Bank Trying to Claw Back $175M in Mistaken Payouts

Santander in the UK is having a bad week
By John Johnson,  Newser Staff
Posted Dec 30, 2021 4:55 PM CST
Oops: Bank Mistakenly Pays Out $175M
Santander is scrambling to get its money bank.   (AP Photo/Mark Lennihan)

Some UK customers of Santander bank had an unexpectedly nice Christmas. The bank, not so much. It seems a glitch related to scheduled payments resulted in the bank mistakenly paying out a total of $175 million to 2,000 individuals and businesses, reports the Guardian. "We're sorry that due to a technical issue, some payments from our corporate clients were incorrectly duplicated on the recipients' accounts," says a bank statement. Now Santander is scrambling to get the money bank through what's known as the "bank error recovery process," per CNN. However, that might be easier said than done. When Citibank in the US made a similar gaffe, it lost out on about $500 million. (More strange stuff stories.)

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