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Due to errors, one of the financial institutions received the status of "the stupidest bank".
TOP computer errors that happened in the bank.
On April 25, 1997, due to a programmer error, the Internet suffered the largest outage in its history. The Internet was out of service for most of the United States for two hours.
Worse than the lack of access to the Internet for technical reasons can only be money that disappears from the accounts due to technical problems. The PaySpace Magazine editors decided to remind about the curious technical errors that banks have made in recent years.
Rather than quit his job and start spending money on various luxury items, Reggie Theus announced his intention to give the money to pay off part of the US government debt. However, unfortunately for the country, the bank noticed its mistake and wrote off the money accrued by mistake, and the client was asked not to disclose the name of the institution.
The German state-owned bank Kreditanstalt fuer Wiederaufbau (KfW) has been named "Germany's Dumbest Bank" thanks to repeated major glitches and mistakes. In 2008, KfW mistakenly transferred 300 million euros to the account of the American investment bank Lehman Brothers after the latter declared bankruptcy. In February 2021, KfW made an even bigger mistake, transferring 5.4 billion euros to four bank accounts due to technical problems.
In 2021, the US Securities and Exchange Commission fined a group of banks Citigroup in the amount of $ 7 million for a computer error, as a result of which the bank did not provide the commission with full information on transactions. Due to software glitches, from 1999 to 2014, Citigroup did not release details of 26,810 transactions to the agency. The violation was aggravated by the fact that the bank did not report the problems and did not take steps to resolve them for nine months. The fine paid to Citigroup was the largest for such violations.
This is not a complete list of technical mistakes that cost banks money and sometimes reputation. Sometimes, as a result of improper work, the largest financial institutions leave the market altogether.
TOP computer errors that happened in the bank.
On April 25, 1997, due to a programmer error, the Internet suffered the largest outage in its history. The Internet was out of service for most of the United States for two hours.
Worse than the lack of access to the Internet for technical reasons can only be money that disappears from the accounts due to technical problems. The PaySpace Magazine editors decided to remind about the curious technical errors that banks have made in recent years.
The world's first trillionaire
In 2013, an online banking upgrade at a US financial institution crashed, making Reggie Theus, a Texas-based restaurant manager, the first-ever trillionaire. The astonished Texan logged in and out of the system several times, but still had $ 4 trillion in his account.
Rather than quit his job and start spending money on various luxury items, Reggie Theus announced his intention to give the money to pay off part of the US government debt. However, unfortunately for the country, the bank noticed its mistake and wrote off the money accrued by mistake, and the client was asked not to disclose the name of the institution.
The dumbest bank in Germany
The German state-owned bank Kreditanstalt fuer Wiederaufbau (KfW) has been named "Germany's Dumbest Bank" thanks to repeated major glitches and mistakes. In 2008, KfW mistakenly transferred 300 million euros to the account of the American investment bank Lehman Brothers after the latter declared bankruptcy. In February 2021, KfW made an even bigger mistake, transferring 5.4 billion euros to four bank accounts due to technical problems.
Largest error penalty
In 2021, the US Securities and Exchange Commission fined a group of banks Citigroup in the amount of $ 7 million for a computer error, as a result of which the bank did not provide the commission with full information on transactions. Due to software glitches, from 1999 to 2014, Citigroup did not release details of 26,810 transactions to the agency. The violation was aggravated by the fact that the bank did not report the problems and did not take steps to resolve them for nine months. The fine paid to Citigroup was the largest for such violations.
This is not a complete list of technical mistakes that cost banks money and sometimes reputation. Sometimes, as a result of improper work, the largest financial institutions leave the market altogether.
