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Citigroup Customers Get Hit With Their Own Cash Crunch - Citibank Limits ATM Cash

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posted on Jan, 5 2008 @ 08:06 PM
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Originally posted by Legalizer


Why would you need more than $500 in cash unless you are buying something illegal?
Seriously, any amount more than that you could just as easily put on the same ATM card with the limit only being funds available in the account.

Unless of course its a transaction that can only be done in cash with a limited paper trail, like guns, drugs, prostitution, stolen goods, political bribe, etc.



There are many reasons to have access to your cash after banking hours, without purchasing something illegal. My (anything) is for sale, car-boat-motorcycle-camper-washing machine, and is listed in a public ad, someone stops after work to look at my item, if they dont have the exact amount of cash, and they wanted my item, which could be sold if they wait till the next banking day, they need to use the atm.




posted on Jan, 5 2008 @ 08:14 PM
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Originally posted by Legalizer

Originally posted by apc
I don't get it... I've never had a bank allow more than $500 per 24hour period from the ATM. Security reasons as well. You can still go inside and make a withdrawal, however. If Citi was limiting all transfers and withdrawals I'd be worried. Perhaps this change in light of their other problems does mean something. But this alone, I just can't get there.


Exactly, the OP is adding 1 and 0 and getting 3.
Whenever I've signed at any bank upthey tell me about my 24 hour ATM limit and I say "great".

Why would you need more than $500 in cash unless you are buying something illegal?
Seriously, any amount more than that you could just as easily put on the same ATM card with the limit only being funds available in the account.

Unless of course its a transaction that can only be done in cash with a limited paper trail, like guns, drugs, prostitution, stolen goods, political bribe, etc.



oh my gosh, are you actually serious? im buying something illegal if i want more than 500 out? it is *MY* cash after all.

i guess you have never bought an expensive TV, or gone out and bought new fridge + seperate freezer, or washer / dryer? especially on the weekend when you have free time but banks are closed?

"pay less, pay cash". works every time. Walk in with cash and you will get a scorching deal. tell them its credit / cheque and the deal is not so hot

i can actually barter and save at least $150 on a $1000 purchase just by using cash - done it several times before, much to the wifes shock + amazement

of course according to you anyone who actually needs a grand or two for a large purchase must be a criminal.

i must be buying something illegal if i need more than 500? pfft
what an absolute crock. it is obviously you who added 1 + 0 and got 3, not the OP.
down with ignorance


[edit on 5/1/08 by Obliv_au]



posted on Jan, 5 2008 @ 08:18 PM
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Originally posted by Obliv_au
must be buying something illegal? pfft what an absolute load of garbage.



Irregardless of the legality of that which you're purchasing, try withdrawing more than $500 from your ATM Debit/Credit card in any 24hr period. (?)

It would seem that was the focus of the post you were responding to...


 



posted on Jan, 5 2008 @ 08:23 PM
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Originally posted by Annie Mossity

Originally posted by Obliv_au
must be buying something illegal? pfft what an absolute load of garbage.



Irregardless of the legality of that which you're purchasing, try withdrawing more than $500 from your ATM Debit/Credit card in any 24hr period. (?)

It would seem that was the focus of the post you were responding to...

 


have done it *many* times..... MANY.
My bank (and a lot of Au banks) have a $1k limit.
last time i had a 500 limit was about 20 years ago when you could also get a 10'er out of an ATM. now its all 20's and 50's.



posted on Jan, 5 2008 @ 09:30 PM
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reply to post by Obliv_au
 


Was unaware as to limits within AU, but here in the States it's pretty much across the board... $500/24hr period. ATM withdrawal-wise. Though it would seem the OP was more in regards to limitations being enacted otherwise. (?)

 



posted on Jan, 6 2008 @ 12:23 AM
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Originally posted by Legalizer

Originally posted by apc
I don't get it... I've never had a bank allow more than $500 per 24hour period from the ATM. Security reasons as well. You can still go inside and make a withdrawal, however. If Citi was limiting all transfers and withdrawals I'd be worried. Perhaps this change in light of their other problems does mean something. But this alone, I just can't get there.


Exactly, the OP is adding 1 and 0 and getting 3.
Whenever I've signed at any bank upthey tell me about my 24 hour ATM limit and I say "great".

Why would you need more than $500 in cash unless you are buying something illegal?
Seriously, any amount more than that you could just as easily put on the same ATM card with the limit only being funds available in the account.

