Citibank Accountholders Locked Out by Computer GlitchBy Channel Insider Staff | Posted 2008-12-17 Email Print
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According to WCBS TV in New York, Citibank accountholders will have limited access to their money today while an unspecified computer problem is repaired.
Citibank accountholders will have limited access to their funds today, as the financial firm works to repair an unspecified "computer glitch," WCBS TV reports.
According to the report, Citibank lost access to its account records in what sounds like a database or a backup corruption incident. The report was unclear of the root cause, but the problem did not appear to be the result of a security breach.
WCBS TV reports that Citibank is working to repair the damage, but the work will take much of the day. The problem first came to light late Tuesday night.
Citibank is one of the large financial institutions under scrutiny for its practices following its acceptance of a multibillion government capital infusion under the $700 billion Troubled Assets Relief Program.
In late November, the U.S. Treasury Department invested $20 billion in Citi to help recapitalize the shaky institution rocked by losses related to defaults on subprime mortgages.