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Bank Un-Deposits $185 Million From Retired Teachers' Accounts

Bank Un-Deposits $185 Million From Retired Teachers' Accounts

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 retired social studies teacher told the NY Times, "Right now I am very annoyed because I was told by the bank not to make any checks today or use my debit card." And a retired teacher's assistant fretted to the Daily News, "I was very, very upset because my husband and I depend on this money." more ›

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