Bye Bye Citibank. There go ALL of your depositers.
are they programming the ATM’s to issue “IOU’s”?
Isn’t that what a checking account is for? After all, writing a check is making a withdrawal.
Let’s see, now...
The whole eight years that Bush was in office, he had 53 banks go belly-up.
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.
So, yes. I would be VERY concerned about a bank that wants a 7 day notice to close out my account...
Cheers
Update: Citibank has now released the following statement by way of explanation: "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."
I heard Mr. Potter is giving 50 cents on the dollar for Citigroup accounts, what are we waiting for.
SOB...wish I would of read this whole NON ISSUE before I sent it to everyone.
Store your wealth in paid off real estate that generates positive cash flow, or in gold and silver.
On DEPOSITS (not even a withdrawl!) over $5K, my bank holds the d@mn deposit for 5 working days until it’s cleared through their system. So, that’s FIVE FULL DAYS I can’t touch MY money? Hello!?
I sure hope no one in my family is ever kidnapped and I need cash FAST.
‘Um...Mr. Kidnapper? My bank won’t release my million dollars for a few days. Could ya not cut anything off of my family member until my check clears? Thanks.’ *SNORT*
could be this “Move your Money” thing the Libs started is getting some traction and is starting to bite them.
Truth is many state banking laws allow for a 7 day notice to withdraw large amounts. (a relative of mine in the business frequently uses this loophole when someone tries to present a large check which they suspect may be fraudelent)
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.
If I banked with them, I’d have pulled my money out immediately and gone to another bank.
Thankfully, I don’t bank with that anti-gun establishment anyways so...
Apparently, you didn't read or understand the article you posted.