Click here to advertise on CatholicCulture.org

Vatican bank error threatened accounts of widows, pensioners

Catholic World News - January 31, 2014

One of the steps toward financial reform at the Vatican bank, the Institute for Religious Works (IOR), backfired when the bank accidentally threatened to close the accounts of retired lay Vatican employees and their surviving spouses.

In December, the IOR announced that it would close the accounts of lay people who had no direct connection to the Vatican. The IOR planned to hold accounts only for Catholic institutions and religious orders, clerics, diplomats accredited to the Holy See, and employees or former employees of the Vatican.

However, due to a clerical error, some retired Vatican employers were classified as ineligible to have IOR accounts. As a result, they received a terse letter from the bank, instructing them to close their accounts promptly or risk losing their funds. β€œIn some cases old ladies got nasty letters,” an IOR spokesman told the Associated Press. The IOR has apologized for the error, and assured the retired workers and their spouses that their accounts are safe.

Additional sources for this story
Some links will take you to other sites, in a new window.

An appeal from our founder, Dr. Jeffrey Mirus:

Dear reader: If you found the information on this page helpful in your pursuit of a better Catholic life, please support our work with a donation. Your donation will help us reach seven million Truth-seeking readers worldwide this year. Thank you!

Our Fall Campaign
Progress toward our year-end goal ($27,707 to go):
$150,000.00 $122,292.96
18% 82%
Sound Off! CatholicCulture.org supporters weigh in.

All comments are moderated. To lighten our editing burden, only current donors are allowed to Sound Off. If you are a donor, log in to see the comment form; otherwise please support our work, and Sound Off!

There are no comments yet for this item.

Fall 2014 Campaign
Subscribe for free
Shop Amazon
Click here to advertise on CatholicCulture.org

Recent Catholic Commentary

Another side of Francis: US-Cuba role shows Pope's diplomatic muscle 1 hours ago
Silly season: a Christmas approaches, a scholar questions whether Jesus ever existed 2 hours ago
The intrinsic immorality of torture: still not convinced? 7 hours ago
The Complexity of Reforming Religious Communities December 17
Speaking Softly to Women Religious December 16

Top Catholic News

Most Important Stories of the Last 30 Days
Pope Francis: Europe seems 'elderly and haggard' CWN - November 25
Pope Francis, Ecumenical Patriarch sign joint declaration, lament persecution of Christians CWN - December 1
Consistory for new cardinals scheduled for February CWN - December 11
Vatican report on US women religious calls for further self-assessment CWN - December 16
Pope brokered deal to open US-Cuba ties CWN - December 17