Unless of course its a transaction that can only be done in cash with a limited paper trail, like guns, drugs, prostitution, stolen goods, political bribe, etc.

Sure Citi-Bank is screwed, all banks are, on purpose.
Remember the Savings and Loan Scandal?
What happened?

The government funneled all these corporations money as a bail out, people made out like bandits, and this is exactly what they are doing now.

Last time it was 12 years of republican presidency that lead to this, and this time they did it in about six. Practice makes perfect.

Anyway, the Saudis own a stake in Citi-bank, help it fold with a smile.



Man, you are blind. I can take out upwards of $2000 USD a day from my personal bank. These are customers with hundreds of thousands of dollars in their bank and they were hit with this all of a sudden. My business is one of them.

Yes, when you ain't got much dough in the bank they limit you to lower numbers for security reasons, when you have much more they limit you to a higher amount, but that has now changed.



posted on Jan, 6 2008 @ 12:24 AM
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reply to post by Annie Mossity
 


yeah i can see your point.
if most US banks/credit unions have a $500 limit, why would they lower their limit to 500?

i guess citigroup usually has a higher limit on their ATM withdrawls.

anyone here bank with them? whats the usual limit from months before xmas?

edit: never mind, i just seen quazga's posted the answer 1minute before me.


[edit on 6/1/08 by Obliv_au]



posted on Jan, 6 2008 @ 12:26 AM
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Originally posted by Annie Mossity

Originally posted by Obliv_au
must be buying something illegal? pfft what an absolute load of garbage.



Irregardless of the legality of that which you're purchasing, try withdrawing more than $500 from your ATM Debit/Credit card in any 24hr period. (?)

It would seem that was the focus of the post you were responding to...


 


Did you know that "Irregardless" is not a word? What else don't you realize?



posted on Jan, 6 2008 @ 03:18 AM
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I am currently banking with Bank of America... I have for the last 12 years. My daily withdrawl limit from the ATM has always been 500. More than that and I have always needed to go in and see the teller. Luckily my work schedule is varied enough that this has never posed an issue.

But there is always a reason for after hours cash, and it does not have to involve anything unethical or illegal... I mean... Waffle House does not take debit cards




posted on Jan, 6 2008 @ 04:42 AM
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The problems at Citibank are not difficult to understand if one has been following the reports on "Wantagate" by Christopher Story at World Reports website.

www.worldreports.org...



The whole story of "Wantagate" involves a certain Lee Wanta who was tasked by Ronald Reagan to wage economic warfare on the former Soviet Union via a huge black market ruble scam operation and authorized by Reagan's 1981 executive order #12333. This allowed intelligence operatives to use [the cover of] private corporations for intelligence operations.

The result was a massive fund of trillions of dollars from the operation and the fall of the USSR. The fund was then stolen from Wanta's corporation and Wanta was "disappeared." However, he did not stay disappeared and he wanted his money back. The thieves included Poppy Bush & Son, the Clintons, and Henry Paulson. And Citibank.

Now Citibank owes not only the original amount but also interest from the period of refusal to pay, an amount now nearly half a trillion, money it does not have.

The whole story is long and complex and takes days to read and assimilate. Felonies in high places are involved because the refusal to pay Wanta (by Citibank) amounts to blockage of Lee Wanta's of taxes owed in the amount of $1.5 trillion.

Many discount the story because it is not in the mainstream media but these people seem not to understand how totally controlled that media is.

The Basel II agreements supposedly went into effect as of Jan. 1 and many U.S. banks are said to NOT be in compliance with Basel II and in great danger of going under.



posted on Jan, 6 2008 @ 05:12 AM
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Ever since I have had a bank account my daily withdrawl limit using an ATM has been £300, which I think converts to $550-600 ish??

If I've ever needed more, I simply walk into the bank and get the cash over the counter from the cashier, or pay for what Im buying using my debit card. I try to use my debit card whenever possible so I can keep track of what Im spending when my monthly bank statement comes in.






posted on Jan, 6 2008 @ 06:15 AM
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Citibank is now limiting ATM withdrawals in New York City, blaming it on “isolated fraudulent activity.” If the fraudulent activity is isolated, why punish all your clients in a given region? This is certainly causing distress among New Yorkers because of the high cost of living in that city. Why not simply increase security on the ATMs? It looks an awful lot like Citibank is experimenting with rationing their cash outflows.

Please visit the link provided for the complete story.


ATM limits next?

