What went wrong here?

Thousands of Tesco Bank current account customers appear to have been targeted by fraudsters, with some saying they have lost hundreds of pounds.
Customers have complained about money being withdrawn without permission, cards being blocked and long delays to get through to the bank on the phone.
The bank said its anti-fraud systems had identified "suspicious activity" on some customer accounts.
It said the customers affected were in their "thousands but less than 10,000".
By Sunday evening, Tesco Bank said it had spoken to the majority of those customers affected and any stolen money would be refunded from Monday onwards and "within 24 business hours".
Some cards had been immediately blocked as a precautionary measure, but affected customers were still be able to use online banking and carry out chip and pin transactions, the company said.
It said customers should contact the bank if they had any concerns, but added: "We can reassure our customers that they will not lose out as a result."

Tesco is a new bank, where did it come from? A grocery chain!  We know what happened right away, the WalMart effect.  Some bozo executive at the grocery chain wants to peruse customer accounts,  he thinks there is synergy,  The bank, in its idiocy, does not know what a bank does, now they will be bankrupt.

Supermarket sweep: banking at Tesco

Britain's biggest retailer announced on Monday that it was buying out Royal Bank of Scotland's 50 per cent stake in Tesco Personal Finance (TPF). TPF will be put together with online sales and telecommunications to form a new retail services division targeting a jump in profit from less than £400m to £1bn.
Financial services make about half of the services division's profit now and are forecast to make a similar contribution as the business grows, meaning Tesco is aiming for a £500m annual profit from financial products. That would give it profits 25 per cent bigger than Alliance & Leicester achieved last year.

A banking industry source said Tesco had the potential to be a "significant competitor if they get their act together" in simple, lower-margin products, but that for anything more complex customers would go to a broker or their bank. "Supermarkets have threatened before. Ten years ago they promised a great deal but they never delivered," the source added.

This is central banking, the bank owner (Chuck Schumer)  knowing nothing about banking thinks he has this arbitrage moment due to seigniorage.  What he doesn't know is thousands of bots run around adjusting their portfolio with more knowledge than Chuck could dream of.