Bank of New York Mellon is blaming a bank processing error for $189 million in pension payments for retired school teachers which disappeared Thursday night. UFT President Michael Mulgrew said tha...
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Uh oh! For some unknown reason, Bank of New York Mellon, which had electronically deposited $185 million in pension funds into retired NYC teachers' and staffers' accounts a few days ago, decided to withdraw the money yesterday, causing—besides overdrafts— worries, chaos, and outrage. A 70-year-old [...]
A banking error led to thousands of teachers union retirees having money withdrawn from their pensions last night without their knowledge.
According to United Federation of Teachers president Michael Mulgrew, the Bank of New York Mellon deposited money in over 60,000 retired teachers’ accounts and then overnight and without explanation, withdrew [...]
