Insight & Analysis

Bank gaffe creates overnight millionaire

Published: Nov 2017

Albeit only for one day.

A young Australian lawyer recently became an overnight millionaire when her bank mistakenly transferred AUD$24.5m into her account.

According to Clare Wainwright from Sydney, the gaffe occurred because of an error in a letter sent by NAB in September to her, confirming a direct debit for loan repayments. The letter stated that Wainwright’s monthly repayments would be $25,102,107 instead of the correct figure of $2,500. On her next due date, her bank transferred the millions.

Having been shocked to see such a hefty amount in her account, Wainwright made her mortgage broker aware of what had happened. They contacted NAB who didn’t seem too bothered about the mistake, with the customer service team saying that they would contact her in three days.

“I got in touch with my broker and he said, ‘I’m sure it was a typo. I’ll get in contact with them,’ but obviously the mistake was never fixed,” Wainwright told AAP.

Wainwright’s bank balance is now back to normal and she claims to have not even been tempted to touch the money whilst it was in her account.

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