Posted on 02/20/2010 8:47:58 AM PST by mkjessup
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.
(Excerpt) Read more at businessinsider.com ...
Does Citigroup know something most of us don’t?
I think history has taught me that when we think something is going to happen that is bad, we usually are surprised it happened so quickly. Anyone that is on this forum and can read and think, should not be surprised what is coming down the tracks, that bright light is not the other end of the tunnel.
OK withdraw NOW and avoid the possible RUSH! While we are at it withdraw for ALL TARP banks.
I think they are just paying attention. Banks seem to know they need to be holding more cash for whats coming.
More like a CYA thing.
Banks keep an inventory, just like a convenience store. Managing that inventory depends on “typical” customer withdrawals, it’s down to a science. They probably don’t get interest from the FED on vault cash, either. The problem is when some moron tries to cash a large check, or withdraw all of their checking account without the courtesy of a phone call. Then they spout about the impending bank doom.
HUMMM , time for Citi customers to change banks.
No mistake here,some one wants the message out.
Which is why one does all serious banking off shore.
Very bizarre rule.
Current Citi customers may wish to consider making alternate plans for their financial transaction accounts immediately.
So how are those gold and silver purchases going people? And is everybody armed? Lots of ammo? Food? Water? Heat and power? Or would you rather have a nice BIG Citicorp bank account??!!
I’ve always used credit unions, esp. these days, why would anyone deal with a bank?
Are they preparing for something they see? Or are they just trying to protect themselves in case?? Either way, this doesn’t look good.
This bank is disgusting!
I just got a letter from them stating that they will charge a $60 annual fee on my Citi Card. I haven’t used this card in years, in fact I cut it up two years ago. I don’t even know my account number to cancel the damn thing.
Any suggestions????
That’s what I’m thinking.
Effective April 1, 2010
April fools day!
What does Citi have against Texas?
Disclaimer: Opinions posted on Free Republic are those of the individual posters and do not necessarily represent the opinion of Free Republic or its management. All materials posted herein are protected by copyright law and the exemption for fair use of copyrighted works.