by WKRC
Sat, March 1st 2025 at 5:30 PM
Updated Sat, March 1st 2025 at 5:33 PM
FILE – NEW YORK, NEW YORK – MARCH 01: People walk by a CitiBank location in Manhattan on March 01, 2024 in New York City. According to filings with the State Labor Department, Citigroup is cutting nearly 300 workers in New York. In early January, the financial company announced that it would be cutting 20,000 roles as part of a reorganization effort. (Photo by Spencer Platt/Getty Images, File)
UNDATED (WKRC) – A bank mistakenly credited $81 trillion to a customer’s account instead of $280.
Citigroup, an Investment banking company, reversed the transaction hours after the error took place. The error took place last April, CBS News reported on Friday.
It was said to be missed by a payments employee and a second worker before it was cleared to process the following day. It wasn’t until the transaction reached the eyes of a third employee who discovered the error an hour and a half after the payment was processed.
Several hours after the third employee discovered the error, the transaction was reversed. A report about the incident stated that no funds left the bank and the “near miss” was disclosed to the Federal Reserve and the Office of the Comptroller of the Currency.
“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,” a Citigroup spokesperson stated in an email reported CBS News.
The spokesperson’s email continued, stating, “Our preventative controls would have also stopped any funds leaving the bank.”
Citi said the incident did not affect the bank or the customer.