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UK bank in trouble after $175 million ‘gift’ to customers

London: A bank has inadvertently ‘gifted’ more than $175 million to its customers on the stroke of the new year. After this, a large number of customers blew the extra money in their account thinking it to be a Christmas gift.

Now the bank has to work hard to get these funds back. In fact, on Christmas day, 2000 business and corporate accounts were paid twice. 

The first time the money was deducted from the business accounts but the second time this amount was paid from the fund of Santander Bank. After this, people felt that this is a gift and bonus on Christmas and people blew this money at Christmas parties.

The bank said in a statement that it was “sorry” for the error which allegedly took place due to technical reasons. 

According to the bank, this happened due to duplicate transactions. This whole case of depositing money in different accounts by mistake happened through about 75 thousand transactions. This happened in about 2 thousand corporate and commercial accounts.

Santander Bank said that these transactions have taken place in the accounts of other banks, for which they are talking to the concerned banks. Every effort is being made to recover this amount accidentally. 

The bank says it has already started talks with banks like Barclays, HSBC, NatWest, Co-operative Bank and Virgin Money. However, it is not yet clear what the banks will do if the customers have spent this amount. Santander has indicated that he will talk to such people directly to get his money.

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Under UK law, banks can withdraw money that has accidentally entered a customer’s account. If customers do not return the money, they could face up to 10 years in prison.

first published:Jan. 1, 2022, 1:20 p.m.

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