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Last year, Citi accidentally sent Revlon $500m who kept it even though Citi immediately asked for it back: https://arstechnica.com/tech-policy/2021/02/citibank
by thesausageking 4y ago
Last year, Citi accidentally sent Revlon $500m who kept it even though Citi immediately asked for it back:
https://arstechnica.com/tech-policy/2021/02/citibank-just-got-a-500-million-lesson-in-the-importance-of-ui-design/ https://arstechnica.com/tech-policy/2021/02/citibank-just-go...
- endisneigh 4y agohttps://www.reuters.com/markets/us/citigroup-wins-appeal-over-mistaken-revlon-wire-transfer-2022-09-08/ https://www.reuters.com/markets/us/citigroup-wins-appeal-ove...
- deleted 4y ago[deleted]
- oldgradstudent 4y agoIt was later reversed on appeal. It's important to note that they didn't just send it to some random company, but rather to creditors. > Under New York law, someone who sends out an erroneous wire transfer—for example, sending a payment to the wrong account—is entitled to get the money back. > But the law makes an exception when a debtor accidentally wires money to a creditor. In that case, if the creditor doesn't have prior knowledge the payment was a mistake, it's free to treat it as a repayment of the loan.