{"id":16705,"date":"2020-08-22T07:02:06","date_gmt":"2020-08-22T07:02:06","guid":{"rendered":"https:\/\/bengalnewstimes.com\/?p=16705"},"modified":"2020-08-22T07:02:06","modified_gmt":"2020-08-22T07:02:06","slug":"bank-of-america-customer-finds-an-extra-2-45-billion-in-mobile-banking-app","status":"publish","type":"post","link":"https:\/\/bengalnewstimes.com\/?p=16705","title":{"rendered":"Bank of America customer finds an extra $2.45 billion in mobile banking app"},"content":{"rendered":"<p><\/p>\n<div>\n<div class=\"article-image\">\n<figure><img loading=\"lazy\" decoding=\"async\" class=\"lazy lazy-hidden wp-image-2062340 size-full\" data-lazy-type=\"image\" src=\"https:\/\/images.financialexpress.com\/2020\/08\/bank-of-america.jpg\" alt=\"Bank of America,\u00a0Bank of America\u00a0customer, bank of america\u00a0mobile banking app,\u00a0Blaise Aguirre,\u00a0Citigroup,\u00a0Merrill Lynch account,\u00a0multibillion dollar mishap, latest news on bank of america\" width=\"660\" height=\"440\" srcset=\"\" sizes=\"auto, (max-width: 660px) 100vw, 660px\"\/><noscript><img loading=\"lazy\" decoding=\"async\" class=\"lazy lazy-hidden wp-image-2062340 size-full\" data-lazy-type=\"image\" src=\"https:\/\/images.financialexpress.com\/2020\/08\/bank-of-america.jpg\" alt=\"Bank of America,\u00a0Bank of America\u00a0customer, bank of america\u00a0mobile banking app,\u00a0Blaise Aguirre,\u00a0Citigroup,\u00a0Merrill Lynch account,\u00a0multibillion dollar mishap, latest news on bank of america\" width=\"660\" height=\"440\" srcset=\"\" sizes=\"auto, (max-width: 660px) 100vw, 660px\"\/><noscript><img loading=\"lazy\" decoding=\"async\" class=\"wp-image-2062340 size-full\" src=\"https:\/\/images.financialexpress.com\/2020\/08\/bank-of-america.jpg\" alt=\"Bank of America,\u00a0Bank of America\u00a0customer, bank of america\u00a0mobile banking app,\u00a0Blaise Aguirre,\u00a0Citigroup,\u00a0Merrill Lynch account,\u00a0multibillion dollar mishap, latest news on bank of america\" width=\"660\" height=\"440\" srcset=\"https:\/\/images.financialexpress.com\/2020\/08\/bank-of-america.jpg 660w, https:\/\/images.financialexpress.com\/2020\/08\/bank-of-america-300x200.jpg 300w, https:\/\/images.financialexpress.com\/2020\/08\/bank-of-america-620x413.jpg 620w, https:\/\/images.financialexpress.com\/2020\/08\/bank-of-america-401x267.jpg 401w, https:\/\/images.financialexpress.com\/2020\/08\/bank-of-america-440x293.jpg 440w, https:\/\/images.financialexpress.com\/2020\/08\/bank-of-america-80x54.jpg 80w, https:\/\/images.financialexpress.com\/2020\/08\/bank-of-america-313x209.jpg 313w\" sizes=\"auto, (max-width: 660px) 100vw, 660px\"\/><\/noscript><\/noscript><span class=\"article-caption\">At Bank of America, the multibillion-dollar mishap wasn\u2019t the first involving customer accounts. (Reuters photo)<\/span><\/figure>\n<\/div>\n<p>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. \u201cThis was a display error and nothing more than that,\u201d Bank of America spokesman Bill Halldin said. \u201cIt\u2019s been corrected.\u201d<\/p>\n<p>The customer, psychiatrist Blaise Aguirre, said he initially figured Bank of America would discover the error itself. When that didn\u2019t happen, he reached out to his relationship manager to inquire about the mysterious money showing up on both the web and his phone\u2019s <a target=\"_blank\" href=\"https:\/\/www.financialexpress.com\/tag\/mobile-app\/\" rel=\"noopener noreferrer\">mobile app<\/a>. This week, after being contacted by Bloomberg, the bank fixed the issue with Aguirre\u2019s Merrill Lynch account.<\/p>\n<p>It hasn\u2019t 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\u2019s 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.<\/p>\n<p>Benjamin Finestone, a lawyer for Brigade and HPS, told a judge in proceedings this week that the firms don\u2019t concede the transfer was a mistake. Citigroup, for its part, said the funds\u2019 actions \u201cthreaten the integrity of the administrative agency function and trust in the global banking system.\u201d<\/p>\n<p>At Bank of America, the multibillion-dollar mishap wasn\u2019t 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\u2019t as potentially lucrative as Aguirre\u2019s $2.45 billion mirage: Their accounts were showing balances of $0.