Wiring Mistake May Cost Citi $500 Million; Pandemic’s Amazing Effects On Credit Cards

Citibank Can’t Get Back $500 Million It Wired by Mistake, Judge Rules

After committing one of the “biggest blunders in banking history,” Citibank won’t be allowed to recover the almost half a billion dollars it accidentally wired to Revlon’s

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lenders. Citibank, which was acting as Revlon’s loan agent, meant to send about $8 million in interest payments to the cosmetic company’s lenders. Instead, Citibank accidentally wired $900 million to Revlon’s lenders. Some lenders returned the money, but others did not. Citibank filed a lawsuit seeking the return of its funds, but it still has not received $500 million from 10 investment advisory firms after the accidental transfer. [CNN]

Pandemic Led to U.S. Housing Boom, Reduced Credit Card Debt

The coronavirus pandemic changed the way U.S. consumers use credit, as lower interest rates spurred a boom in home…