Bank mistakenly transferred 81,000 billion USD into customer account

The money was transferred back in time and the bank suffered no loss in the incident.

Bloomberg News reported on February 28 that Citigroup Bank (USA) mistakenly transferred 81,000 billion USD into a customer's account, instead of the correct 280 USD.

The erroneous transfer took place in April 2024 but was only recently revealed. The error was corrected a few hours later.

According to the Financial Times , the erroneous transfer involved two employees, before being discovered by a third employee about 90 minutes later. The bank did not lose any money in the incident.

Specifically, the error involved a payment clerk and an officer in charge of checking the transaction, before it was approved for processing at the beginning of the next business day. Then, a third employee discovered the problem and the transfer was reversed a few hours later.

"The reality is that a payment of this size could not have actually been made. Our monitoring team quickly identified an entry error between two Citigroup ledger accounts and we reversed the entry," a Citigroup spokesperson said.

"Our preventative controls will also prevent any funds from leaving the bank," the spokesman said, adding that the incident did not affect the bank or its customers.

An internal Citigroup report found a total of 10 errors involving $1 billion or more occurred at the bank last year. While that was down from 13 in 2023, errors involving amounts over $1 billion are unusual for U.S. banks.

Source: https://thanhnien.vn/ngan-hang-chuyen-nham-81000-ti-usd-vao-tai-khoan-khach-hang-185250228164434501.htm