UK subsidiary Santander distributes 130 million pounds by mistake

The British subsidiary Banco Santander mistakenly distributed 130 million pounds (about $170 million) on Christmas Day and hopes to get it back.

On December 25, due to a “technical problem”, 75,000 payments made by about 2,000 customers were duplicated in the accounts of their beneficiaries, the bank said Thursday in a statement sent to AFP, confirming information from The Times.

Santander said the duplicate transactions were uploaded directly to the bank’s vaults and “at no point did a customer pay out of pocket”, adding that he was “working with several banks across the UK to recover” the amounts involved.

Among the recipients of the remittances were employees or suppliers of some Santander client companies – they were paid or paid twice.

Transfers have been made to accounts at several other British banks, making it difficult to recover the funds, according to The Times.

The newspaper pointed out that one of these institutions claims that it does not want to recover the money if it means that the account holder is exposed.

Santander claims to have “quickly identified and corrected” the planning issue that led to the wrong payments, adding that it has opened “bank error recovery procedures” with the beneficiary banks.

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