Very good points are raised in this article

Gools, it also points out that the Shanghai Index is running out of steam and the bubble on Chinese stocks could burst (We all know what happened last Feb when it dropped 9%)



posted on Jan, 6 2008 @ 06:42 AM
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I've read that Citigroup is an owner/member of the group of entities
who make up the Federal Reserve,

the Federal Reserve is the regulator of the nation's fiat money (USD)
i'm wondering just how 'distance' is made with Abu Dhabi having a
?4% stake ? in a component of the Federal Reserve...


could Abu Dhabi leverage their interests into having one of their own
elites nominated to the Federal Reserve board...
after all they have a % stake in Citigroup so they are 'sitting at the table'
keep in mind that the board members are nominated for 14 year terms


~~~~~~~~~~~~~~


from the many economists articles i've read...
it is more than a whisper that Citigroup is technically 'Insolvent'

the recent ATM limit action is just a distraction, it's a smokescreen that
ATM thefts/irregularities in the NY area is the reason...
the ? temporary ? limits is just the 1st stage of conditioning the masses
so a bank-run does not happen right now.

its not only CitiBank=a division of Citigroup who is insolvent, add Wells Fargo, BoA, WauMu to that list
(neither of which has instituted ATM limits, Yet !)


no need for panic yet...
the SWFs are going to infuse capital to keep the scheme chugging along


apc

posted on Jan, 6 2008 @ 09:10 AM
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Originally posted by StormSolace
But there is always a reason for after hours cash...

Bail is a good one. However most jails accept Visa.
But they won't take American Express.



posted on Jan, 6 2008 @ 11:08 AM
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I have to say that working for a bank for the last 7 years (quit recently) I dont see anything unusual about restricting withdrawal of cash. The bank I worked for go as far as limiting the amount you can withdraw the hour before and the hour after midnight to 250. This was to stop criminals taking 500 before and then 500 after midnight with stolen cards. As always you can go into a teller and take out all your money if you want. (how many runs on banks are completed through ATM's I ask you).

The point being made that electronic transfers been limited is also not unusual. It has been happening for a while now, and again security is the issue. If your a victim of identity theft it limits the amount that can be transfered while still allowing a reasonable amount of money to be transfered to cover month to month expenses. If you want to transfer more than 2k I can ring my branch and let them know in advance. They will either increase my transfer limit or complete it manually themselves. My limit is 10k per day with some conditions that that would take me far too long to go through. this is the standard for all customers.

However the above has only been applied to personal banking, not business. It would be completely unreasonable of an institution to restrict business to 2000 per day transfers. Business' make the banks money and if an organization limits electronic transfers in that way it would be like cutting off their nose to spite their face. Business could not operate under those conditions and if anyone is been restricted like that, speak to their bank and change the type of your account you are operating. There must be other options provided.

I do believe however that there will be a number banks going under by the middle of the year once the sub prime fallout becomes apparent. Hopefully it will be limited to a few small to medium banks with little global impact but if citi go under (cant imagine they will be let) things will be funny for quite a while.

My 2 cent anyway.



posted on Jan, 6 2008 @ 11:31 PM
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Wow guys Im glad I found this thread listen to what happened to me. I went to pull money out I have a citibank account I keep. Its not my main acct but I keep a few thousand in there so all my eggs arent in one basket. I went to take money out and they told me they froze my acct for security reasons. I flipped on there customer service rep and told them I was going to close my acct. It was at this point they unfroze it. I pulled my money and closed the acct. Guys this is REAL I know of their situation but I didnt think it was this bad.



posted on Jan, 7 2008 @ 12:01 AM
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reply to post by infinite
 


The money is never all there. Only a fraction of deposits can actually be covered. Remember we are still in the world of fractional reserve banking. Most of their money, including deposits are loaned out. It just so happens that a lot of those loans are never going to be repaid. That makes the fraction of cash vs loans much smaller than usually allowed. A run would be devastating.



posted on Jan, 7 2008 @ 05:01 AM
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This is just an assumption. At christmas people spend money like water and quite often the cash machines run out of cash. Limiting the amount you can withdraw ensures that more people get some cash to spend at christmas.

No conspiracy, just a bit of common sense.



posted on Jan, 7 2008 @ 02:28 PM
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Mmmmmm... just found the following story about Citibank plans to cut the workforce by between 5% and 10%. Certainly looks like they may be feeling the pinch and it must be a concern to those who have their money there.

www.economicsbriefing.com...







 
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