Citigroup Warns Customers It May Refuse To Allow Withdrawals

Obviously they are doing this to prevent a potential run on the bank. I would trust you first reaction to this and listen to your gut. I dont bank there but if I did I'd be pulling my money now and transferring my funds to bank without this policy.

Do they know something we dont? I do believe that this is a reaction on their part and they are spooked about something.

reply to post by (C2C)


Thats not always possible. The hospital where my wife works requires you have a bank account for auto deposit. There are no stubs, only website where you can print. The nearest hospital where she could work is 65 miles away, so she has no choice but to stay where she is and continue to have a bank account of some sort. Now myself thats a different story. I have not had a bank account in 15 years, and don't plan to change that anytime soon.

reply to post by ProfEmeritus


Something that people needs to know, in 2009 the great economic crisis has made possible for investors of this financial houses to seek money from China, now no only Saudi Arabia have investments in Citigroup and is partly owned by them but China also is holding investments, also in AIG, and many more.

perhaps that is the reason now they are to fall under the FDIC because China will not do investments that are not backed by federal agencies.

Because of AIG now been owned mostly by the government they have been sold also to China as part of the debt selling going on in the US.

no to many knows about this.

This is why people should not be dealing with large banks! Screw these corporations, go with small local banks they are the ones who deserve your money, not those greedy corporate fat cats!!! I have never owned a credit card, bank card, any type of card and I have never invested any money bank, ever! I hate those evil places.

A bit off topic, my apologies, but serious enough to warrant being posted here. This is CLEARLY bank shenanigans and I busted them cold. I have moved to file complaints with the Ohio Attorney General and the Banking and Finance Committee!

About 2 weeks ago, I elected to receive an early payment from a trust that my parents have set up for each of us from inheritances received when our grandparents died. I needed this money now to invest in a business I am starting. In order to avoid the penalty from the trust, my parents wrote me a check from their checking account and indicated that when the money was released from trust, I could just sign it over to them to pay them back - fair enough!

So, I took the check for $8K and depositied in my checking account at Chase bank. The check was drawn from Fifth Third bank from an account that has almost 6-figures in it. Now, I relaize that it takes a few business days for checks to clear - no problem. I got a call from my mother 3 days later indicating that the check had cleared her account and that the funds should be available to me. I checked - they weren't. 4 days went by, still no funds in my checking account. A week - still no funds. At this point, Chse is wracking up the fees on me, returning checks, NSFs etc... Almost $200 worth of fees.

Needless to say, I called Chase and got the run around. First they tried to tell me that the check I deposited was returned NSF and that I would have to wait another week before they would try to resubmit the check. Um, NO... try again! Then they told me that some electronic system at Fifth Third continued to fail to transfer the funds. Um, NO... try again! I then explained to the lady on the phone, Stephanie, that the check was drawn on a relative's checking account, I know the balance of the account and I know that the check cleared their institution over a week ago!!! The line went silent for about 10 seconds - she knew she had just been busted - the canned responses weren't going to work here.

To cover her ass, she put me on hold, came back 2 minutes later, stated that she had "talked to representatives at Fifth Third and were releasing my hold immediately AND refunded the fees!

In summary, here what is going on... Chase, and I suspect most other large banks, are taking their customers deposits and using these deposits interest free for a period of time - maybe a week or two. Probably sounds insignificant to most of you, BUT when you are taking THOUSANDS of deposits, worth THOUSANDS of dollars each and every day, the bank has MILLIONS of dollars interest free to play with. They can invest YOUR money in short-term yields, earn MILLIONS more completely free of any encumbrance - meaning without paying you interst on your deposit! In addition, they are probably pocketing MILLIONS in unwarranted fees charged to the depositors for bounced checks and returned items! Out in the real world we call that THEFT!!!!

The only reason I was able to bust them on this is because I had a reltionship with the person who wrote me the check, knew EXACTLY when the check cleared their account and knew the checking account balance of the account the check was drawn on - otherwise, their canned excuses MAY have sounded reasonable to me and I wouldn't have questioned their excuses further. As a result, I am closing all of my accounts with Chase and opening an account with a very small, local bank!

