Posted on 02/22/2010 6:24:54 AM PST by Tulsa Ramjet
The image of banks locking their doors to keep customers from making withdrawals during a bank run is what immediately came to mind when we heard that Citigroup was telling customers it has the right to prevent any withdrawals from checking accounts for seven days.
"Effective April 1, 2010, we reserve the right to require (7) days advance notice before permitting a withdrawal from all checking accounts.
(Excerpt) Read more at businessinsider.com ...
Lose the tagline, Laz, it’s a personal attack.
...they hold your money for seven days,..but they got your tax money to keep their incompentency going:
The following is a list of TARP recipients as of January 31, 2009:
Bank of America Corporation
Bank of New York Mellon Corporation
Citigroup Inc.
The Goldman Sachs Group
JPMorgan Chase & Co.
Morgan Stanley
State Street Corporation
Wells Fargo & Company
Bank of Commerce Holdings
1st FS Corporation
UCBH Holdings, Inc.
Northern Trust Corporation
SunTrust Banks, Inc.
Broadway Financial Corporation
Washington Federal Inc.
BB&T Corp.
Provident Bancshares Corp.
Umpqua Holdings Corp.
Comerica Inc.
Regions Financial Corp.
Capital One Financial Corporation
First Horizon National Corporation
Huntington Bancshares
KeyCorp
Valley National Bancorp
Zions Bancorporation
Marshall & Ilsley
U.S. Bancorp
TCF Financial Corporation
First Niagara Financial Group
HF Financial Corp.
Centerstate Banks of Florida Inc.
City National Corporation
First Community Bankshares Inc.
Western Alliance Bancorporation
Webster Financial Corporation
Pacific Capital Bancorp
Heritage Commerce Corp.
Ameris Bancorp
Porter Bancorp Inc.
Banner Corporation
Cascade Financial Corporation
Columbia Banking System, Inc.
Heritage Financial Corporation
First PacTrust Bancorp, Inc.
Severn Bancorp, Inc.
Boston Private Financial Holdings, Inc.
Associated Banc-Corp
Trustmark Corporation
First Community Corporation
Taylor Capital Group
Nara Bancorp, Inc.
Midwest Banc Holdings, Inc.
MB Financial Inc.
First Midwest Bancorp, Inc.
United Community Banks, Inc.
Wesbanco Bank Inc.
Encore Bancshares Inc.
Manhattan Bancorp
Iberiabank Corporation
Eagle Bancorp, Inc.
Sandy Spring Bancorp, Inc.
Coastal Banking Company, Inc.
East West Bancorp
South Financial Group, Inc.
Great Southern Bancorp
Cathay General Bancorp
Southern Community Financial Corp.
CVB Financial Corp
First Defiance Financial Corp.
First Financial Holdings Inc.
Superior Bancorp Inc.
Southwest Bancorp, Inc.
Popular, Inc.
Blue Valley Ban Corp
Central Federal Corporation
Bank of Marin Bancorp
Bank of North Carolina
Central Bancorp, Inc.
Southern Missouri Bancorp, Inc.
State Bancorp, Inc.
TIB Financial Corp
Unity Bancorp, Inc.
Old Line Bancshares, Inc.
FPB Bancorp, Inc.
Sterling Financial Corporation
Oak Valley Bancorp
Old National Bancorp
Capital Bank Corporation
Pacific International Bancorp
SVB Financial Group
LNB Bancorp Inc.
Wilmington Trust Corporation
Susquehanna Bancshares, Inc
Signature Bank
HopFed Bancorp
Citizens Republic Bancorp, Inc.
Indiana Community Bancorp
Bank of the Ozarks, Inc.
Center Financial Corporation
NewBridge Bancorp
Sterling Bancshares, Inc.
The Bancorp, Inc.
TowneBank
Wilshire Bancorp, Inc.
Valley Financial Corporation
Independent Bank Corporation
Pinnacle Financial Partners, Inc.
First Litchfield Financial Corporation
National Penn Bancshares, Inc.
Northeast Bancorp
Citizens South Banking Corporation
Virginia Commerce Bancorp
Fidelity Bancorp, Inc.
LSB Corporation
Intermountain Community Bancorp
Community West Bancshares
Synovus Financial Corp.
Tennessee Commerce Bancorp, Inc.
Community Bankers Trust Corporation
BancTrust Financial Group, Inc.
