Banking Glitch Sends $200,000,000 To 30,000 People in Error, Triggering Mad Dash To Claw Back Funds: Report

Officials in one of the richest cities in the world are scrambling to claw back funds after a big banking glitch gave tens of thousands of employees a massive payday.

On Monday, 30,000 Zurich city employees received double their February salary after a software hiccup caused the erroneous transfer of an additional 175 million Swiss Francs or $200 million, reports Bloomberg.

Zuercher Kantonalbank (ZKB), a state-owned financial services firm that handles the city’s payments, says the software issue came from Swisscom AG, a company that processes the bank’s transactions.

According to ZKB, a Swisscom contractor ran a defective software that triggered the massive transfer.

Says Swisscom in a statement to ZKB,

“Swisscom is aware of the seriousness of this incident and apologizes for the inconvenience caused.” 

The bank itself has issued a public apology.

“The ZKB apologizes to all employees of the city of Zurich for the inconvenience caused. The bank is working with the city of Zurich on a proposed solution for a simple repayment of the amount paid twice.”

Zurich’s offices received a barrage of calls as city employees inquired about the additional money in their accounts. Officials are now working on an efficient fix that will allow employees to easily hand back the extra cash.

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