Posted on 02/28/2025 12:01:51 PM PST by where's_the_Outrage?
One of America’s biggest banks accidentally transferred more than $80 trillion (£64 trillion) to a customer’s account after a “fat finger” input error by an employee.
Citigroup, one of America’s “big four” lenders, erroneously transferred $81 trillion to the account in April last year instead of the $280 requested because of a keyboard mistake by a bank staffer.
The huge sum, worth more than 20 times Britain’s entire gross domestic product (GDP), was approved after being checked by two of the bank’s employees, before being sent to the customer account the following morning.
The payment was only flagged after a third employee noticed a problem with the Wall Street giant’s overall balances, 90 minutes after the payment between two separate Citi accounts had been made, the Financial Times reported.
Citi successfully reversed the transaction a few hours later, with no funds actually leaving the lender’s coffers, as the $81 trillion transaction was between two of the bank’s own accounts.
A Citi spokesman said: “Our detective controls promptly identified the inputting error between two Citi ledger accounts and we reversed the entry. Our preventative controls would have also stopped any funds leaving the bank.”
(Excerpt) Read more at msn.com ...
PROMPTLY??
A FEW HOURS???
IN SECONDS-——$$ CAN BE TRANSFERRED ANYWHERE
I HAVE RUN A CALCULATOR SINCE about 1956 in high school.
TRIED playing with my machine & cannot come up with a ‘common’ mistake.
One can live well in the UK with $81 trillion in their checking account.
“was approved after being checked by two of the bank’s employees,”
Has to be DEI related.
But seriously how could Citi even have 80 trillion to give anyone. They should have been bankrupted instantly. That was more than twice the amount needed to pay off the national debt.
I wonder what the interest is on 80 trillion for two hours?
Take the money and run!
Take the money and run!
Wooo Hoooo!
I heard a story 30+ years ago about a mistake in AMEX’s computer system where a significant number of their credit card holders who had set up automatic payment got quite a surprise one billing period. Apparently the system “added 1” to each customer’s bill. But it was not to the balance due, it was to the account number! So everybody in the unfortunate group ended up paying somebody else’s bill.
Needless to say this caused a lot of problems for many of that group of AMEX card holder’s: things like bounced checks, missed mortgage payments etc.
In the end AMEX explained it to the annoyed creditors and covered the penalties incurred by the cardholders.
I don’t know what the bank’s interest rate is, but I’m betting you could buy a lot more than just a cup of coffee off of that 80 trillion.
What other account did the money come from? If it came from the customer’s other account (say checking vs.home equity) then the other account would be 81 trillion in the hole.
At 4% per annum, you earn $3.2 trillion per year.
365 × 24 × 60 × 60 = 31,536,000 seconds per year.
$3,200,000,000,000 ÷ 31,536,000 ≈ $101,522 PER SECOND.
How much do you need to retire? $5 million? Put that 80 trillion to work for you for only 50 seconds.
Or you could take $731 million in two hours.
Heck! Go for it and become a billionaire. That only takes 2 hours and 45 minutes.
.
That bank employee must have been thinking it was USAID money.
Disclaimer: Opinions posted on Free Republic are those of the individual posters and do not necessarily represent the opinion of Free Republic or its management. All materials posted herein are protected by copyright law and the exemption for fair use of copyrighted works.