It was an unmatched Christmas gift as a bank in London mistakenly deposited over $176 million into the bank accounts of thousands of customers.
Customers of Santander woke up on Christmas morning to be surprised with double wages due to deposit mishap which the bank said was the result of a mysterious “scheduling issue."
The bank is now working to undo that generosity, Santander confirmed via statement. Unfortunately for Santander, many of the deposits were made to accounts at other financial institutions, including HSBC, Barclays, and others. Santander will now use a process called “bank error recovery” to collect the funds, though it’s unclear how many individuals have already spent the money, which could make this process a nightmare for the bank.
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