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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.”  SOURCE: Businessinsider.com

Okay… you have to ask yourselves, why would it EVER be required to give 7 days notice prior to withdrawing YOUR money from any bank?  And why is Citigroup (aka your bank for some of you) targeting Texas only with this requirement?  I’m scratching my head on this one!! It also makes me wonder if people read the fine print on their statements too.  Hmm…

Uh oh… do you smell that?  Yep… smells like some BULLSHIT somewhere to me!!!  I wish my bank would “notify me” that I can’t go in there tomorrow and pull my money because it’s fukin’ mine!  This pisses me off to know that there is a notice out there to customers informing them that they can’t (come April 1st) withdraw their own damn money without notice or when they feel like it.  Says who?  Where’s the law for that move?  Better wake up you guys.  Something ain’t right I tell ya’!!!!!

7 thoughts on “Citigroup Warns Customers It May Refuse To Allow Withdrawals

  1. I’ve removed my account from them months ago. You are correct! Something was not right.

    Off topic:

    Was browsing (google) and this site came up again. I like the idea you guys had. Here’s the short list I have:

    Likes:

    My woman… I love her so much
    My first born child (she’s 5 months old now). Exploding diapers— not so much. I cuddle after as well (I laughed aloud at your description)
    My job– I’m a teacher and I like it (I teach 3rd and 4th graders Science)
    My grandparents– they are the greatest. I love their stories of survival and my grandmother’s cooking. She makes mean chicken pot pie after all of her years!
    My dad. I realize now that I had one when so many people out there do not
    Reading. Although I haven’t had the time to read a good book in several months, I like a good book too.

    Dislikes

    TRAFFIC– my commute is 53 minutes (every day on average) one way
    rude people in general
    peas (makes me ill)
    people who blow their noses in restaurants (yes, I can say; “CLUMPS OF SNOT”)! A disgusting description, but funny within this context!
    Celebrities– they should never be admired yet I see their influences within the young children I teach.

    Cool post, so thanks. I found this blog at random so I hope to find it again. I know this wasn’t the location to post this, but thoughts came up and I’m sharing. I like this. I might check out the other two sites that are recommended.

    David

    • Hi David! Your list is cool and concise. So glad you can relate (to this concept). I still must give credit to Don and Chocl8t though– this was NOT my idea.

      So many things on both lists you’ve made, makes me want to do a “rundown”, but I’ll refrain for now…

      Glad you could relate to the “exploding diaper baby thing” LOL! I truly love babies, but that entire thing is just awful, isn’t it?! lol!
      And way to go for proclaiming your love for your lady! That’s rare these days. Hope you’ll come back soon so that we can continue with your list. Have a wonderful day, David! Thanks so much for stopping by too.

  2. Yo YoY50,

    I just wanted to add my two cents…

    1) All money (Federal Reserve Notes) (dollars) are the property of the Federal Reserve.

    2) You do not own this money, you only have the privilege to use it as legal tender.

    YOU DON’T OWN YOUR DOLLARS!!!

    3) The Federal Reserve can take this “money” back at any time.

    4) A bank (like City… Shiti-bank) can call in a loan at any time, meaning it can make you pay all of your loan off now, this instant, or take your collateral (your home or car). This is the nature of contract loans. You agree to this craziness when you sign the loan docs without reading the fine-print.

    5) This also means that you are putting your money into the bank voluntarily (participatory), with no guarantees that you can ever withdraw it. Why? Because you don’t own the money in the first place, remember?

    6) The dollar is simply an IOU, exchanged between two parties who both agree to use it as a medium of exchange. It is a contract. Think of it as musical chairs, where the guy left holding the stash of dollars when the dollar is purposefully crashed is the loser, like in the Great Depression. The problem is, the greatest depression you can imagine is heading our way, and fast.

    7) The only “real” money (real being something tangible, an object of real value, like real estate) is metals, as in gold and silver, palladium, platinum, etc… If you really want to protect your wealth (not your dollars) trade them in for gold or silver and bury them in your backyard. I truly believe that the dollar will be completely devalued this year or next (by the Federal Reserve, who has the power to do this at will), and that a new global World Bank currency will take its place. Keep in mind that this happens every 70 years or so, as America must re-structure its bankruptcy or settle its debts. We are currently in our 4rth bankruptcy, which began in September, 2001. Also keep in mind, that the currency is always replaced after it is devalued. This is what is coming like a freight train to a dollar near you! And the foreclosures you see now (800 a day) are just the corporation that is the government of the UNITED STATES (who literally own these banks through Class A stock investment) stealing the land (real assets) from the American people, who’ve been dumbed down so much that they haven’t got a clue that this is happening, or that their government is actually a foreign corporation with a corporate substitute constitution.

    8) Boycott the banks. Save your money in precious metals! Pay cash while you still can. And do not take on any debt, lest you become a slave because of it.

    9) if the dollar goes to worthless status, a silver or gold dollar will go to priceless status. The idea of “wealth” in this country is quite different than what we’ve been trained to think, through entertainment, the news, and schools. Buy silver while it’s still cheap!

    10) One last thing. MTV and the Rap and music industry (the government controlled media) has purposefully manipulated your perceptions of these things, making you believe that the almighty dollar and the “bling” attached to it is all that matters. Mansions, fancy cars, and wads of cash… this is an illusion. Drug addiction, human trafficking, destitution for the masses… this is the goal.

