{"id":148619,"date":"2021-12-31T10:28:09","date_gmt":"2021-12-31T10:28:09","guid":{"rendered":"https:\/\/precoinnews.com\/?p=148619"},"modified":"2021-12-31T10:28:09","modified_gmt":"2021-12-31T10:28:09","slug":"major-us-banks-are-booming","status":"publish","type":"post","link":"https:\/\/precoinnews.com\/business\/major-us-banks-are-booming\/","title":{"rendered":"Major US banks are booming"},"content":{"rendered":"<p><cite> (CNN)<\/cite>UK bank Santander got into the Christmas spirit this year by paying out a total of \u00a3130 million ($175 million) to customers by mistake on December 25.<\/p>\n<p>The total payment was split over 75,000 transactions for around 2,000 corporate and commercial customers, Santander said in a statement published Thursday.<br \/>\n&#8220;We&#8217;re sorry that due to a technical issue, some payments from our corporate clients were incorrectly duplicated on the recipients&#8217; accounts,&#8221; reads the statement.  <\/p>\n<ul><\/ul>\n<p><img decoding=\"async\" alt=\"Citibank can&amp;#39;t get back $500 million it wired by mistake, judge rules\" class=\"media__image\" src=\"\/\/cdn.cnn.com\/cnnnext\/dam\/assets\/210216170131-citigroup-ny-file-large-169.jpg\"><br \/>\n&#8220;None of our clients were at any point left out of pocket as a result and we will be working hard with many banks across the UK to recover the duplicated transactions over the coming days.&#8221;<\/p>\n<ul><\/ul>\n<p>Santander blamed the duplicated payments on a scheduling issue, which the bank said was &#8220;quickly identified and rectified.&#8221;<\/p>\n<p>The transactions were both regular and one-off payments which could have included supplier payments or wages, it added.<br \/>\nSantander is working to recover the funds from recipient banks through the &#8220;bank error recovery process,&#8221; according to the statement, and it has processes in place to seek recovery of funds deposited in error directly from recipients.<br \/>\nSantander UK is a wholly-owned subsidiary of global bank Banco Santander, which is headquartered in Spain.<br \/>\nThe UK operation has 14 million active customers and 616 branches, according to its website.<br \/>\n<img decoding=\"async\" alt=\"A bank accidentally deposited $50 billion into a Louisiana family&amp;#39;s account\" class=\"media__image\" src=\"\/\/cdn.cnn.com\/cnnnext\/dam\/assets\/210702215906-01-50-billion-accidental-bank-deposit-large-169.jpg\"><br \/>\nWhile $175 million is a significant sum to pay out by mistake, it pales into insignificance next to the $500 million that US bank Citibank lost in one of the &#8220;biggest blunders in banking history.&#8221;<\/p>\n<ul><\/ul>\n<p>The bank accidentally sent out $900 million to the lenders of cosmetic company Revlon, and went to court in August 2020 to try and recover some $500 million that hadn&#8217;t voluntarily been paid back.<br \/>\nBut in February a US District Court judge ruled that the bank won&#8217;t be allowed to recover the money.<br \/>\nSource: <a href=\"https:\/\/edition.cnn.com\/2021\/12\/30\/business\/santander-bank-payment-error-scli-intl-gbr\/index.html\" target=\"_blank\" rel=\"noopener\">Read Full Article<\/a><\/p>\n","protected":false},"excerpt":{"rendered":"<p>(CNN)UK bank Santander got into the Christmas<\/p>\n","protected":false},"author":3,"featured_media":148618,"comment_status":"closed","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[23051],"tags":[],"yoast_head":"<!-- This site is optimized with the Yoast SEO plugin v21.7 - 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