Enterprise Financial Services Corp.
Mid Penn Bancorp, Inc.
Summit State Bank
VIST Financial Corp.
Wainwright Bank & Trust Company
Whitney Holding Corporation
The Connecticut Bank and Trust Company
CoBiz Financial Inc.
Santa Lucia Bancorp
Seacoast Banking Corporation of Florida
Horizon Bancorp
Fidelity Southern Corporation
Community Financial Corporation
Berkshire Hills Bancorp, Inc.
First California Financial Group, Inc
AmeriServ Financial, Inc
Security Federal Corporation
Wintrust Financial Corporation
Flushing Financial Corporation
Monarch Financial Holdings, Inc.
StellarOne Corporation
Union Bankshares Corporation
Tidelands Bancshares, Inc
Bancorp Rhode Island, Inc.
Hawthorn Bancshares, Inc.
The Elmira Savings Bank, FSB
Alliance Financial Corporation
Heartland Financial USA, Inc.
Citizens First Corporation
FFW Corporation
Plains Capital Corporation
Tri-County Financial Corporation
OneUnited Bank
Patriot Bancshares, Inc.
Pacific City Financial Corporation
Marquette National Corporation
Exchange Bank
Monadnock Bancorp, Inc.
Bridgeview Bancorp, Inc.
Fidelity Financial Corporation
Patapsco Bancorp, Inc.
NCAL Bancorp
FCB Bancorp, Inc.
First Financial Bancorp
Bridge Capital Holdings
International Bancshares Corporation
First Sound Bank
M&T Bank Corporation
Emclaire Financial Corp.
Park National Corporation
Green Bankshares, Inc.
Cecil Bancorp, Inc.
Financial Institutions, Inc.
Fulton Financial Corporation
United Bancorporation of Alabama, Inc.
MutualFirst Financial, Inc.
BCSB Bancorp, Inc.
HMN Financial, Inc.
First Community Bank Corporation of America
Sterling Bancorp
Intervest Bancshares Corporation
Peoples Bancorp of North Carolina, Inc.
Parkvale Financial Corporation
Timberland Bancorp, Inc.
1st Constitution Bancorp
Central Jersey Bancorp
Western Illinois Bancshares Inc.
Saigon National Bank
Capital Pacific Bancorp
Uwharrie Capital Corp
Mission Valley Bancorp
The Little Bank, Incorporated
Pacific Commerce Bank
Citizens Community Bank
Seacoast Commerce Bank
TCNB Financial Corp.
Leader Bancorp, Inc.
Nicolet Bankshares, Inc.
Magna Bank
Western Community Bancshares, Inc.
Community Investors Bancorp, Inc.
Capital Bancorp, Inc.
Cache Valley Banking Company
Citizens Bancorp
Tennessee Valley Financial Holdings, Inc.
Pacific Coast Bankers’ Bancshares
SunTrust Banks, Inc.
The PNC Financial Services Group Inc.
Fifth Third Bancorp
Hampton Roads Bankshares, Inc.
CIT Group Inc.
West Bancorporation, Inc.
First Banks, Inc.
FirstMerit Corporation
Farmers Capital Bank Corporation
Peapack-Gladstone Financial Corporation
Commerce National Bank
The First Bancorp, Inc.
Sun Bancorp, Inc.
Crescent Financial Corporation
American Express Company
Central Pacific Financial Corp.
Centrue Financial Corporation
Eastern Virginia Bankshares, Inc.
Colony Bankcorp, Inc.
Independent Bank Corp.
Cadence Financial Corporation
LCNB Corp.
Center Bancorp, Inc.
F.N.B. Corporation
C&F Financial Corporation
North Central Bancshares, Inc.
Carolina Bank Holdings, Inc.
First Bancorp
First Financial Service Corporation
Codorus Valley Bancorp, Inc.
MidSouth Bancorp, Inc.
First Security Group, Inc.
Shore Bancshares, Inc.
The Queensborough Company
American State Bancshares, Inc.
Security California Bancorp
Security Business Bancorp
Sound Banking Company
Mission Community Bancorp
Redwood Financial Inc.
Surrey Bancorp
Independence Bank
Valley Community Bank
Rising Sun Bancorp
Community Trust Financial Corporation
GrandSouth Bancorporation
Texas National Bancorporation
Congaree Bancshares, Inc.
