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Tag: money

  • Citigroup erroneously credited client account with $81tn in ‘near miss’ – Financial Times

    Citigroup credited a client’s account with $81tn when it meant to send only $280, an error that could hinder the bank’s attempt to persuade regulators that it has fixed long-standing operational issues. … A total of 10 near misses — incidents when a bank processes the wrong amount but ultimately is able to recover the funds — of $1bn or greater occurred at Citi last year, according to an internal report seen by the FT. The figure was down slightly from 13 the previous year. Citi declined to comment on this broader set of events.

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  • Getting rid of the penny introduces a new problem: nickels – CNN Business

    “Without the penny, the volume of nickels in circulation would have to rise to fill the gap in small-value transactions. Far from saving money, eliminating the penny shifts and amplifies the financial burden,” said American for Common Cents, a pro-penny group funded primarily by Artazn, the company that has the contract to provide the blanks used to make pennies.

    According to the latest annual report from the US Mint, each penny cost 3.7 cents to make, including the 3 cents for production costs, and 0.7 cents per coin for administrative and distribution costs. But each nickel costs 13.8 cents, with 11 cents of production costs and 2.8 cents of administrative and distribution costs.

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