Alert: Citi Requiring 7 Days Notice for Withdrawals

Given my heightened awareness in the last couple of years regarding a financial collapse in the U.S. (and subsequently the world) I took sharp notice of this article that I came across today.

Citigroup has notified all of its account holders that as of April 1, 2010 that they will require 7 days notice of any withdrawals from checking accounts!  I suspect that this will not be the only instance and that other banks will follow. Also, expect slower payments on debit and check transactions.

Mind you Citigroup claims that they have no intention of enforcing this new policy, but that they were required by federal law to disclose it.  Yeah, right. Sorry, not buying that. I see it as a blatant defensive move.  As such I strongly encourage people to put a high priority on getting their bills paid three months in advance, and having $500 in small bills handy.

The article is here: http://www.prisonplanet.com/citigroup-warns-customers-it-may-refuse-to-allow-withdrawals.html

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Comments

Not sure if you say they added a correction to the story about it was only going to be in Texas. I've already told a lot of friends and they are pulling thier money out of Citi banks.
Didn't you do a post on the banks not to long ago. I guess you anticipated this happening.

Preparedness Pro's picture

Jamie, TX was going to be exempt from the impact, not only impacted by it. However, the article clarifies that this new policy can be applied to ALL of their clients.

Thank you for posting this. Every little bit of information helps.

This is great info - I'm going to tweet it to my followers on Twitter and link back here. Thanks!

I find it hard to believe that this won't backfire into a run on Citi. I know I woulddn't keep a dime there myself.

Thanks for the update. I got my news of this yesterday. Just WOW

I also read that they can freeze your money market "in order to strengthen the money market accounts" wonder who that's supposed to help. Also, if there is any kind of panic they can withhold the contents of your safe deposit boxes. They will give you the papers but if you have coins, guns, jewelry etc. they will hold on to them. Would you say its a takeover.

Just the beginning of the end, my friends. Yesterday it was called paranoia. Today it's mainstream. Many thanks to Kellene for sending out the word.

Between this and the US government talking about taking over 401k's. I'm begining to feel like the frog in a pot of water. Is it getting warm in here or is it just me?

You couldn't be more right!!!!!! amen

Jamie: It IS getting warm in here and it's only started to simmer......... wait till it boils! My question is for those of us that can barely get by now; how do we get 3mos ahead? I wish I had $500 to put into small bills! LOL!

Sherry- Like Kellene says Breathe.
I just wish I had $500.00 period in any kind of bills. LOL
I had kind of the same feeling as you did when I got my 3 months of food done I started seeing all the other things I needed as well. I felt a lot of anxeity to say the least. I got short tempered and just a little bit crazy. Remember this to shall pass. All you can do is the best you can. Spring is coming have you got your seeds and your garden prepped or at least planned out?
If you have done all you can, you may want to take a couple of days break from the news. Anything critical will come over the EBS, all that doom and gloom can wear you down. I'm betting the sun will still come up and this world will keep on turning. Write down all of the stuff you have got done. Not only count your blessings write them down, it will make you feel better.
Laugh, make some popcorn, watch a movie you love.

Citigroup is only trageting it's Texas customers..I WANT TO KNOW WHY!! Thank
heavens I have always belonged to a credit union. And if Citi can do this to Texans , who says they can't do it to al their customers? and WHY? and if they do this, will other banks follow suit? In this day and age, I say trust NO ONE.

P.S how do people pay their bills and buy groceries and pay the mortgage or rent if they can't withdraw? Would that include puchases and things of the sort I mentioned above done with a check?

Linda- it's has expanded. check out the references that Kellene provided. Right, wrong or indifferent. Stuff is happening, protect yourself.
I think the economy will go late "70's at best, and stagflation. Maybe the worse of Nixon price fixing and Carter's "Malaise".
But, good things are happening.We have bought guns, crime is down very significantly. Some folks are aware, politics at a local level is growing.
We can't depend on FEMA or the DHS. Depend on yourself, you can control that and what you will do.
The Red river flooding in ND is up on the the FEMA website again. No fix for 3 years running. they are tuff up there and just a bit crazy enough to fight the floods again.
All those folks that are made fun of and talk bad about in the the media. Well guess what we grow the food, and raise the livestock. We'll just out last the "rascals".

Jamie:
Thanks for the pep talk! I didn't mean to sound so down. I do have my food storage started, some seeds for the garden and we are prepping the soil between the rains. I count my blessing everyday and will start writing them down as you suggested, good idea. I love to can and did most of the garden for the past couple of years, can't wait to try canning meat like Kellene!

Governments come and go. People are what matters. Sherry you are on your way. I'm glad you are getting upbeat and positive. What you do for yourself really gives you some feedback and it's pretty quick.
I found I went through the 5 stages of grief.
1. Denial
2. Anger
3. Bargaining
4.Depression
5.Acceptence
http://en.wikipedia.org/wiki/K%C3%BCbler-Ross_model
It's ok to be angry, or to feel stuff, trust me I feel it most days on folks in D.C. is how they can live so long and learn so little.
But I'm lucky, I got prepared to survive and thrive thanks to Kellene and others out on the web.
Heck, I can't convince most folks to move beyond "Denial". In my own family.
I'm glad you are on your way Sherry. It's tough to keep a positive attitude.
When you can control your own destiny, and you feel it in your bones. You have Power, you have control. You are on your way.
I'm in phase 5, I may not like it but I'll deal with it. I don't get quite as angry, and attack folks with bad news. I hope. I'm glad you have got stuff started. I knew last year I had no time to get prepped. I was wrong, prep isn't something you store away it's every day. Making meals,1 flat of berries is equal to a flat of berries.
I'll make any dollar I get will be squeezed and will have to beg for mercy. But if I can get a flat of berries or any kind of fruit or produce for under $20.00 and its freezed dried. I can live with that.

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