London, England /
Banco Santander, through its UK subsidiary, erroneously distributed £130 million on Christmas Day, about $170 million, which is expected to be recovered, this is due to a “technical problem”.
On December 25, about 75,000 payments made by 2,000 clients were doubled in their beneficiary accounts, the bank said Thursday in a statement sent to AFP, confirmed information from The Times newspaper.
Duplicate transactions are charged directly to the bank cash and “never a self-paying client,” said Santander, needing to “work with multiple banks across the UK to recover” the amount at issue.
Between transferee is an employee or supplier from several Santander client companies – where they receive a salary or double payment.
Transfers are made to accounts at various other UK banks, making it difficult to recover funds, according to The Times.
The newspaper noted that one of the agencies claimed it did not want to return the money if it meant the account holder was overdrawn.
Santander it claims to have “quickly identified and fixed” the planning issue that caused the incorrect payment, adding that it opened a “bank error recovery procedure” with the beneficiary bank.
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