Technically, yes. Source: Working with IT engineers working on credit card systems, it is fine but like all cards has to be worked through compliance modules.
Technically, not really: Source: Working in Banking Ops where red flags that should but don't exist in a system get raised by it. A single @23 million transaction is unlikely to bankrupt any bank but if approved by the CC system will probably be approved (a huge credit limit, or more commonly, internally approved balance/one-off credit) has to be there) then denied internally causing all sorts of trouble.
Transactions of $Xbns are commonplace in banking (non credit card, bank transfer) and credit card systems are certainly built for transactions of $100mns, though, as stated above, it would be immediately alerted probably to the bank's head of operations.
But, I've seen technology/operations mistakes that have had $100mns impact before. Usually a bit more obscure than buying something on Amazon.
The article says "credit card", but I didn't think credit cards could have fees for negative balances - of course your credit card has a negative balance, that's the whole point. I think this must have been a debit card, or maybe one of those combo credit/debit cards. They also show an ATM withdrawal which suggests it's a debit card anyway.
That was obviously a fluke, and very unlikely that the transaction was actually cleared through the credit card network, it was probably an error at the bank's end of things.
A payment that (if the rumour is true) actually cleared through:
> Rumor has it that tech millionaire Victor Shvetsky purchased a business jet for $52 million on this card [American Express Centurion]
You know the old saying. If you owe the bank a hundred dollars, that's your problem; if you owe the bank twenty-three quadrillion dollars, that's the bank's problem.
Technically, not really: Source: Working in Banking Ops where red flags that should but don't exist in a system get raised by it. A single @23 million transaction is unlikely to bankrupt any bank but if approved by the CC system will probably be approved (a huge credit limit, or more commonly, internally approved balance/one-off credit) has to be there) then denied internally causing all sorts of trouble.
Transactions of $Xbns are commonplace in banking (non credit card, bank transfer) and credit card systems are certainly built for transactions of $100mns, though, as stated above, it would be immediately alerted probably to the bank's head of operations.
But, I've seen technology/operations mistakes that have had $100mns impact before. Usually a bit more obscure than buying something on Amazon.