Citigroup Warns Customers It May Refuse To Allow Withdrawals

Only in Texas??

>>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. 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.

What's going on? It seems that this is something of an error. The seven day notice policy only applies to customers in Texas, Ira Stoll reports at The Future of Capitalism. It was accidentally included on customer statements nationwide.>>


continued at link
http://www.businessinsider.com/citigroup-warns-customers-it-may-refuse-to-allow-withdrawals-2010-2

I SAW THAT

chatillion wrote:Only in Texas??

>>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. 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.

What's going on? It seems that this is something of an error. The seven day notice policy only applies to customers in Texas, Ira Stoll reports at The Future of Capitalism. It was accidentally included on customer statements nationwide.>>


continued at link
http://www.businessinsider.com/citigroup-warns-customers-it-may-refuse-to-allow-withdrawals-2010-2

If I were an account holder with Citibank or any bank for that matter and they sent me that kind of notice, I would go right in and pull every last cent right out from under them.

I don't like the fact that the government owns better than 60% + of Citibank, because of the money they threw at them to keep them afloat. My thinking is if you can't survive based on the decisions and investments that you have made, you have a right to go under without any intervention. Happened to the bank that my mom worked for in NJ for over 30 years. One day they were First National Bank of Toms River, the next thing, FDIC comes in and takes them over and after that First Fidelity, First Union, Wachovia came in and took them over. After that she went to work for the FDIC. Their commercial loan department is what caused them to collapse. Several people went to jail over it. Huge scandal back home when it happened.

Anyway, like I said, if I had gotten that notice, bye-bye to my funds, they would have been in my hands in no time flat.

I agree, no bank is going to tell me I can't withdraw my money! That would be the day! I'd close down my account in a flash!