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| Economy |
| Citigroup Warns Customers It May Refuse To Allow Withdrawals |
| 2010-02-20 |
| Posted by: Anonymoose |
| #9 Hell, its been a zombie bank for what, a year now? Without another feasting on If the banks were forced into these situations by laws, then ya gotta mention being pissed at the gov. If the bank was making bad moves which threatened the bank then the gov regulators should have caught it and again must mention the gov. There are a ton of bank choices out there..if ya still with a bailout bank imho ya askin for it; not suggesting what you should do with your money mind you, just be sure about what you are doing with your money...you wouldn't just drop your kids off with anyone so why do that with your money. Shop around, don't just choose a bank solely because it is on your way home from work. |
| Posted by: swksvolFF 2010-02-20 21:09 |
| #8 Really tired of banks being in the RIP OFF biz. |
| Posted by: 3dc 2010-02-20 20:46 |
| #7 This is most likely much ado about nothing. See this 550 page+ PDF from the Federal Reserve. Flip to p. 37, using the Acrobat Reader page select window, there see Highlights of Regulations Q and D that Affect Consumers Seven-Day Notice Period Banks must reserve the right to require at least seven days’ notice of a customer’s intent to withdraw funds from savings accounts, NOW accounts, and ATS accounts. Banks have the option of enforcing this notice requirement, and in practice it is rarely, if ever, enforced. Only exception is on p. 35: Demand deposit accounts have the following characteristics: • No maturity period (or maturity period of less than seven days) • Payable on demand (or on less than seven days’ notice) • May not be interest-bearing • No limit on the number of withdrawals or transfers an account holder may make • No eligibility requirements I've never had a Demand Deposit Account, and I doubt few people have. Most people want some kind of interest paid on money they keep in a bank. I have read many stories online of people who tried to withdraw as little as $500 in cash at one of their banks & could not get it for several days. Many of these stories pre-date the current financial crisis. |
| Posted by: Anguper Hupomosing9418 2010-02-20 19:32 |
| #6 Per the article this actually only in effect in Texas but mistakenly sent out to all States. BUT if Citi is in trouble in Texas they are in trouble every where else. Or is this one of those things in the fine print (microscope required) that no one reads and Texas made plain notification a requirement? |
| Posted by: tipover 2010-02-20 16:40 |
| #5 I am starting to think my mattress is safer for my money than banks are. |
| Posted by: DarthVader 2010-02-20 16:28 |
| #4 At least California gives IOU's. I stopped doing business with Citibank, Travelers... when they got takenover by Obama and Company |
| Posted by: airandee 2010-02-20 14:37 |
| #3 Somehow we all knew this was coming. "No pulse, no hearbeat. If condition does not change, this man is dead." Sidney Wang, Murder by Death (1976) |
| Posted by: Besoeker 2010-02-20 13:40 |
| #2 Looks like the Marketing Department of my former and now-deceased IT employer has now found work....! |
| Posted by: Uncle Phester 2010-02-20 13:21 |
| #1 "Effective April 1, 2010, we reserve the right to require (7) days advance notice before permitting a withdrawal from all checking accounts. While we do not currently exercise this right and have not exercised it in the past, we are required by law to notify you of this change," Citigroup said on statements received by customers all over the country. Nice move. Expect a major drawdown/cancellation of accounts in 5...4...3.. |
| Posted by: Frank G 2010-02-20 12:24 |