<\/p>\n<p>\u00a0<\/p>\n<div class=\"common-bottom-text\">\n<p>Get live <a href=\"https:\/\/www.financialexpress.com\/market\/stock-market\/\" target=\"_blank\" rel=\"noopener noreferrer\">Stock Prices<\/a> from <a href=\"https:\/\/www.financialexpress.com\/market\/stock-market\/s-p-bse-sensex-stock-price\/\" target=\"_blank\" rel=\"noopener noreferrer\">BSE<\/a>, <a href=\"https:\/\/www.financialexpress.com\/market\/stock-market\/nifty-50-stock-price\/\" target=\"_blank\" rel=\"noopener noreferrer\">NSE<\/a>, <a href=\"https:\/\/www.financialexpress.com\/investing-abroad\/\" target=\"_blank\" rel=\"noopener noreferrer\">US Market<\/a> and latest NAV, portfolio of <a href=\"https:\/\/www.financialexpress.com\/mutual-funds-india\/\" target=\"_blank\" rel=\"noopener noreferrer\">Mutual Funds<\/a>, calculate your tax by <a href=\"https:\/\/www.financialexpress.com\/income-tax-calculator\/\" target=\"_blank\" rel=\"noopener noreferrer\">Income Tax Calculator<\/a>, know market\u2019s <a href=\"https:\/\/www.financialexpress.com\/market\/stock-market\/nse-top-gainers\/\" target=\"_blank\" rel=\"noopener noreferrer\">Top Gainers<\/a>, <a href=\"https:\/\/www.financialexpress.com\/market\/stock-market\/nse-top-losers\/\" target=\"_blank\" rel=\"noopener noreferrer\">Top Losers<\/a> &amp; <a href=\"https:\/\/www.financialexpress.com\/mutual-funds-india\/equity-funds\/\" target=\"_blank\" rel=\"noopener noreferrer\">Best Equity Funds<\/a>. Like us on <a href=\"https:\/\/www.facebook.com\/thefinancialexpress\" target=\"_blank\" rel=\"noopener noreferrer\">Facebook<\/a> and follow us on <a href=\"https:\/\/twitter.com\/FinancialXpress\" target=\"_blank\" rel=\"noopener noreferrer\">Twitter<\/a>.<\/p>\n<p class=\"telegram-text\"><img loading=\"lazy\" decoding=\"async\" class=\"telegrma_img\" src=\"https:\/\/images.financialexpress.com\/2020\/04\/telegram.png\" alt=\"\" width=\"24\" height=\"24\" style=\"margin: 0px 5px 4px 0px; float: left;\"\/>Financial Express is now on Telegram. <a href=\"https:\/\/t.me\/TheFinancialExpressOnline\" target=\"_blank\" rel=\"noopener noreferrer\">Click here to join our channel<\/a> and stay updated with the latest Biz news and updates.<\/p>\n<\/div>\n<\/div>\n<p><script async src=\"\/\/platform.twitter.com\/widgets.js\" charset=\"utf-8\"><\/script><br \/>\n<br \/><a href=\\\"https:\/\/www.financialexpress.com\/industry\/banking-finance\/bank-of-america-customer-finds-an-extra-2-45-billion-in-mobile-banking-app\/2062337\/\\\">Source link <\/a><\/p>\n","protected":false},"excerpt":{"rendered":"<p>At Bank of America, the multibillion-dollar mishap wasn\u2019t the first involving customer accounts. (Reuters photo) 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 [&hellip;]<\/p>\n","protected":false},"author":1,"featured_media":16706,"comment_status":"open","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"spay_email":"","footnotes":""},"categories":[36],"tags":[],"class_list":["post-16705","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-banking-business"],"jetpack_featured_media_url":"https:\/\/bengalnewstimes.com\/wp-content\/uploads\/2020\/08\/bank-of-america.jpg","_links":{"self":[{"href":"https:\/\/bengalnewstimes.com\/index.php?rest_route=\/wp\/v2\/posts\/16705","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/bengalnewstimes.com\/index.php?rest_route=\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/bengalnewstimes.com\/index.php?rest_route=\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/bengalnewstimes.com\/index.php?rest_route=\/wp\/v2\/users\/1"}],"replies":[{"embeddable":true,"href":"https:\/\/bengalnewstimes.com\/index.php?rest_route=%2Fwp%2Fv2%2Fcomments&post=16705"}],"version-history":[{"count":0,"href":"https:\/\/bengalnewstimes.com\/index.php?rest_route=\/wp\/v2\/posts\/16705\/revisions"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/bengalnewstimes.com\/index.php?rest_route=\/wp\/v2\/media\/16706"}],"wp:attachment":[{"href":"https:\/\/bengalnewstimes.com\/index.php?rest_route=%2Fwp%2Fv2%2Fmedia&parent=16705"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/bengalnewstimes.com\/index.php?rest_route=%2Fwp%2Fv2%2Fcategories&post=16705"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/bengalnewstimes.com\/index.php?rest_route=%2Fwp%2Fv2%2Ftags&post=16705"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}