A billion-dollar bank’s ATM glitch has triggered a huge rush for cash these days. Check out what’s this all about below.
Mad rush for cash
An ATM owned by a multi-billion dollar bank in London became the center of attention as customers rushed to withdraw cash after a video went viral showing the machine was malfunctioning.
The incident occurred at NatWest bank in East Ham, East London. The machine was dishing out twice the requested withdrawal amount, causing a stir among customers who lined up to take advantage of the opportunity.
According to a representative from NatWest, the machine malfunctioned due to a technical glitch.
“Due to a one-off manual error, a number of transactions at one ATM dispensed more cash than the requested amount.
This has since been fixed and customers can use this ATM as normal.”
It’s uncertain whether the individuals who withdrew money from the malfunctioning ATM and received double the amount have returned the extra cash or not.
The bank may take legal action against them for “retaining wrongful credit” under the Theft Act 1968 in England.
NatWest has had other glitches in recent months, including customers complaining online in September about missing deposits in their accounts.
This issue was quickly resolved, and the affected customers’ account balances were updated.
NatWest is one of the UK’s largest banks, with 960 branches and 3,400 cash machines spread throughout the country, as noted by the online publication the Daily Hodl.
In other recent news, the UK’s digital asset industry received a boost in the Autumn Statement presented by the Chancellor of the Exchequer, Jeremy Hunt, on Wednesday.
The statement outlined 110 measures aimed at promoting the nation’s economy, including a governmental initiative to expand the digital assets sector.
The UK government has plans to pass a legislation that will implement the Digital Securities Sandbox (DSS), which aims to facilitate the adoption of digital assets across financial markets.
