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  • Unheard of: bank makes error in customer's favor

    From Adam H. Kerman@21:1/5 to All on Sat Mar 1 15:58:35 2025
    Somehow, two bank employees at Citigroup charged with reviewing the
    transaction failed to catch the mistake in what was supposed to be a
    transfer of $280 into a client's account in April, 2024.

    The $81tn 'near miss' at Citi
    Plus, BP goes back to basics amid Elliott's pressure campaign and
    ex-Barclays chief Jes Staley wants to clear his name
    Due Diligence daily briefing
    Financial Times
    February 28, 2025 https://www.ft.com/content/86d7b252-be88-4ddc-a803-f9a94995e158

    Steve Lehto video
    https://www.youtube.com/watch?v=LE62kLLNBxU

    I don't understand how funds were transferred given that the monies
    didn't exist in the first place.

    --- SoupGate-Win32 v1.05
    * Origin: fsxNet Usenet Gateway (21:1/5)
  • From BTR1701@21:1/5 to Adam H. Kerman on Sat Mar 1 18:39:45 2025
    On Mar 1, 2025 at 7:58:35 AM PST, ""Adam H. Kerman"" <[email protected]> wrote:

    Somehow, two bank employees at Citigroup charged with reviewing the transaction failed to catch the mistake in what was supposed to be a
    transfer of $280 into a client's account in April, 2024.

    The $81tn 'near miss' at Citi
    Plus, BP goes back to basics amid Elliott's pressure campaign and
    ex-Barclays chief Jes Staley wants to clear his name
    Due Diligence daily briefing
    Financial Times
    February 28, 2025 https://www.ft.com/content/86d7b252-be88-4ddc-a803-f9a94995e158

    Steve Lehto video
    https://www.youtube.com/watch?v=LE62kLLNBxU

    I don't understand how funds were transferred given that the monies
    didn't exist in the first place.

    Imagine checking your balance and finding you have $81 trillion in your checking account. “Wow, my pension COLA really came through!”

    I wouldn't take any out so they couldn't accuse me of stealing, but I might transfer it to my savings account and let it sit there for a while before reporting it. $81 trillion would generate a nice bit of interest even in just
    a day or two...

    --- SoupGate-Win32 v1.05
    * Origin: fsxNet Usenet Gateway (21:1/5)