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Citigroup Warns Customers It May Refuse To Allow Withdrawals (your money is not your money)
Business Insider ^
| Sunday, February 21, 2010
| John Carney
Posted on 02/22/2010 6:24:54 AM PST by Tulsa Ramjet
click here to read article
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To: DoctorBulldog
I have no idea, I haven’t been following this story. I just found the headline a little on the alarmist side.
21
posted on
02/22/2010 6:41:17 AM PST
by
1rudeboy
To: ExSoldier
Sounds like a giant April Fool's joke to me. Like a "Google Bomb" or something.It's not, it is printed on my Januaray statement.
22
posted on
02/22/2010 6:41:57 AM PST
by
Las Vegas Ron
("Because without America, there is no free world" - Canada Free Press - MSM where are you?)
To: silverleaf
Nobody else has apparently had this problem.
It’s just Citi being citi.
23
posted on
02/22/2010 6:42:35 AM PST
by
rwfromkansas
("Carve your name on hearts, not marble." - C.H. Spurgeon)
To: Las Vegas Ron
Januaray = January...more coffee please
24
posted on
02/22/2010 6:42:43 AM PST
by
Las Vegas Ron
("Because without America, there is no free world" - Canada Free Press - MSM where are you?)
To: AU72
It looks like Vikram Pandit, CEO of Citi, won’t be going on his honeymoon afterall. Hopefully Uncle Billy wont screw up again when making the deposit.
25
posted on
02/22/2010 6:43:07 AM PST
by
Incorrigible
(If I lead, follow me; If I pause, push me; If I retreat, kill me.)
To: Lazamataz
I wonder if this is supposed to prevent something like what happened in Sept. 2008 ($500B taken out in 2 hours).
26
posted on
02/22/2010 6:44:57 AM PST
by
ding_dong_daddy_from_dumas
(Pat Caddell: Democrats are drinking kool-aid in a political Jonestown)
To: Lazamataz
Bye Bye Citibank. There go ALL of your depositers.
Actually, that kind of provision has existed for a long time.
I have had bank accounts that had a provision where they could limit withdrawals, at their option.
Check the fine print in your current bank terms. You might find a similar provision in it.
27
posted on
02/22/2010 6:45:19 AM PST
by
TomGuy
To: Incorrigible
“Daddy, every time a bell rings another bank gets bailed out.”
28
posted on
02/22/2010 6:45:25 AM PST
by
AU72
To: Lazamataz
That’s really funny, because Citibank has been allowed by the Federal Reserve to go on claiming as “assets” mortgages whose underlying values have plummeted and the repayment of which is utterly speculative. And yet, the bank borrowed billions of dollars in taxpayer money using their phony-baloney valuations as collateral. And then they lend it back out to customers at usurious interest rates (29.9%), while charging them exorbitant fees for ATMs and every other damned thing. Now, they’re changing their Demand Deposit Accounts into something more like NOW accounts, where you have to wait seven days for your own friggin’ money while the bank floats a few more basis points off you. Not to put too fine a point on it, but: screw them.
29
posted on
02/22/2010 6:46:03 AM PST
by
andy58-in-nh
(America does not need to be organized: it needs to be liberated.)
To: Las Vegas Ron
WOW! Well, I have a new discussion topic for my economics classes today. I teach in an inner city high school... and the bell just rang.
30
posted on
02/22/2010 6:46:06 AM PST
by
ExSoldier
(Democracy is 2 wolves and a lamb voting on dinner. Liberty is a well armed lamb contesting the vote.)
To: 1rudeboy
So it’s a rule but they have no plans to enforce it. I just love rules like that.
To: ding_dong_daddy_from_dumas
I wonder if this is supposed to prevent something like what happened in Sept. 2008 ($500B taken out in 2 hours).Naw. For that you'd have to imprison Soros.
32
posted on
02/22/2010 6:46:47 AM PST
by
Lazamataz
(ETL = GNCB!)
To: ROLF of the HILL COUNTRY
Except that checks can, as longstanding norm, be delayed over a week (”waiting for the check to clear”).
33
posted on
02/22/2010 6:48:26 AM PST
by
ctdonath2
(Pelosi is practically President; the Obama is just her talk show host.)
To: ExSoldier
I teach in an inner city high school... and the bell just rang.I think the bell is ringing for us all....hold on tight!
34
posted on
02/22/2010 6:49:09 AM PST
by
Las Vegas Ron
("Because without America, there is no free world" - Canada Free Press - MSM where are you?)
To: Tulsa Ramjet
On DEPOSITS (not even a withdrawl!) over $5K, my bank holds the d@mn deposit for 5 working days until it’s cleared through their system. So, that’s FIVE FULL DAYS I can’t touch MY money? Hello!?
I sure hope no one in my family is ever kidnapped and I need cash FAST.
‘Um...Mr. Kidnapper? My bank won’t release my million dollars for a few days. Could ya not cut anything off of my family member until my check clears? Thanks.’ *SNORT*
35
posted on
02/22/2010 6:54:23 AM PST
by
Diana in Wisconsin
(Save the Earth. It's the only planet with chocolate.)
To: silverleaf
Don’t EVER confuse Laz with the facts. He don’t like that. ;)
36
posted on
02/22/2010 6:55:06 AM PST
by
Diana in Wisconsin
(Save the Earth. It's the only planet with chocolate.)
To: Tulsa Ramjet
could be this “Move your Money” thing the Libs started is getting some traction and is starting to bite them.
Truth is many state banking laws allow for a 7 day notice to withdraw large amounts. (a relative of mine in the business frequently uses this loophole when someone tries to present a large check which they suspect may be fraudelent)
To: All
38
posted on
02/22/2010 6:58:25 AM PST
by
Diana in Wisconsin
(Save the Earth. It's the only planet with chocolate.)
To: Personal Responsibility
More curious is the rule is levied by the government, not the bank. The gov’t told the bank “tell your customers you might not pay up for 7 days”.
My current guess is it’s to slow/limit hits on FDIC payouts should there be a run on banks.
39
posted on
02/22/2010 6:59:14 AM PST
by
ctdonath2
(Pelosi is practically President; the Obama is just her talk show host.)
To: 1rudeboy
It sounds like in addition to incompetent lenders and portfolio managers, Citibank also has an incompetent communication and public relations department.
40
posted on
02/22/2010 7:04:59 AM PST
by
11th Commandment
(http://www.thirty-thousand.org/)
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