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Talk about the short-lived windfall!
The bank's customers were falsely praised on a $81 trillion account for one zero when it was supposed to be just $280.
CNBC said Citigroup made the payment in April, and was initially overlooked by two employees. He was arrested about 90 minutes after the relocation. It took me a few hours to turn it around and get my money back.
The incident was reported as a “near miss” to the Federal Reserve and the Secretary of Money, according to the report.
The name of the person who received the money was not revealed.
“Detective control quickly identified input errors between two Citi ledger accounts and reversed the entries despite the fact that payments of this size were not actually possible,” Citi told NBC News in a statement. “Our preventive controls would have also stopped funding to leave the bank. It had no impact on the bank or our clients, but this episode highlights the ongoing efforts to eliminate manual processes and automate control through transformation.”
“Near misses” are categorized when a bank processes the wrong amount, but can recover funds.
Citigroup made nearly 10 mistakes last year, at least $1 billion.
It is not the first famous transfer of the bank. It once sent $900 million in an incident involving debts from makeup group Revlon. According to CNBC, that led to the expulsion of then-CEO Michael Corbat.
Successor Jane Fraser said improving risk and management was a priority, but the bank was fined $136 million last year for not making enough progress in the revision, the outlet said.