New York Private Bank & Trust Corporation
Home Bancshares, Inc.
Washington Banking Company/ Whidbey Island Bank
New Hampshire Thrift Bancshares, Inc.
Bar Harbor Bankshares/Bar Harbor Bank & Trust
Somerset Hills Bancorp
SCBT Financial Corporation
S&T Bancorp
ECB Bancorp, Inc./East Carolina Bank
First BanCorp
Texas Capital Bancshares, Inc.
Yadkin Valley Financial Corporation
Carver Bancorp, Inc
Citizens & Northern Corporation
MainSource Financial Group, Inc.
MetroCorp Bancshares, Inc.
United Bancorp, Inc.
Old Second Bancorp, Inc.
Pulaski Financial Corp
OceanFirst Financial Corp.
Community 1st Bank
TCB Holding Company
Centra Financial Holdings, Inc./Centra Bank, Inc.
First Bankers Trustshares, Inc.
Pacific Coast National Bancorp
Community Bank of the Bay
Redwood Capital Bancorp
Syringa Bancorp
Idaho Bancorp
Puget Sound Bank
United Financial Banking Companies, Inc.
Dickinson Financial Corporation
The Baraboo Bancorporation
Bank of Commerce
State Bankshares, Inc.
BNCCORP, Inc.
First Manitowoc Bancorp, Inc.
Southern Bancorp, Inc.
Morrill Bancshares, Inc.
Treaty Oak Bancorp, Inc.
1st Source Corporation
Princeton National Bancorp, Inc.
AB&T Financial Corporation
First Citizens Banc Corp
WSFS Financial Corporation
Commonwealth Business Bank
Seaside National Bank & Trust
CalWest Bancorp
Fresno First Bank
First ULB Corp.
Alarion Financial Services, Inc.
Midland States Bancorp, Inc.
Moscow Bancshares, Inc.
Farmers Bank
California Oaks State Bank
Pierce County Bancorp
Calvert Financial Corporation
Liberty Bancshares, Inc.
Crosstown Holding Company
BankFirst Capital Corporation
Southern Illinois Bancorp, Inc.
FPB Financial Corp.
Stonebridge Financial Corp.
Peoples Bancorp Inc.
Anchor BanCorp
Parke Bancorp, Inc.
Central Virginia Bankshares, Inc.
Flagstar Bancorp, Inc.
Middleburg Financial Corporation
Peninsula Bank Holding Co.
PrivateBancorp, Inc.
Central Valley Community Bancorp
Plumas Bancorp
Stewardship Financial Corporation
Oak Ridge Financial Services, Inc.
First United Corporation
Community Partners Bancorp
Guaranty Federal Bancshares, Inc.
Annapolis Bancorp, Inc.
DNB Financial Corporation
Firstbank Corporation
Valley Commerce Bancorp
Greer Bancshares Incorporated
Ojai Community Bank
Adbanc, Inc
Beach Business Bank
Legacy Bancorp, Inc.
First Southern Bancorp, Inc.
Country Bank Shares, Inc.
Katahdin Bankshares Corp.
Rogers Bancshares, Inc.
UBT Bancshares, Inc.
Bankers’ Bank of the West Bancorp, Inc.
W.T.B. Financial Corporation
AMB Financial Corp.
Goldwater Bank, N.A.
Equity Bancshares, Inc.
WashingtonFirst Bank
Central Bancshares, Inc.
Hilltop Community Bancorp, Inc.
Northway Financial, Inc.
Monument Bank
Metro City Bank
F & M Bancshares, Inc.
First Resource Bank
In one year and 1 month, Obama has had 158 banks fail under his leadership. That is one bank shy of tripling Bush’s 8 year total.
I think your point is that Bush's failed policies caused Obama, our savior, to have a very difficult first year. I hear Obama plans to have better years in the future by getting rid of those pesky capitalist rules once he implements his FIVE YEAR PLANS. The world will be a better place with a strong central government controlling every part of our lives. /sarc
What's funny about that line is it is said right after George Bailey told someone that it would take 60 days to withdraw his money because that was the agreement when he deposited it.
From http://www.script-o-rama.com/movie_scripts/i/its-a-wonderful-life-script.html
1st Customer: I got two hundred and forty-two dollars in here and two hundred and forty-two dollars isn't going to break anybody.
