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A bank processing error led to the withdrawal of pension checks for 65,000 retired New York City teachers last night. The president of the United Federation of Teachers, Michael Mulgrew, says $189 million worth of payments disappeared. The union started getting calls from members early this morning. "These are retirees, these are fixed income people. And the timing couldn't have been worse. Because their funds go in on Monday, and then they start to pay their bills off of the funds that go in on Monday, and here it is Friday," Mulgrew says.

Bank of New York Mellon, which handles the pension check automatic deposits, issued a statement expressing regret and says it's taking immediate actions to restore the money. The bank says it will fully reimburse the retirees for any costs they incurred as a result of the error. The bank says retirees with questions and concerns can call 1-800-627-8000.