Over N73bn Accidentally Paid Into Bank Customers Accounts on Christmas Day

Over N73bn Accidentally Paid Into Bank Customers Accounts on Christmas Day

  • Santander Bank's customers got double alert on Christmas Day in error when the bank processed their payments twice
  • The bank said about 2,000 customers accounts were affected in 73,000 transactions that went into competitors banks
  • It said it is making frantic efforts to recoup the money and said it is working with rival banks to ensure that the monies are recovered

Some bank customers were overjoyed on Christmas day when they saw double credit alerts land on their accounts.

Only that the bank has made the transfers in error in which it is now working hard to recoup the monies from the customers who thought they had received Christmas bonus.

Santander Bank
Santander Bank Credit: Luke MacGregor/Bloomberg
Source: Getty Images

Billions of naira are involved

The European bank, Santander accidentally credited over N73 billion across 75,000 transactions.

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The error occurred when payments from 2,000 business accounts in the United Kingdom were processed twice. This means some workers saw their wages double, while suppliers also received more than they expected.

The bank said the identical payments were caused by a “scheduling issue” that has now been fixed.

CNBC reports that the bank is now trying to recover the mistaken payments, most of which may have gone into accounts operated by competitor banks.

What the bank said:

“We’re sorry that due to a technical issue, some payments from our corporate clients were incorrectly duplicated on the recipients’ accounts,” a Santander spokesperson told CNBC. None of our clients was 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.”

Manager angry over ruined holiday

A payroll manager said the incident ruined his holiday as he thought he would get in trouble for being paid two times and that he had done something wrong, according to a BBC report.

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He added that Santander, did not state how businesses should explain the second payment to staffers or provide any explanation about the second payment to other staff and how it should be repaid, the report said.

Moves to recover funds

According to Santander, the process for recovering the monies is an industrial one known as the “bank error recovery process.” It stated that it has begun to work with other banks in accordance with the process and that these banks will seek to get back the incidental payments from their customer’s accounts.

It said it also has the ability to recover the funds directly from people’s accounts.

Billions of dollars seen in accounts in error

Legit.ng reports that Several Nigerian cryptocurrency investors have shown massive amounts of money running into billions of dollars credited into their wallets in a global glitch that made many momentary billionaires overnight. R

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After Legit.ng reported a story of Chinedu MacGordon who woke up to a bloated cryptocurrency account, many took to the comment section Legit.ng’s Facebook pages to share screenshots of what they found on their Coinbase wallets.

Many reported a snag in withdrawing the money found in their accounts. Some users saw billions of dollars in their accounts.

Source: Legit.ng

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