Bank of America Corp (NYSE:BAC) is cleaning up after a mess caused by a glitch in Apple Inc. (NASDAQ:AAPL)’s Apple Pay electronic payment system, a report from The Street confirms.
According to the publication’s J.R. deBart, a number of Bank of America Corp (NYSE:BAC) customers were double charged for transactions they made using the new Apple Inc. (NASDAQ:AAPL) payment platform.
“Bank of America is apologizing for double-billing customers who made purchases using Apple’s new mobile payments service. A bank spokeswoman said Wednesday that the glitch involved about 1,000 transactions and that all duplicate charges will be refunded,” deBart said.
The issue about the glitch affecting Bank of America Corp (NYSE:BAC) and Apple Inc. (NASDAQ:AAPL) was first reported by CNN which noted that it has received reports that some customers of the bank were charged twice for single transactions using the iPhone-maker’s nascent platform. The report was later confirmed by Bloomberg.
Apple Inc. (NASDAQ:AAPL) is aware of the bug, deBart said. It was not revealed when Bank of America Corp (NYSE:BAC) planned to return the anomalous charge to customers or if the financial institution has already done so. However, the bank said that it is working on a fix for the issue which “will be available shortly,” Bank Innovation reported.
Apple Pay was made available on Monday, coming to the iPad and iPhone with the newest iOS 8.1 update.Bank of America Corp (NYSE:BAC) shareholders includes Bruce Berkowitz’s Fairholme (Fairx). The firm reported owning about 98.43 million shares in the bank by June 30, a stake that at the time was worth $1.51 billion and made up 15.21% of the firm’s whole portfolio.
Also by June 30, Apple Inc. (NASDAQ:AAPL) Carl Icahn’s Icahn Capital Lp reported owning 52.76 million shares in the company which was then worth about $4.90 billion and made up 12.72% of the whole portfolio of the firm controlled by the billionaire activist investor.