Audio By Carbonatix
Days after Citigroup Inc. made headlines for accidentally sending $900 million to a group of lenders, a Bank of America Corp. customer in Massachusetts opened his account to find an even bigger cash infusion: $2.45 billion.
But the money was never really there.
“This was a display error and nothing more than that,” Bank of America spokesman Bill Halldin said. “It’s been corrected.”
The customer, psychiatrist Blaise Aguirre, said he initially figured Bank of America would discover the error itself. When that didn’t happen, he reached out to his relationship manager to inquire about the mysterious money showing up on both the web and his phone’s mobile app.
This week, after being contacted by Bloomberg, the bank fixed the issue with Aguirre’s Merrill Lynch account.
It hasn’t been as easy for Citigroup, in its role as administrative agent on a loan to Revlon Inc., to erase mistaken payments sent to the cosmetic giant’s lenders. While some willingly sent back the funds, the bank has been locked in a bitter legal battle with hedge funds including Brigade Capital Management and HPS Investment Partners, which refuse to return the payments.
Benjamin Finestone, a lawyer for Brigade and HPS, told a judge in proceedings this week that the firms don’t concede the transfer was a mistake.
Citigroup, for its part, said the funds’ actions “threaten the integrity of the administrative agency function and trust in the global banking system.”
At Bank of America, the multibillion-dollar mishap wasn’t the first involving customer accounts. Earlier this month, the lender had a temporary display issue that caused some online and mobile-banking clients to see inaccurate balances. That mistake, however, wasn’t as potentially lucrative as Aguirre’s $2.45 billion mirage: Their accounts were showing balances of $0.
Latest Stories
-
3 dead, 6 injured in Kpando–Aziave road crash
7 minutes -
Government to deploy 60,000 surveillance cameras nationwide to tackle cybercrime
31 minutes -
Ghana DJ Awards begins 365-day countdown to 2026 event
36 minutes -
Making Private University Charters Optional in Ghana: Implications and Opportunities
36 minutes -
Mampong tragedy: Students among 30 injured as curve crash kills three
46 minutes -
Ken Agyapong salutes farmers, promises modernisation agenda for agriculture
56 minutes -
Team Ghana wins overall best project award at CALA Advanced Leadership Programme graduation
58 minutes -
FIFA gives President Donald Trump a peace prize at 2026 World Cup draw
1 hour -
2025 National Best Farmer urges government to prioritise irrigation infrastructure
1 hour -
EPA CEO to be installed as Nana Ama Kum I, Mpuntu Hemaa of Abura traditional area
2 hours -
Mahama to launch School Agriculture Programme, requiring farms across all schools
2 hours -
Tanzania blocks activists online as independence day protests loom
2 hours -
ECOWAS launches new regional projects to strengthen agriculture and livestock systems
2 hours -
ECOWAS mediation and security council holds 43rd Ambassadorial-Level Meeting in Abuja
2 hours -
Two dead, 13 injured in fatal head-on collision on Anyinam–Enyiresi highway
3 hours
