Penny wise and pound foolish

Six months ago I canceled my transaction account with Nordea because I never used the bank card linked to the account, and due to our increased interest costs I have not made a transfer to the bank account for over two years. The cost of the bank account was $3 a month, which really isn't very expensive.

Yesterday I transferred $1,250 to what I thought was my endowment insurance with Nordea. After a couple of hours after I had made the transfer, it occurred to me that I had not changed the account number for Nordea at my main bank SEB, which means that the $1,250 has no recipient.

At best, my $1250 will first end up in an observation account with Nordea since there is no recipient and then be returned to SEB within a couple of days. At worst, the money will get stuck with Nordea because of their internal problems Nordea has had with both their app and online bank since its "minor maintenance measure" almost two weeks ago. In the latter scenario, it may take weeks before Nordea manages to locate my money and bring it back to SEB. Regardless, the fault is entirely mine.

This weekend, Nordea will carry out a minor maintenance measure again. Most likely, Nordea is trying to fix the errors caused by the last minor maintenance measure.