Citigroup Credited $81 Trillion In Account Instead Of $280 By Mistake

ph1l · Feb 28, 2025

https://www.ndtv.com/world-news/cit...ount-instead-of-280-by-mistake-report-7818667

The snafu, a "near miss" in banking industry lingo, eluded a payments employee and a second bank official before being caught by a third employee 90 minutes after it posted.

Agence France-Presse

World News

Feb 28, 2025 22:48 pm IST

Published OnFeb 28, 2025 22:48 pm IST

Last Updated OnFeb 28, 2025 22:48 pm IST

Read Time:2 mins
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The payment was reversed several hours later. (File)
Washington:
Citigroup accidentally credited an account with $81 trillion instead of $280 as it meant to before catching the error, the Financial Times reported.

The snafu, a "near miss" in banking industry lingo, eluded a payments employee and a second bank official before being caught by a third employee 90 minutes after it posted, the newspaper reported late Thursday.

The bank said it posted the payment to a client, without specifying what kind of client.

The payment was reversed several hours later and no funds ever left the bank, the newspaper said.

Citigroup, which has $1.7 trillion in assets according to Federal Reserve data, said there was "no impact to the bank or our client," according to a bank statement.

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"Despite the fact that a payment of this size could not actually have been executed, our detective controls promptly identified the inputting error between two Citi ledger accounts, and we reversed the entry," Citigroup said.

Citi's snafu stemmed from a system blockage of payments that had to be entered manually under a program that came pre-populated with 15 zeros, according to the Financial Times report.

In July 2024, the Federal Reserve and Office of Comptroller of the Currency fined the bank $136 million for failing to sufficiently upgrade its systems under a 2020 order by the regulators to address poor risk management.

In October 2020, the OCC fined Citigroup $400 million for deficiencies in risk management, data governance and internal controls.
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Here are the three employees preparing to make another payment.

maxinger · Feb 28, 2025

Does the $$$ belong to the bank customer after the bank credited the customer by mistake?

It depends on which country, the law, & the lawyer.

There are cases where the customer is now the rightful owner.

There are also cases where the customer must return the $$$ even though the customer
has disposed virtually all the $$$.

mervyn · Mar 1, 2025

don’t believe this Bollywood story, no payment system in the world can input 81t into the field box

SunTrader · Mar 2, 2025

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Citigroup Credited $81 Trillion In Account Instead Of $280 By Mistake

ph1l

maxinger

mervyn

SunTrader