The moral of the story, both the OP and my experience is that the multi-national and national banks are shady, engaged in probably completely illegal currency trading practices at their depositor's expense and pocketing MILLIONS in profits as a result - and I am certain that the government will not do a thing about it! So Caveat Emptor to ALL depositors at the larger institutions. Pay VERY careful attention to how these banks are handling YOUR money!

How dare a bank refuse to give you YOUR money.

You gave the bank YOUR money to safeguard and protect.

While this occurs, they use your money to make more money...

They have gambled and wagered your money to the point, where you hand them your money in trust, and they refuse to give it back because they are short.

Anyone who continues to use banks is a damn fool.

A god damn FOOL!

reply to post by TheCoffinman


This is very distasteful of Citigroup, I don't understand how they can keep you from your own hard earned notes . This is very concerning to me but isn't a surprise since Citigroup has just been on a downward spiral.

It just slays me. All of you people who see conspiracies where there are none. The folks who "don't trust banks". Those convinced the government is "out to get them". "They" must "know something". Secret agendas. I know some of you will question why I come to a conspiracy website if I don't believe in conspiracies. You folks are my entertainment.

I have been told "you'll be sorry" when it all goes down. When the government locks you up or takes away your freedoms. Yes, I guess I would be. But it hasn't happened so far.

Peace, y'all. Destress. Unwind. Breathe.

Breaking Alternative News discussion forum.


TOPIC; "Citigroup Warns Customers It May Refuse To Allow Withdrawals"



reply posted on 20-2-2010 @ 01:15 AM by downisreallyup

~Reasonable Explanation - Please read~

Okay, first of all, banking IS VERY complicated...

~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~`



OK,

nice explaination ...

but i think there's more to the policy, and that's making-more-money
~ so as to garner more profits & thus generate the expected Bonuses -
because of their crafty 'manipulations' with someone elses money.


using computerized trading programs, brokerage firms can be fractions
of a minute ahead of the 'orders' placed by their customers/clients...
so too can the banks holding checking & savings Deposits.

Last Year (2009) all participating banks had their Reserve Deposits
being held by the FED increased ~ but, the increased commercial banks'
Reserve Deposits are also being paid an interest rate, which the FED
uses as a way to to help re-capitalize the common banks in america.

I'd suggest that this Citigroup change of policy is an effort by them
to maximize their interest earned from the FED deposit sums, by juggling
the ammounts of o/n over-night loans with the banks longer term deposit
requirements at the FED...and make a profit on your money sitting in
your account, which becomes a technical 'seven-day loan' with no expense
to your bank provider, but with your banker collecting dividend interest
from the FED on Your 'quaranteened' account monies.


~smile~ ... you & i, (we) are getting pick-pocketed every which way !

reply to post by St Udio


St Udio... Did you read my post above ^^^^^^^^^?

This is just another way that banks use fractional techniques to beef up their profits at their depositor's expense,

Yes, I am pulling my money from ALL of these "too big to fail" banks and hoping to God that they do just that - FAIL!!!!!!

reply to post by kozmo


Yes they do, but if anybody here had retirement accounts with the too big should remember that when the high of the financial crisis and before the bail outs, no only many of us lost part of our investments (with exemption of the fats rats bonuses) but were black out from taking money of the retirement accounts.

So now banks can do the same, isn't that funny?, still don't you love how their fats rats CEOs still get their money and bonuses regardless.

Originally posted by downisreallyup

I hope this helps to bring some understanding to the complex banking language and protocols.

.../Remember, during any given week, a bank must only be 10% solvent.

Gotcha.

Banking is a Ponzi scam.

Thanks for the heads up.



PS. Kosmo - love that signature!

Amerika: the land of the FEE and the home of the SLAVE.





[edit on 20-2-2010 by soficrow]

reply to post by soficrow


We are nothing but indenture servants to the government and now big corporations.

