Citigroup Warns Customer's It May Refuse To Allow Withdrawals

This is some scary stuff.

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." www.businessinsider.com...

oh yay! i am the one that gets to make the ominous....

"....and so it begins."

on topic: time to face facts folks. there aint no money left anywhere. gone. gone. gone.

reply to post by Sean48


Coffinman beat you to this one by just 6 minutes. Exact same title too. Creepy.

ATS Thread

You gotta be faster on the draw next time gunslinger.

reply to post by FortAnthem


My bad .

Just gonna let it fall off page.

Even hoarding cash in a meltdown scenario is no guarantee because the govt can just pass emergency authorization to reclaim all "old cash" for "Newbucks" or whaterver the hell they call them at outrageous exchange rates that basically render the cash-holder's position worthless. Then they can repeat the same tactic again and again, wash rinse repeat, chop a few zeros off here and there if the inflation starts to get you down. Just ask Robert Mugabe.

Another "anti-cash" tactic is the way its getting harder and harder to use cash for things like hotels, car-rentals, etc. This will eventually be expanded until it becomes almost impossible to settle anything in cash, and then the nation well and truly is ****. On the other hand there is always need for shady anonymous financial dealings of all sorts by people at every level of the income ladder, so there will have to be some way to cloak the movement of money even if its eventually in purely electronic form. However, I can see a system emerging where only the super-wealthy are able to move money around and access "dark pools of liquidity" and so forth...the "little guy" is basically going to be cracked down on and all his purchases will be watched like a hawk for all kinds of reasons...market research, "security," taxes, you name it.