Business Services Industry
Pittsburgh-Based Banking Services Firm's Computer Problem Doubles Withdrawals.
Knight Ridder/Tribune Business News, January, 2003
By Len Boselovic, Pittsburgh Post-Gazette Knight Ridder/Tribune Business News
Jan. 22--Mellon Financial Corp. said yesterday it had corrected a computer problem that caused the bank to withdraw an extra loan payment from the bank accounts of customers at an unknown number of banks nationwide last week.
Mellon declined to say how many customers and banks were affected by the problem. But a spokeswoman for Fleet Bank said 410 of its customers were double-dipped.
The errant transactions involved the automated payment of car loans made by a number of auto finance companies and mortgages made by GMAC Mortgage, General Motors' home loan business. The lenders hire Mellon to process the loan payments.
The error was made by Mellon's...
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