A Bank of America customer in Massachusetts was shocked to discover his account balance jumped a whopping $2.45 billion over the weekend.
Checking his account balance on his mobile app, psychiatrist Blaise Aguirre assumed that the multibillion deposit was a bank error. He immediately contacted the bank.
Bank of America spokesman Bill Halldin said Aguirre's account balance was simply a display error. The money shown was never really there. The error has been corrected.
Earlier in August several of the bank's customers reported errors or inaccurate balances. Bank of America claimed it was experiencing some temporary display issues with its systems. This mostly affected the accounts of its online and mobile-banking clients nationwide.
Since the start of the year Bank of America's share price has fallen. It is down more than 29.9 percent year to date. Last week, the bank's shares dropped a further 2 percent even as other companies' shares rose in favorable trading sessions on the U.S. stock market. The stock, which closed at $24.98 a share Friday, is now $10.74 short of its 52-week high of $35.72 a share in December.
Citigroup made headlines after it "accidentally" sent payments of more than $900 million to several lenders. Citigroup was acting as an administrative agent for loans owed by troubled cosmetic brand Revlon. Instead of sending smaller payments for interest to lenders the bank mistakenly sent amounts that were more than 100 times more than intended.
Citigroup was forced to file lawsuits against some of the larger lenders, including Brigade Capital Management and HPS Investment Partners, after the companies refused to return the money. The companies claimed the transfers weren't mistakes and that Citigroup would have been required to pay them in full anyway. Other lenders have so far heeded Citigroup's request and have sent back the funds.