    An example… The abortion rate for the African American population in the United States is higher than the amount of live black babies being born. In other words, more abortions take place than children are born in the black community. But who cares, as long as you can turn on the TV and worship Jay-Z and Diddy. These guys aren’t role models. And Planned Parenthood is supported by a group of people (mostly old white ones like Bill Gates) who have publicly stated that population control is the most important issue of our time. And one of Obama’s first acts as your new president was to instate through the United Nations mandatory abortions in Africa, per the U.N. depopulation agenda. But smoke some crack, it’ll all be ok…

    Money you see, is about as valuable as Monopoly Money, and they can print it up as fast as you can spend it, and loan you as much as you like. But it is not real money, and all of the glory attached to it is just not real. If these guys were really hero’s to be looked up to, they’d be helping out their communities and feeding the homeless, right? Money and debt are the new slavery, and we need to abolish the power and greed that has built up around it and start educating our fellow brothers and sisters of these truths. Debt slave or plantation slave… there ain’t no difference!

    Ok, so maybe that was more than two cents… but you know me!

    Love ya,

    -Clint-

    realitybloger.wordpress.com

    • Hi Clint!

      #’s1-3, I actually did know ;), but 4) yeah… I’m sure I’m not the only one who didn’t realize that. Pretty deep. I’m using Shiti-Bank BTW! (lol). I’m totally with you on gold– so many are going to be shocked when THAT reality hits. It feels that the actual first depression is coming towards us at the speed of a roller coaster. The Great Depression is like a cake-walk compared to what’s coming this time. But believe me… I’m good. (Thank you for illustrating #7 SO DAMN WELL, man!) I just feel fortunate to actually be ahead of this curve with this insight b/c I’m too damn old (at this point in my life) to be worried about MY future! And your #10 point… man… you hit the nail on the head with that! The entire obsession our society has developed over “celebrities” is clearly all by design. And what kills me… it fukin’ worked!!!! When I think of the scores of people that watch that damn American Idol (for ex.), I pour a glass of Congac! lol. And the abortion rate within the black community was shocking to discover– thechocl8tdiaries.wordpress.com (under our blogroll too) recently hipped me to that just a few months back! I mean, I was very surprised to discover that. I’ve gotta’ ask… what are your thoughts on payday loans, rent-a-centers or that damn russell simmons “rush card”?! (The rush card really chaps my ass BTW.) Our entire way of life has been a joke on us. But we remain too busy with our “twitter”, facebooks and all of the other bullshit we occupy ourselves with to actually be able to see this. It’s pure insanity to me.

      I was probably only a handful of people out there that was totally confused by the popularity of the SUVs and Hummers out there (back when they began to hit the scene). The cost to fill up one of those unnecessary gas guzzlers was always on my mind, but people were buying them left and right! I had no empathy for anyone when they were crying over gas rising to $5+ bucks (that’s what a buddy in CA was paying). I don’t know man… some people are simply clueless. Or is it a question of priorities? And I totally agree with you on the fact that this shift is coming soon. I believe we’re going to see something quite major take place no later than 3 quarter of this year.

      And for the record, that was the best two cents WHY O WHY has gotten in a while! 😉 And yes, I know you, man– that’s why you’re on the blogroll– I want other people to dig your azz too!

      Back attcha’ with MUCH LOVE!,

      Jazz

      • I’ll tell you what, as far as payday loans, or anything else dealing with loaning money to make money…

        You should look at two things.

        one is the bible, and most religions in all ancient world history – Christianity being the newest. There is much said about the word “usury”. Look this up, and you can get an idea of my opinion on charging interest as the sole purpose of your business. Making money off of money is evil, and is the reason our economy is in ruin.

        The second is a documentary movie called “Maxxed Out”. It can be watched online at Google Video i think This explains the way the credit industry works. It is hard to stomach when you realize that a bank makes more money when you default on a credit card or loan than if you were to pay for your debt.

        Say you have a $2000 unsecured credit card – or “payday loan”. After all of the late fees, over the limit fees (caused by late fees), collection fees, random fees, interest fees (a lot considering that they raise the interest to 25-80% once the default process starts), handling fees, charge-off fees, and anything else they can legally charge the original… the bank or lending institution ends up writing off your loan to the tune of $5-12,000. This is usury to the extreme, and it is made legal by the government policies, which are beholden to the banks. In point of fact, the government through investment actually owns the banks that they set regulations for, but that is another subject that goes further into the rabit-hole.

        So when you hear that money is the root of all evil, that’s only a half truth. “Usury” is the keyword here, and it is the root of all evil.

        Does that answer your question?

        Tag, you’re it!

        -Clint-

      • I totally agree!!! I understand this terrible deception all to well. I just wanted to get your brilliant input posted here (somewhere) for others who fall into this trap, to see!

        I have a relative (I call her Jethro) who has been renting a computer from rent a center. Unbelievable but true. I also have a friend who took out a payday loan! I just recently discovered that this person is “a tomato short of a salad”. I understand that for some, these ideas seem to be reasonable (money can be very tight for some), but wow. Math is not my forte’ but even I understand that you are only creating more debt for yourselves with these alternatives. I personally think that russell simmons (I spell his name in lower case intentionally BTW) should be charged with something criminal for his “rush card” scam.

        I haven’t seen “Maxxed Out” yet, but I’ll watch it over the weekend. Love a good documentary! Maybe I will send the link to some friends and family too because my warnings of this, has fallen on deaf ears.

        A NOTE TO ALL READERS WHO RUN ACROSS THIS POST: PLEASE CHECK OUT REALITYBLOGER.WORDPRESS.COM. IF YOU WANT TO GET A LESSON ON WHAT IS HAPPENING IN THIS COUNTRY, OUR FINANCES, PROPERTY TAXES, OUR GOVERNMENT (to name a few subjects he covers)… THIS BLOG IS A MUST READ! BELIEVE ME, YOU WON’T BE DISAPPOINTED!!! IT REALLY IS THE VERY BEST BLOG OUT THERE THAT THE WEB OFFERS (Think of it as “free classes” on all things important– you owe it to yourselves and you won’t regret it!)

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