British bank Santander is trying to recover the $ 175 million it accidentally paid to its customers.
A technical error meant that 75,000 scheduled payments were accidentally duplicated.
One affected person told the insider that she thought she was paid twice on Christmas day.
British bank Santander I’m trying to get back $ 175 million (£ 130 million) that I accidentally sent to a customer on Christmas morning.
Due to a technical error, 75,000 scheduled temporary payments have been made twice by the banking system. First reported by The Times of London..
A bank spokesman said the error was identified and fixed. A spokeswoman added that it would work to recover duplicate transactions in the coming days.
This error affected 2,000 commercial and corporate accounts. That is, many of the people who receive money are employees or suppliers who are customers of various banks.
Affected was Jenny, a British resident who didn’t want to give her name. She told the insider that she thought she had been paid twice.
She received an estimated wage of £ 1764.50 on December 24th. Then the next day I received a second payment of the same amount. Both were listed as coming from her employer, but when she contacted them, they said they weren’t paying.
After investigating, her employer said she didn’t have to do anything that the bank would solve the problem.
The payment was made from Santander’s own funds, so the individual was unaffected. Nevertheless, Jenny described it as “frustrating.”
She added, “It was confusing. I wanted it from my account because it’s hard to know how much money you have.”
A spokesman for Santander told insiders that the issue only affected UK customers and the process of collecting funds was “in progress and working effectively.”
The industry’s banking error recovery process allows banks to retrieve transactions from third-party banks. In some cases, Santander may contact the affected people directly.
According to Jenny’s bank statement, insiders saw, the second payment of £ 1764.50 was withdrawn on December 30th. Jenny is a customer of another bank, NatWest. This suggests that at least some of the challenges facing Santander have been resolved.
However, the spokesman did not say when the problem would be completely resolved.
Owned by Spain, Santander has 14 million active customers and approximately 20,000 employees.
Banks’ digital payment systems can be error-prone. This isn’t the first issue that has affected Santander’s payments this year. In May, some customers were unable to pay for their merchandise due to technical issues that temporarily affected card payments.
Read the original article Business Insider