lord_casek Posted February 22, 2010 Share Posted February 22, 2010 "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." Quote Link to comment Share on other sites More sharing options...
Spitfire15 Posted February 22, 2010 Share Posted February 22, 2010 ZOMG NEW WORLD ORDER! Quote Link to comment Share on other sites More sharing options...
lord_casek Posted February 22, 2010 Author Share Posted February 22, 2010 ZOMG NEW WORLD ORDER! Nah, it's a crumby bank trying to prevent bank runs by holding your money as if it were their property. Quote Link to comment Share on other sites More sharing options...
KM4RT Posted February 22, 2010 Share Posted February 22, 2010 Is this like a PATRIOT Act type thing or something? Or in case their share price nosedives? Quote Link to comment Share on other sites More sharing options...
KnifeHits RS Posted February 22, 2010 Share Posted February 22, 2010 1 Quote Link to comment Share on other sites More sharing options...
lord_casek Posted February 22, 2010 Author Share Posted February 22, 2010 Is this like a PATRIOT Act type thing or something? Or in case their share price nosedives? Looks like their doing pretty shitty and trying to keep a bank run from happening. It also benefits them on the books, as they get to keep funds in their bank for a longer amount of time. Quote Link to comment Share on other sites More sharing options...
EastHastings Posted February 22, 2010 Share Posted February 22, 2010 truly, this is the work of the devil. Quote Link to comment Share on other sites More sharing options...
mn1_fuckos Posted February 22, 2010 Share Posted February 22, 2010 man this country has really gone down hill Quote Link to comment Share on other sites More sharing options...
Guest Ginger Bread Man Posted February 22, 2010 Share Posted February 22, 2010 this sucks. ive had a citi account for a good 7 years now and never had a problem besides being charged 3% in foreign withdrawl fees on top of the currency exchange rate. this though. sucks sad face oner over here. Quote Link to comment Share on other sites More sharing options...
christo-f Posted February 22, 2010 Share Posted February 22, 2010 Why is there going to be a run on Citibank? Also, can you point me towards where you found out that they will be enforcing this as of April. Off the top of my head I can't recall when they said that they were going to possibly bail out Greece, let me check. Quote Link to comment Share on other sites More sharing options...
christo-f Posted February 22, 2010 Share Posted February 22, 2010 Greece has to come up with at least 22 billion euros before June, since around 11 billion euros are being redeemed (repayment of debt principal) in April and May, respectively. Yet unfortunately for them they are running at a massive budget of about 13%. Only reason I can see in the near future that there will be a run on any major bank. Maybe they're worried about a Euro contagion. There are only rumours of a bail out by the EU. But if I remember correctly bail outs aren't supposed to happen as per the Lisbon Treaty. Fucked if I know why they would do this but I don't care because I don't bank with them! Quote Link to comment Share on other sites More sharing options...
lord_casek Posted February 22, 2010 Author Share Posted February 22, 2010 Why is there going to be a run on Citibank? Also, can you point me towards where you found out that they will be enforcing this as of April. Off the top of my head I can't recall when they said that they were going to possibly bail out Greece, let me check. Every Citibank customer got a letter with this on it. Also: http://www.bloomberg.com/apps/news?pid=20601087&sid=abdG5GkMSWfA&pos=5 Quote Link to comment Share on other sites More sharing options...
mudpuddles Posted February 22, 2010 Share Posted February 22, 2010 i hope i'm safe in my little credit union..... only credit i currently have is my mortgage but it got bought by bank of america. this world is F U C K E D Quote Link to comment Share on other sites More sharing options...
lord_casek Posted February 22, 2010 Author Share Posted February 22, 2010 i hope i'm safe in my little credit union..... only credit i currently have is my mortgage but it got bought by bank of america. this world is F U C K E D Local credit unions are great places to keep your money. Quote Link to comment Share on other sites More sharing options...
Dr. Mantis Toboggan Posted February 22, 2010 Share Posted February 22, 2010 Every Citibank customer got a letter with this on it. I didn't..... Quote Link to comment Share on other sites More sharing options...
publicenemyno.3 Posted February 22, 2010 Share Posted February 22, 2010 so how do you use an atm card if you're a citibank customer? Quote Link to comment Share on other sites More sharing options...
ClueTwo Posted February 22, 2010 Share Posted February 22, 2010 They're only saying that they have the OPTION of doing this if you don't meet the requirements listed below. Not every single person is going to have to wait 7 days.... Quote Link to comment Share on other sites More sharing options...
ClueTwo Posted February 22, 2010 Share Posted February 22, 2010 Basically, this is nothing new. They don't have to give you any money if you don't have the fucking funds available... Plain and simple. Quote Link to comment Share on other sites More sharing options...
ClueTwo Posted February 22, 2010 Share Posted February 22, 2010 I would also GUARANTEE that CHase, BofA, Wells Fargo, and any other bank has the same "small print" to excuse them if you don't have your shit in order. It's really not that big of a deal. Quote Link to comment Share on other sites More sharing options...
christo-f Posted February 22, 2010 Share Posted February 22, 2010 Every Citibank customer got a letter with this on it. Also: http://www.bloomberg.com/apps/news?pid=20601087&sid=abdG5GkMSWfA&pos=5 That article has absolutely nothing in it that indicates that there would be a run on Citi accounts. Secondly and something that should have been obvious to me before, if they were trying to protect against a run, a) it would not be only one type of account, it would be most, b) you would already see evidence of an exodus of ownership capital (and that article you posted says the exact opposite), and c) I'd even hazard a guess that a bank can't unilaterally keep your money like that. It's usually governments that prevent access to accounts, like we see in Venezuela, Argentina, etc. Finally, withholding for 7 days wouldn't stop a run anyway. I agree with ClueTwo, this has nothing to do with a run on accounts nor is it a nasty bank treating your money as if it were their property. Quote Link to comment Share on other sites More sharing options...
