Citibank

[Mike_M]

A fellow I was just talking to has an account (loan) at Citibank. He said that they sent out a mass mailing last week informing customers that they may have to invoke the rule allowing them seven days grace between the time a customer asks for a withdrawal and the time they give them the funds. Can anyone here shed any light on this?

Sounds like 1929 all over again. I really hope not.

 

[femurphy77]

Last weeks news, the story was the rule was to be applied only to their customers in Texas but it "inadvertently" went out to all customers. Ultimately it could happen across the board in the banking industry. 2012, lots of earthquakes lately, the superbowl in Indy, end of the world type stuff here folks~

 

[singlestacksig]

read the fine print of any bank account..
they all can do that at any time.

 

[djl02]

I never received anything from them.Had an account with them for 24 yrs.

 

[Mike_M]

I'm sure that all the banks can do that, but invoking that rule, or even informing your customers that you might do it is bordering on business suicide.

 

[signut49]

What happens when the F.D.I.C. runs out of funds? Where will we get our money from when the banks fold? Sounds like it's about time to get out the shovel, glass jar and head to the back yard! I hate to be a doomsayer, but I think it's coming. You'd better start learning how to speak Chinese.

 

[singlestacksig]

they changed the type of account, and then had to send the notice per FDIC rules..
the accounts have extra FDIC insurance on them..
other banks did the same but buried the change / notice in a bunch of other NEW features...

but prety much every retail bank account since 1933 has had a 7 day withdraw hold.. they can even require you to request via letter..

 

[singlestacksig]

What happens when the F.D.I.C. runs out of funds? Where will we get our money from when the banks fold? Sounds like it's about time to get out the shovel, glass jar and head to the back yard! I hate to be a doomsayer, but I think it's coming. You'd better start learning how to speak Chinese.

the FDIC ran out of money last year.

 

[trnsplntfrmohio]

I have a check that has been on hold for 9 days now. I have many over drafts and 2 bounced checks because of the check I recieved being put on hold. I plan on releasing hell on the telephone when I speak to supervisors and get my over draft fees credited and my nfs fees from the 2 checks I wrote. One being my rent.

 

[LotsofGlocks]

I have a check that has been on hold for 9 days now. I have many over drafts and 2 bounced checks because of the check I recieved being put on hold. I plan on releasing hell on the telephone when I speak to supervisors and get my over draft fees credited and my nfs fees from the 2 checks I wrote. One being my rent.

Good luck with that

 

[singlestacksig]

read the fine print in your bank accounts, banks can make you wait for you $, the mone is not in your account until a deposit in posted, some checks deposited can take weeks to clear, if at all.. if you spend the money before it has posted you are liable for fees..

it has been this way since the 1930's...

 

[signut49]

Just another quick thought. Have you noticed the banks that have been closed by the Fed are small ones. And who is buying them up. Bigger ones. Can you see the handwriting on the wall? I see FINANCIAL MONOPOLY. And who is allowing it? Doesn't take much to figure that out, does it?

 

[longbow]

you have money in the bank.......

I never let the banks have more than a few thousand sitting in accounts. My wife does a great job keeping them from having too much of my money sitting around.

sounds like you are doing it wrong.

 

[longbow]

A while back I was moving money around when we sold our last house. Had a 30 day lag between the move/closing on the new house and banked the money..... When I went to pull the money out, 1st indiana asst manager said they would have to hold the funds for 7 days then issue the check. The closing was the next day. It got hot for a few minutes.

I got my check, then moved all my accounts from first indiana.

 

[hornadylnl]

I love it when the banks tell you that your account is FDIC insured for $250,000. As if I'd be dumb enough to put that much in 1 bank and risk them folding. Who trusts the FDIC?

 

[singlesix]

I love it when the banks tell you that your account is FDIC insured for $250,000. As if I'd be dumb enough to put that much in 1 bank and risk them folding. Who trusts the FDIC?

250K ... I'll never have to worry about that problem.

 

[garlic_b]

What happens when the F.D.I.C. runs out of funds? Where will we get our money from when the banks fold? Sounds like it's about time to get out the shovel, glass jar and head to the back yard! I hate to be a doomsayer, but I think it's coming. You'd better start learning how to speak Chinese.

Would vacuum sealed plastic bags (vis-a-vis "Seal-a-meal") be better for burying valuables?

Chinese isn't too hard to learn...

 

[INGunGuy]

Would vacuum sealed plastic bags (vis-a-vis "Seal-a-meal") be better for burying valuables?

Chinese isn't too hard to learn...

No, its no good, you need 6" PVC and ends, fill with rolls of bills, sealing the thing up, then bury it. Will last like that for years...

INGunGuy

 

[Noland]

I was a Citibank credit card holder for over 19 years, until last week.
Last month they raised my interest rate to 23.99%! A funny way to show appreciation for someone who has been a good and loyal customer for two decades.

Now I am an ex Citi customer with a shiny new NRA Visa card.

 

[rlspach]

Everything you want to know about this here:

Citibank: No More DDA Accounts - The Market Ticker

Including a link to the account documentation at the Citibank web site.

I closed out all my accounts at Citibank a year ago after doing business with them for 12 years. Call me silly but I don't keep my money with banks that are insolvent and need bailouts.