George Bailey: Okay, Tom. All right. Here you are. You sign this. You'll get your money in sixty days.
1st Customer: Sixty days?
George Bailey:Well, now that's what you agreed to when you bought you shares.
2nd Customer: Tom...Tom... Did you get your money?
1st Customer: No.
2nd Customer: Well, I did. Old man Potter'll pay fifty cents on the dollar for every share you got.
I can't take much more of this.
I'm heading for Nick's Place!
Of course, for all the blame he puts on Bush, Our Dark Overlord is certainly not above taking credit for Bush's successes---like Iraq...
Cheers
Done!
(Heck I forgot it was still there. LOL)
There is a big difference between a Money Market Account (at your local bank branch) and a Money Market (Mutual) Fund (regulated by the SEC).
“Bye Bye Citibank. There go ALL of your depositers.”
Correct. A stupider and more wrong headed policy is difficult to imagine—Oh! Wait! I just remember Obama’s health care program!
That's true, but that doesn't mean they didn't use 2008 as an excuse for what they want to do.
LOL! Paranoid much? What are they planning to do that isn't included in their disclosures? Maybe next they'll force you to forgo jury trial if you try to sue them. Uh-oh they already did that...fire up the fear-monger machine.
Why have a rule if there are no plans to enforce it?
Don’t most banks have a similar clause? I know if you try to take a bunch of money out that is way out of your spending patterns, the account will be frozen for a bit and a nice letter sent to the FBI. When we bought our house a few years back that was the case.
Are you trying to be a mind reader? Don’t quit your day job.
Hardly, I asked you a question. True it was flippant, but you are the one who is trying to read Citibank's mind. Somehow they are going to use a run on a money market fund in 2008 as the reason to provide disclosures that are required by federal and state laws.
A rather strongly worded question, but OK. My original statement began with "I wonder if..." My answer is, I was not thinking of anything like a suspension of constitutional rights.
Somehow they are going to use a run on a money market fund in 2008 as the reason to provide disclosures that are required by federal and state laws.
So citi is required by law to keep deposits for 7 days under some conditions?
BTW, who took out $500B in a couple of hours in Sept. 18 2008, and why? A rare but natural market phenomenon? Some kind of irrational panic that grew out of control? A kind of conspiracy by a Soros type to elect Obama?
I confess that the timing just before the election seems suspicious to me, but innocent improbable coincidences are possible.
how then could you make an immediate investment,..say, on a hedge fund? Are you telling me you didn’t mind that your bank account was frozen while you tried to buy a house, and you didn’t mind receiving a letter from the FBI?..or were you just embellishing?
It was for buying stuff for the house, and the check did not clear till the bank checked out that it was actually me doing the buying.
It may have been a fraud protection thing, but the bank did tell me to notify them anytime you pull more than $1000 out of an account.
If you review the disclosure of your checking or savings account you will notice that you have agreed to waive your right to a jury trial and any dispute will be resolved in arbitration.
So citi is required by law to keep deposits for 7 days under some conditions?
No, they are required by law to disclose their policies...i.e. what time constraints and fees they may apply to their accounts. E.g. $200/ATM visit, Foreign ATM Fees, Early withdrawal penalties and, yes, reserving the right to require written notice and seven days to cloase out an account.
BTW, who took out $500B in a couple of hours in Sept. 18 2008, and why?
Several funds broke the buck and then investors decided to pull their money. I don't know who the investors were, but they didn't start pulling until the funds broke the buck.
A rare but natural market phenomenon? Some kind of irrational panic that grew out of control? A kind of conspiracy by a Soros type to elect Obama?
1 is true since these funds had only broke the buck on a couple of occasions. 2 was defintely at play and the panic died when the govt stepped in and guaranteed the funds. 3 is entering tin-foil land. McCain ran a horrible campaign. I think the only thing he did right was choose his veep. McCain's blunders culminated in suspending his campaign in the midst of the Money Fund crisis. It was obvious he was in over his head and everyone knew it. I'm still amazed that McCain got as many votes as he did. Heck, he probably would have won if he just hammered on Rev. Wright and Bill Ayers.
Well, no one is forcing me to put my money in that bank. These days, a federal court does not guarantee justice either, e. g. senior shareholders in the Chrysler bankruptcy swindled after Obama called them "speculators" who "refused to sacrifice."
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