‘Christmas gift’: Santander mistakenly deposited more than $175m into accounts held by 75,000 Britons

About 75,000 Britons received an unusual “Christmas gift”. The UK’s Santander bank mistakenly transferred a total of 130 million pounds, equivalent to more than 175 million US dollars, which were distributed to thousands of account holders, including rival banks, on Christmas Day. And now he’s trying to get the money back.

In a statement issued over the weekend, Santander said it is seeking help from its competitors to try to recover the amount.

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“We are very sorry that due to a technical issue, some payments from our corporate customers were duplicated in deposits to recipients,” the statement said.

According to the bank, none of the customers whose accounts were created with such false deposits had undue deductions as a result of this technical failure. “We are working with several banks across the UK to recover these duplicate transactions in the coming days,” she says.

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Perhaps many who received the incorrect deposit did not notice the error. In a customer account, it may have looked like a regular payment because it was duplicate amounts of daily deposits that corporate customers make to pay suppliers and employees. About 2,000 Santander trading accounts failed.

Customers from dozens of banks, such as Barclays, HSBS and Virgin Money, are among those who received incorrect payments, according to a report from The Times of London, which first reported the failure.

Some account holders of Santander itself were also given the irregular deposit. Although the bank relies on the help of competitors to recover the erroneously transferred amounts, it is not clear how the financial institutions will deal with customers who have actually spent the money they received in error.

Santander UK, the British arm of Santander Spain, has more than 14.4 million customers.