The image was taken by HUSSEIN FALEH/AFP.
On Christmas Day, tens of thousands of people woke up to double their wages and a higher-than- expected bank balance, after Santander deposited over a hundred million dollars into UK accounts. Please, please, please, please, please, please, please, please, please, please, please, please, please, please, please, please, please, please, please, please, please, please, please, please, please, please, please, please, please,
According to The Times, the deposit problem was the result of ascheduling issue. Some payments were doubled, according to the bank. Santander is describing it as a technical issue. There were transactions from 2,000 businesses, as well as accidental deposits across 75,000 accounts of individuals and companies like a corporate Scrooge who was scared into generosity.
The bank error recovery process will be used by Santander.
The bank is trying to reverse the generosity. Many of the deposits were made to accounts at other financial institutions. It is not known how many people have already spent the money, which could make the process a nightmare for the bank.
Large sums of money are whoopsed into the wrong accounts. The New York Times reported in April that a Louisiana woman was charged with fraud after she failed to return over a million dollars mistakenly deposited into her account. Kelyn Spadoni used the funds to buy a house and an SUV. She was fired from her job.
Chase Bank accidentally deposited $50 billion into a Louisiana man's account. In a statement to CNN in July, Chase Bank said that the account was returned to its correct balance after a technical glitch.
Most of the time, mistakenly deposited funds should be returned. Citibank made a mistake of $900 million. The court ruled that the hedge funds were fine because of pre-existing loan terms and convoluted systems that Citi had in place for sending funds.
The Santander crowd is not likely to be covered by "finders keepers".
