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’!!!!!