Some folks here are suggesting that we should all withdraw all of our money from these banks to avoid the bank run that is supposedly hinted at in this announcement.

But what you're suggesting is itself a bank run.

It wouldn't surprise me one bit if there were more "money" in Citibank's accounts than exists in the form of actual physical US currency.

Some people have the misconception that the numbers in whatever form of account balance they receive represent something real. Only a small percentage of it exists in the form of actual currency, a much smaller percentage of it exists in the form of something that has intrinsic value.

We're all just trading around imaginary numbers in accounts, and paper with imaginary worth.

If the economy collapses, its just the system realizing the extent of its imagination.

So feel free to withdraw all of your money and keep it under your mattress, just in case. You might buy yourself a little bit of time after the banks collapse before the currency is devalued.

Originally posted by freedomataprice
BTW my money is safe at home. I stopped using banks years ago.

Are those Federal Reserve Notes you have safely tucked away at home? The Federal Reserve is a bank... a very big private bank. By using their notes, you are indeed using a bank... and being used by a bank.

reply to post by TheCoffinman


I have never understood why banks are allowed to withold money that is not theres. I mean the money i have in the bank is my money, i own it, it belongs to me so why exactly can a bank tell me that i need to give 7 days notice? What if i have some kind of emergency? For example the boiler we have broke down yesterday, if i couldn't get money quickly we would have had no heat for 7 days. Ok that's not really a big problem but what if it was something more important?

This is just wrong.

Originally posted by downisreallyup

No, this has to do with the fact that they can only order cash to cover big withdrawals every seven days, as per Regulation "D" It is quite apparent that very few people understand how banking works, even people who claim to work in banking (primarily as tellers or loan agents).

They don't need a week to gather your money from investments, they need a week to get more cash from the Fed bank in order to cover their withdrawals they exceed the 10% reserve requirement. Remember, during any given week, a bank must only be 10% solvent.

That is not completely true. A bank can order money from the Federal Reserve Bank to be delivered every day of the week. However most banks do not like to have excess cash on hand as it costs them money and puts the bank at greater risk.

Think back to the months just prior to Y2K... In November and December there were windows placed around large cash withdrawals. If someone wanted to take more than $10K they had to place the order 24 hours in advance. If they wanted very large amounts (more than $100K) they would need to place the order several days, possibly 7 days in advance.

I worked in banking for 18 years. I was the operations and teller manager during the Y2K period. I was responsible for ordering cash. I know that it can be done every day of the week to be delivered within 2 days. I worked in an area where there was a Federal Reserve Bank and Mint, so it is possible that it was easier to obtain due to proximity.

Regulation D applies to "Time Deposits" like CD's and Savings Accounts and other interest bearing accounts. It does not apply to non-interest bearing checking accounts.

reply to post by kozmo


hey Kozmo ----

Yes i read your post, it did contain the general game plan the
money manipulators adore and highly esteem, emulate, again 'n again.

i attempted to show how the crafty 'bankers' like Goldman, et al
game the trading desks & how those programs can be tailored
to keep a hourly 'step-ahead' of a much larger but more free-wheeling
group of checking-&-savings depositers...And still earn interest from
the FED, while meeting all the 'legal requirements.

[...] In summary, here what is going on... Chase, and I suspect most other large banks, are taking their customers deposits and using these deposits interest free for a period of time - maybe a week or two. Probably sounds insignificant to most of you,
BUT when you are taking THOUSANDS of deposits, worth THOUSANDS of dollars each and every day, the bank has MILLIONS of dollars interest free to play with. They can invest YOUR money in short-term yields, earn MILLIONS more completely free of any encumbrance - meaning without paying you interst on your deposit!
In addition, they are probably pocketing MILLIONS in unwarranted fees charged to the depositors for bounced checks and returned items...

thanks,



additional 7 page reading:

www.rollingstone.com...

If I would have received such a statement, common sense tells me to run. My account would have been closed by next day. I saw another statement of Citigroup explaining their action. Why they didn't include that statement in the first place. This way they can legally get away with BS.