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  1. #1
    Senior Member Gerbah's Avatar
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    Exclamation Citibank to limit withdrawals from checking accounts

    I wanted to share this story since there's been discussion here lately about banks and the limit on use of cash in Greece:

    Citi Warns of Withdrawal Gate -- Seeking Alpha

    (Copied below)

    Seen on a recent Citibank (C) statement: "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."
    Whoa. Is this an April Fool's joke? A contingency plan to defend against theidea*of what "would happen if thousands of [bank] customers pledge to withdraw their money from the bank on a certain day, unless the bonuses are capped?" A strategem cooked up by Citi's new*shareholders from the hedge fund industry, an industry in which such withdrawal gates are*common? An idea backed by Citi's big shareholder, Uncle Sam, or one of its regulators, Sheila Bair?
    I called Citi about it and they said the warning applies only to customers in Texas and that the notification had been mistakenly included on statements nationwide. Whatever the explanation, it doesn't exactly inspire confidence in Citi. I've got nothing against Citi as a general matter -- I have friends who work there, and know some account holders who are generally satisfied customers. But it's hard to believe a bank would be sending out a notice like that on its statements.
    So now if you live in Texas and you don't tell Citibank 7 days in advance they won't let you withdraw your own money?? That is messed up! Is the West heading for a corralito-style freeze like Argentina?

    I can't imagine it's an April Fool's joke. What bank has the time to express its sense of humour? And why only in Texas?

    The banks possibly want to test and see how people react so they can decide what to do next and how.
    the shoheen ho of the wind of the west and the lulla lo of the soft sea billow - Alfred Graves

  2. #2
    Senior Member ceecee's Avatar
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    This is one more reason I love my little community farming bank. And that I don't live in Texas.
    I like to rock n' roll all night and *part* of every day. I usually have errands... I can only rock from like 1-3.

  3. #3
    Habitual Fi LineStepper JocktheMotie's Avatar
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    Ha! The moment I get that statement I say goodbye to that bank. They are insane if they're going to go through with that. What's the withdrawal limit though? Do I have to let them know I'm going to take out 20 bucks for a haircut in a week



  4. #4
    Senior Member Lateralus's Avatar
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    This is corrupt.
    "We grow up thinking that beliefs are something to be proud of, but they're really nothing but opinions one refuses to reconsider. Beliefs are easy. The stronger your beliefs are, the less open you are to growth and wisdom, because "strength of belief" is only the intensity with which you resist questioning yourself. As soon as you are proud of a belief, as soon as you think it adds something to who you are, then you've made it a part of your ego."

  5. #5
    Senior Member matmos's Avatar
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    I presume opening a new account and moving one's business elsewhere can be done in less than 7 days and requires no notice.


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    Default CITI BANK

    I think is probably because they are leaving Texas.

  7. #7
    Senior Member matmos's Avatar
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    Quote Originally Posted by harerabbit View Post
    I think is probably because they are leaving Texas.
    It would appear so.

    Many expect that Texas would be part of the chopping block for Citibank. Rumors surfaced over a year ago that Citibank would be leaving Texas and selling its assets in the state in order to raise capital and survive the credit crisis. A year ago, Citibank had 130 branches in Texas, and now it has just 102.
    Citibank (NYSE: C) CEO Expects No Major Changes for Retail Banking - American Banking News

    It's amazing how rumours can cause all sorts of mischief. Especially for a bank.

  8. #8
    Ghost Monkey Soul Vizconde's Avatar
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    Not a good sign
    I redact everything I have written or will write on this forum prior to, subsequent with and or after the fact of its writing. For entertainment purposes only and not to be taken seriously nor literally.

    Quote Originally Posted by Edgar View Post
    Spamtar - a strange combination of boorish drunkeness and erudite discussions, or what I call "an Irish academic"

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