![]() Revlon lenders stated they believed the transfers from Citibank were prepayments for an outstanding loan - which wasn’t due to be paid off until 2023. “Based on the credible testimony of Defendants’ employees and the documentary record, the Court concludes that they were not.” “The discharge-for-value defense ultimately turns on whether Defendants (or, more precisely, their clients) were on constructive notice of Citibank’s mistake at the moment they received the August 11th wire transfers,” said US District Court Judge Jesse Furman in his decision. This was deemed to be the case with Revlon’s That exception, called the discharge-for-value rule, allows the recipient to keep funds accidentally wired to them if the mistakenly transferred money was unprompted, relieves a valid debt, and the recipient wasn’t aware the payment was made in error. ![]() This law was brought forward by precedent in a 1991 case where New York’s Court of Appeals ruled that if a third party mistakenly sends money to a creditor, the creditor can keep the funds. A Pennsylvania couple faced felony charges in 2019 after spending $120,000 accidentally deposited in their account.īut there is an exception that applied in Citigroup’s case under a New York law. That’s because of a common law doctrine known as “unjust enrichment”, which generally obligates that a recipient of money wired by mistake is required to return the money to the sender. In fact, you would have to pay the money back - or face criminal charges. (C), who was acting as Revlon’s loan agent, were “final and complete transactions, not subject to revocation.” However, in most instances of mistakenly receiving wired transfers, that’s not the case. But don’t get your hopes up that you could keep a chunk of change accidentally placed in your bank account.Ī federal judge ruled that the wire transfers made by Citi The routing number will be 9 digits, while your account number can be anywhere between 7 to 16 numbers.Citigroup lost a court battle Tuesday to claw back $504 million it mistakenly wired to Revlon’s lenders in August. If you review the image below, the routing number is at the bottom left of the check you will find your account number to the right. Your routing number will always be available on your personal checks. Providing you have some checks on hand, referring to your checkbook is one of the easiest ways to locate your Citi bank routing number. Similar Post: Wells Fargo Routing Number How do I find my Citibank Routing Number? Use Your Checkbook It’s best to contact your branch to go over the data, especially if it is your first wire transfer. It’s essential to use the correct routing number to ensure that your money reaches the right financial institution.īe sure to verify your own and the recipient’s information before initiating a wire transfer. Routing numbers, also known as ABA routing numbers (ABA RNT), ACH routing numbers, or routing transit numbers, are 9-digit numerical codes identifying financial institutions in the United States. If you need help locating the CHIPS UID number, you can do a quick search on the Clearinghouse’s website. ![]()
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