The British bank Santander erroneously disburses $ 242 million on Christmas Day

United Kingdom bank Santander got into the Christmas spirit this year by paying out a total of £ 130 million ($ 242 million) to customers by mistake on December 25th.

The total payment was split over 75,000 transactions for about 2,000 business and commercial customers, Santander said in a statement released late Thursday.

“We regret that some payments from our corporate customers were inadvertently duplicated in the recipients’ accounts due to a technical issue,” the statement said.

Santander blamed the duplicate payments for a scheduling issue. Photo: Peter Clayton. (Peter Clayton)

“None of our customers were left out of pocket at any point as a result and we will be working hard with many banks across the UK to recover the duplicate transactions over the next few days.”

Santander blamed the duplicate payments on a scheduling issue that the bank said was “quickly identified and corrected”.

The transactions were both regular and one-time payments, which could have included vendor payments or salaries, it added.

Santander is working to recover the funds from receiving banks through the “bank error recovery process”, according to the statement, and it has processes in place to seek recovery of funds deposited by mistake, directly from the recipients.

Santander UK is a wholly owned subsidiary of the global bank Banco Santander, headquartered in Spain.

The UK company has 14 million active customers and 616 branches, according to its website.

It's almost Christmas, and Australians should be more careful;  for another Flubot scam makes the rounds.

Warning about new Christmas delivery scam

The bank accidentally sent US $ 900 million ($ 1.24 billion) out to lenders of cosmetics company Revlon and went to court in August 2020 to try to recover some US $ 500 million ($ 689 million) that had not been voluntarily repaid.

But in February, a U.S. district court judge ruled that the bank would not be allowed to recover the money.

Leave a Comment