A 'gift' of 155 million: Santander UK doubled Christmas payments by mistake a 'gift' of 155 million: Santander UK doubled Christmas payments by mistake
Tens of thousands of people in the United Kingdom woke up at Christmas with an extraordinary income with which they did not count on their companies.Santander UK, the British subsidiary of the Spanish Bank, duplicated by mistake the Christmas payments made from 2.000 corporate accounts.
The entity chaired by Ana Botín ended up sending 130 million pounds (155 million euros) to 75.000 private bank accounts of the entity itself and other financial firms, which makes the matter an accident that affects most of the British banking system.
The bank stressed that none of its corporate clients will run out of their money and will assume, in any case, the losses that the matter could cause.These duplicate payments began to be corrected immediately if both the origin and receiver account were from Santander.Tipos del SAN por TradingViewSAN Gráfico por TradingView
However, many of the payments doubled were transfers to accounts from other entities such as Barclays, HSBC, Natwest, Co-Operative Bank and Virgin Money, according to the British press, makes it more difficult to recover.
"We regret that, due to a technical problem, some payments of our corporate clients have duplicated incorrectly in the accounts of the recipients," explains the group in a statement.
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"None of our clients stayed at any time without money for this reason, we will work hard with many banks throughout the United Kingdom to recover the duplicate transactions in the next few days," adds the financial entity.
Citi's precedent for Santander
In theory, Santander UK can recover money immediately within the group itself and has mechanisms to request other financial entities to other financial entities.
However, newspapers such as' The Times', who advanced the news, 'The Observer', 'Daily Mail' or 'Financial Times' have rushed to invoke the risk of the principle of' Santa Rita, which is given is not removed'To which some of the graceful British can be accepted.
In fact, the British local media underline in their news the concern about the possibility that many clients have already spent 'extra' income or have been harmed by the fact that they were in a better financial position than were really.
There is a precedent that predicts a bad way for Santander.The American bank Citibank lost in one of the "greatest errors in bank history" after the shipping of error of 900 million dollars to the creditors of the Cosmetics Company Revlon.
After this financial accident, about half of the money was not reimbursed and the parties went to the courts to settle who was right.In total, more than 500 million dollars (440 million euros) were at stake and a US court ruled that the bank had to assume its mistake and run out of money.
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