How much would a mistake cost your property?
Do you have any idea? $30,000 or $100,000? How about $5 Billion?
According to Bill Chappell’s recent article "$5 Billion Error Made By Bank Once Derided As 'Germany's Dumbest,” a $5 Billion error is not uncommon for one German bank in Berlin.
“One of Germany's largest banks mistakenly sent more than $5 billion to other banks, according to German media. It's not the first stumble for state-owned development bank KfW, which famously sent hundreds of millions of dollars to Lehman Brothers on the same day the U.S. bank filed for bankruptcy,” writes Chappell.
What would cause such a significant amount of money to be sent to other banks? We were – very – curious about the cause and result.
So, we kept reading.
We’re sure you can imagine that what we discovered is what prompted us to write today’s article.
The piece continues that “In an emailed statement, KfW — full name: Kreditanstalt für Wiederaufbau — told German media that it recovered the money that it had transferred by mistake. The bank says the problem was due to human error, as a computer programming mistake prompted the bank's automated payment system to repeat transfers to four banks multiple times.”
Did you catch it? If not, this is what stuck out to us like a sore thumb: