Posted on Feb 21, 2021

Citibank can't get back $500 million it wired by mistake, judge rules

381

Somebody’s getting fired.

Posted in these groups: Citibank (Banamex USA) Double barred dollar sign.svg

Posted 4 y ago

Responses: 1

Posted 4 y ago

Wow, an amazingly expensive mistake that should have been caught in the multistep fedwire process.
https://www.investopedia.com/terms/f/fedwire.asp

Fedwire is a settlement system of central bank money used by Fed banks to electronically settle final U.S. dollar payments among member institutions.

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SSG Shavonde Chase

4 y

Thanks for sharing that. Does seem like something that could have and should have been avoided. But then again, tech can’t replace human oversight.

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