Retired Teachers: Where's My Money?!
A bank error withdraws their pension checks
By JOHN NOEL
Updated 3:30 PM EST, Fri, Nov 6, 2009
Now you see it. Now you don't.
Thousands of retired New York City school teachers awoke this morning to find the pension checks that had been deposited to their accounts earlier in the week had now vanished.
A spokesperson for the New York City Comptroller's Office says the city gave the Bank of New York-Mellon almost 189-million dollars to be put into the accounts of the retired teachers and on Monday the bank did just that. But this morning the bank reversed the deposits and for some unknown reason gave the money back to the city.
The Comptroller's Office is now working with the bank to correct the problem while retired teachers now living across the country scramble to cover checks they wrote on money they thought they had.
Bank of New York says it was "a processing error" and the money should be back on all of the affected accounts by Monday. The bank said it will also reimburse the retirees for any fees they incur as a result of the bank's mistake.
The United Federation of Teachers is calling for a full investigation.
First Published: Nov 6, 2009 3:03 PM EST
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