UPDATE: Citigroup Warns Customers It May Delay Future Account Withdrawls By 7 Days
Feb 22, 2010 at 3:49 PM
DailyBail in Citigroup, banks, banks, citigroup, run on the banks

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

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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