Citigroup Warns Customers It May Refuse To Allow Withdrawals - PowerStrokeNation : Ford Powerstroke Diesel Forum
 
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post #1 of 2 (permalink) Old 02-21-2010, 03:05 PM Thread Starter
RightWingNut
 
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Citigroup Warns Customers It May Refuse To Allow Withdrawals

How would you have liked to have received this notice in your monthly statement........

Citigroup Warns Customers It May Refuse To Allow Withdrawals......


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.

"Whatever the explanation, it doesn't exactly inspire confidence in Citi," Stoll writes. "But it's hard to believe a bank would be sending out a notice like that on its statements."

Citigroup Warns Customers It May Refuse To Allow Withdrawals

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post #2 of 2 (permalink) Old 02-21-2010, 04:20 PM
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Re: Citigroup Warns Customers It May Refuse To Allow Withdrawals

i was in the bank yesterday,and asked about this
the lady said it has been around a long time.
but referes to like trying to withdrew a 100,000.

not reguler ammounts
it;s just that they arnt going really have tons of paper laying around the vault
thats just in the movies

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