Bank mistakenly deposits Ksh18 billion into customers’ accounts on Christmas Day

Some bank customers were overjoyed on Christmas day when they saw double credit alerts land on their accounts.

Only that the bank has made the transfers in error in which it is now working hard to recoup the money from the customers who thought they had received Christmas bonus.

The European bank, Santander accidentally credited over Ksh18 billion across 75,000 transactions.

The error occurred when payments from 2,000 business accounts in the United Kingdom were processed twice. This means some workers saw their wages double, while suppliers also received more than they expected.

The bank said the identical payments were caused by a “scheduling issue” that has now been fixed.

CNBC reports that the bank is now trying to recover the mistaken payments, most of which may have gone into accounts operated by competitor banks.

A payroll manager said the incident ruined his holiday as he thought he would get in trouble for being paid two times and that he had done something wrong,.

He added that Santander, did not state how businesses should explain the second payment to staffers or provide any explanation about the second payment to other staff and how it should be repaid, the report said.

According to Santander, the process for recovering the monies is an industrial one known as the “bank error recovery process.” It stated that it has begun to work with other banks in accordance with the process and that these banks will seek to get back the incidental payments from their customer’s accounts.

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