GucciCondom Posted February 22, 2010 Share Posted February 22, 2010 Fuck a bank dude -I rock a credit union and have never had any bullshit happen to me. Quote Link to comment Share on other sites More sharing options...
Soup Posted February 22, 2010 Share Posted February 22, 2010 Way to go Casek. Now everybody's finna leave Citibank and bankrupt this shit AGAIN, taking my money with it. really tho this is nothing new. Citibank sucks and they've blocked me from using my debit card to buy a candybar because i was "outside of my usual purchase area." 5 minutes of talking on a phone before they OK'd my abba zabba. Bitches be crazy. Quote Link to comment Share on other sites More sharing options...
nsmbfan Posted February 22, 2010 Share Posted February 22, 2010 Fuck a bank dude -I rock a credit union and have never had any bullshit happen to me. credit unions versus banks. yeah thats smart, because a credit union isn't a greedy institution capable of seizing your money in a crisis. but your name is gucci condom. so either your statement was ironic or you spend your money like a nigger anyways. /nohatejustsaying seriously, fuck banks. fuck overdraft fees as a "feature". fuck the fact that my bank won't allow me to opt out of that gay ass feature. and finally, fuck not having money. on the bright side i get UI benefits now. so fuck yeah for free money! Quote Link to comment Share on other sites More sharing options...
Edward Orenthal Norton Posted February 22, 2010 Share Posted February 22, 2010 exactly what this country needs right now. Quote Link to comment Share on other sites More sharing options...
SwampFightOner Posted February 22, 2010 Share Posted February 22, 2010 I haven't kept money in a bank in years, and I've never had to stress about them since Quote Link to comment Share on other sites More sharing options...
nsmbfan Posted February 22, 2010 Share Posted February 22, 2010 That article has absolutely nothing in it that indicates that there would be a run on Citi accounts. Secondly and something that should have been obvious to me before, if they were trying to protect against a run, a) it would not be only one type of account, it would be most, b) you would already see evidence of an exodus of ownership capital (and that article you posted says the exact opposite), and c) I'd even hazard a guess that a bank can't unilaterally keep your money like that. It's usually governments that prevent access to accounts, like we see in Venezuela, Argentina, etc. Finally, withholding for 7 days wouldn't stop a run anyway. I agree with ClueTwo, this has nothing to do with a run on accounts nor is it a nasty bank treating your money as if it were their property. THIS FUCKER WORKS FOR A BANK! WE HAVE MOLE!!! but during the great depression banks did this too. people don't know their history. my grandmother told me stories of banks holding her money, everyones money. know your history before you become history. Quote Link to comment Share on other sites More sharing options...
BLU Posted February 22, 2010 Share Posted February 22, 2010 Quote Link to comment Share on other sites More sharing options...
BELTOLEUM Posted February 22, 2010 Share Posted February 22, 2010 Effective April 1, 2010 April Fools Quote Link to comment Share on other sites More sharing options...
lord_casek Posted February 22, 2010 Author Share Posted February 22, 2010 I would also GUARANTEE that CHase, BofA, Wells Fargo, and any other bank has the same "small print" to excuse them if you don't have your shit in order. It's really not that big of a deal. Actually, you're right. After further investigation I have found that all banks are now doing this. Citibank is claiming that it's a government mandate. Page 22 https://online.citibank.com/JRS/popups/ao/Client_Manual_20091228.pdf A statement from citibank “When Citibank moved to unlimited FDIC coverage in 2009, we had to reclassify many checking accounts to allow for immediate withdrawals in order to ensure all customers qualified for the additional coverage. When we moved back to standard FDIC coverage with most major banks in 2010, Citibank decided to reclassify those accounts back to make them eligible again for promotional incentives. To do so, Federal Reserve Reg D requires these accounts, called NOW accounts, to reserve the right to require a 7-day notice of withdrawal. We recently communicated this technical requirement to our customers. However, we have never exercised this right and have no plans to do so in the future,” An interesting article: http://www.futureofcapitalism.com/2010/02/citi-warns-of-withdrawal-gate and a second http://www.businessinsider.com/citigroup-warns-customers-it-may-refuse-to-allow-withdrawals-2010-2 Quote Link to comment Share on other sites More sharing options...
lord_casek Posted February 22, 2010 Author Share Posted February 22, 2010 That article has absolutely nothing in it that indicates that there would be a run on Citi accounts. Secondly and something that should have been obvious to me before, if they were trying to protect against a run, a) it would not be only one type of account, it would be most, b) you would already see evidence of an exodus of ownership capital (and that article you posted says the exact opposite), and c) I'd even hazard a guess that a bank can't unilaterally keep your money like that. It's usually governments that prevent access to accounts, like we see in Venezuela, Argentina, etc. Finally, withholding for 7 days wouldn't stop a run anyway. I agree with ClueTwo, this has nothing to do with a run on accounts nor is it a nasty bank treating your money as if it were their property. Actually, if you read they tell you that this would be a freeze on funds already in your account. Not as clue said. That being said, if you have money in the bank and they refuse to give it to you for seven days, that is fucking with your money. It doesn't belong to them. Quote Link to comment Share on other sites More sharing options...
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