- Citigroup sues hedge fund after mistakenly wiring $175m by Financial Times. Keep up the great work, Citi.
- Airbnb files confidential paperwork for an IPO by CNN.
Deals starting/expiring at the end of today or starting today (view the full deal calendar here):
- [Targeted] AmEx Offer: Ring.com, Spend $200+ & Get 20% Back
- [Targeted] Plastiq: Take Quick Survey & Get $25 Amazon Giftcard
Deals starting/expiring at end of tomorrow:
- USAA Shopping Portal: Spend $150, Get $20 Cash Back
- eBay Mastercard $150 Cash Signup Bonus With $500 Spend
- BBVA $200 Checking & $50 Savings Bonus – Available Online & Nationwide
- Topcashback: Get $3 Bonus When You Spend $10
Popular posts from yesterday:
Citi doesn’t let us down when it comes to sending things to unintended recipients.
https://www.bloomberg.com/news/articles/2020-08-21/bofa-customer-opens-mobile-app-and-finds-an-extra-2-45-billion
Citi needs to learn from Amex!
No takebacks!! Mine!
I really can’t wait to see the outcome of this one. I’ve been following it for a few days now and I have to say Citi might be up Citts Creek with this. The issue at hand is Revlon is behind on their debts and apparently banks with Citi. The payments that were sent by Citi actually fulfill the debt obligations of Revlon. Revlon never authorized the amounts that Citi sent, but the debt holders were due the funds.
While this is going to be an error, if I was behind lets say $3000 on rent, and I asked my bank to send a $300 payment, but the bank sends $3000, the landlord is going to keep that money since it’s what was owed to him. He has a legitimate basis for keeping the money just like the debt holders for Revlon do. My landlord would keep that money until the bank can prove to a judge that it was 100% an operational error, and have him rule in the banks favor. Sending back the money could screw the debt holder if they aren’t careful.
Actually, Citi’s error totaled $900 million.
Yeah, paywall on that Citi article 🙁
paywall on the article u want, dont bother
You can read it at http://archive.is/ri7CW
I only wish Citi would mistakenly deposit $1 million into my account .
If they did the FEDS would be at your doorstep.
and withdraws $2 million a day later due to an IT glitch…
That’s the funny thing.. usually, they are able to pull it back…but i guess not with this amount lol
Not with a wire transfer. People get scammed with these all the time.
If the receiving bank is doing its job, they’d ask the accountholder for permission to send it back. The accountholder can (and did) refuse.
They pulled it out of the account into cash the day it showed up