Bank account with $1.8 billion discovered in South Carolina, but nobody knows how and why
- The account doesn’t belong to any individual
- It is part of a clerical error resulting in a $3.5 billion miscalculation
- The money is held by the South Carolina State Bank
Published on Apr 02, 2024 at 4:20 PM (UTC+4)
by Nalin Rawat
Last updated on Apr 02, 2024 at 6:52 PM (UTC+4)
Edited by
Tom Wood
The South Carolina State Bank has discovered a mysterious $1.8 billion bank account.
However, the bank has no idea where it came from and how.
Imagine waking up one day to discover you have that much money in your bank account – what would you do with it?
Unfortunately, this isn’t a case of accidental wealth, and it almost certainly isn’t yours – whoever you are.
Last year, we saw a similar case when a bank accidentally deposited $3m into a student’s account, which caused a lot of trouble.
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This much money in your bank account can earn you a very luxurious lifestyle, so long as it is actually yours.
However, even $1.8 billion can’t compare to Jeff Bezos or Elon Musk’s wealth who can easily spend $1 million a day and not go broke.
Ultimately, this entire mysterious bank account debacle is due to a clerical error resulting in a $3.5 billion miscalculation.
It all came to light when the state’s top accountant, the elected Republican comptroller general, resigned last year.
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His department had been double-posting funds in higher education accounts, resulting in an on-paper $3.5 billion miscalculation.
The state had also shifted computer systems in the 2010s, which was the initial cause of the whole problem.
The state accountants are still trying to untangle the mess of the mysterious bank account with $1.8 billion.
According to state Senate leaders, ‘every time the state’s books were out of whack, money was shifted from somewhere into an account that helped balance it out.’
The Senate has now approved putting a constitutional amendment before voters to make the comptroller general an appointed position.
Fortunately, no money was lost, but the reason behind the bank account errors remains unsolved.
Republican treasurer Curtis Loftis has also claimed to have invested the funds in the mysterious bank account.
The investment has generated nearly $200 million in interest for the state.
However, if you dream of having that kind of money, then you might want to listen to this advice from an old millionaire.
Just make sure the money is yours before you rush out to spend it.
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Nalin started his career by working with various national newspapers in India. He has also worked as a writer/editor for many popular websites, while still pursuing his journalism and mass communication degree. Working as a digital nomad has allowed him to inform and educate through his work. When he is not writing, you can find him playing video games or travelling the mountains on his bike.
