Trustmark Ins. Co. v. Bank One

Facts

Appellee set up two deposit accounts with Appellant and executed a wire transfer agreement. In a letter of instruction, Appellee instructed Appellant to retain a daily balance of $10,000 in the account and transfer funds automatically to Appellee’s account with another bank if the balance reached $110,000 or more. Over one year later, Appellant automated its wire transfer functions. It sent a letter to all its wire transfer customers notifying them of the automation and requesting they submit new funds transfer agreements for each account in order to ensure uninterrupted wire transfer service. Appellee claims not to have received such a letter. The wire transfers ceased for several months and Appellee’s account balance rose to $19,220,099.80. Appellant brought this balance to the attention of Appellee who instructed Appellant to transfer the remaining funds and closed the account. Appellant then brought this suit alleging a claim under U.C.C. Article 4A, unjust enrichment, and negligence.