “schedule problem”. Times , First reported the story.Banks The Verge Some payments were accidentally doubled. (Santandale characterizes it as a “technical problem.”) These deals include deals from 2,000 companies, as well as individuals and businesses like Ebeneezer Scrooge, a company that was afraid of generosity. Included accidental deposits across 75,000 accounts.

Banks are currently working to revoke that generosity, Santander confirmed. Unfortunately for Santander, many of the deposits were paid to the accounts of other financial institutions such as HSBC and Barclays. Santander uses a process called “banking error recovery” to collect funds, but it is unknown how many individuals are already spending money, and this process can be a nightmare for banks. ..

By the way, it is not uncommon for a large amount of money to flow into the wrong account. April, New York Times A Louisiana woman reportedly charged with fraud after failing to return the $ 1.2 million that was mistakenly deposited in her account by Charles Schwab. Kelyn Spadoni used the money to buy homes and SUVs in particular. After that, she was fired from her job as a 911 Dispatcher.

Meanwhile, Chase Bank accidentally deposited $ 50 billion into a man’s account in Louisiana earlier this year.and Statement to CNN In July, Chase Bank blamed the issue for a “technical glitch” and added that the account was eventually returned to the correct balance.

In most cases, as with the Goof mentioned above, accidentally deposited funds should be returned. One notable exception is Citibank’s $ 900 million mistake.After almost wiring by mistake a billion Dollars for hedging funds, some of those hedge funds have decided to stick to money-and courts have existing loan terms and complex systems that Citi was implementing to send funds. I have decided that there is no problem at all.

Unfortunately, the “finder keeper” may not be the case for the Santander crowd.

https://www.theverge.com/2021/12/31/22861939/santander-uk-mistake-payment-account Merry Christmas!Santander Claus made a $ 176 million payment error

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