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Monday
Feb222010

UPDATE: Citigroup Warns Customers It May Delay Future Account Withdrawls By 7 Days

Citigroup now claims this administrative change was required by the Federal Reserve, and they have no plans to exercise this right.

  • "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."

Another reason to Move Your Money away from TARP Banks  >>

---

From Future of Capitalism

Update:  Citigroup has now released the following statement by way of explanation: "When Citibank moved to unlimited FDIC coverage in 2009, we had to reclassify many checking accounts to allow for immediate withdrawals in order to ensure all customers qualified for the additional coverage. When we moved back to standard FDIC coverage with most major banks in 2010, Citibank decided to reclassify those accounts back to make them eligible again for promotional incentives. To do so, Federal Reserve Reg D requires these accounts, called NOW accounts, to reserve the right to require a 7-day notice of withdrawal. We recently communicated this technical requirement to our customers.  However, we have never exercised this right and have no plans to do so in the future."

 

 

 

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Reader Comments (8)

Some faces should NEVER have a picture taken of them from close-up. And the pumpkinhead featured in this article is a prime example of that.
Feb 22, 2010 at 8:56 PM | Unregistered CommenterRecoverylessRecovery
DB,
I have two credit cards issued by Citi Corp Crooks. I have excellent credit (FICO mid 700s) and I have never ever been late on any of my credit cards. They just increased my APR from 13% to 26% plus prime which is a hair short of 30%. This has to be the biggest robbery of our times. So I immedietly cancelled both cards and told the Citi rep they will never have my business. I hate Citi now more than ever!!
Feb 23, 2010 at 11:39 AM | Unregistered CommenterSell Short
C=crooks!
Feb 23, 2010 at 11:40 AM | Unregistered CommenterSell Short
SS,

I feel your pain, but cheating people has been a way of life a Citi for a long time.

About twenty years ago I got in trouble and fell behind on my bills. Of all my creditors, I owed Citi the least (about $1,500), and I was paying them, but late. They called me constantly (like every other day). Then one day, their guy says, "look, we'll stop charging you interest if you can pay off your balance in six months." So I said OK and did what they asked. And I struggled even harder to honor the "deal" I thought we had struck.

A couple years later, when I had paid off everybody, I was applying for a loan, I came to find out that Citi had "charged-off" my account (meaning they said I stiffed them). It was a total god-damn lie! I should have stiffed them!

I swore I would never do business with those lying thieves ever again, and I haven't. And I will vote out every politician who has helped to perpetuate their vile existence.
Feb 23, 2010 at 11:20 PM | Unregistered Commentermark mchugh
Just the beginning of our rewards for being extorted investors in the bankers dream...
Feb 24, 2010 at 4:06 AM | Unregistered CommenterS. Gompers
Mark,
sorry to hear about your experience. Citi is in the business of lying and cheating people. I will never do business with the Citi crooks again. I always wished they went bust/bankrupt. I hate all the Arab money in the bank as well.
Feb 24, 2010 at 2:14 PM | Unregistered CommenterSell Short
I had an American Express gold card for 10 years with a zero balance and a 710 score. They took the $175 annual fee and cancelled the card the next day. I could never do business with them again...
Feb 26, 2010 at 9:22 PM | Unregistered CommenterPoe

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