I'll pay you 3 grams of gold for that pizza...

[RUSH LIMBAUGH is my clone!]

http://www.businessinsider.com/citigroup-warns-customers-it-may-refuse-to-allow-withdrawals-2010-2

[OUHOMER]

WOW, that is BS

[RUSH LIMBAUGH is my clone!]

WOW, that is BSSome wicked shi*!!!

[yermom]

effective April 1, 2010?

yeah, i'd be taking my money out now...

if that was a misprint, that's a huge problem they just created

[Leroy Lizard]

From the Futures of Capitalism website:


Update: Citibank 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."

Sounds confusing.

[StoopTroup]

You all do know that if you take a big check to a bank that they sometimes put a hold on the money right?

Instant transactions are just good faith same as a check is an instrument of good faith.

I'm not sure it's really BS....I think it's just something we've all gotten used too. Debit Cards and checks offer you security from having to go around with a bunch of cash in your pocket. These banks have us all hooked on convenience. Now it seems they are doing what the airlines and others have done...charge you for the convenience.

Get ready...I'd say as things get tighter for the folks at the top...they'll continue to try to get us all to pay for conveniences and a major change will take place in the way we all pay for things. Talk about further adding to create an economic disaster.

[yermom]

there is a difference between waiting for a check to clear through some other bank and not giving me my cash

if they are going to delay checks/payments by 7 days, bad **** would happen

with all the check imaging stuff they've done in the last few years things have gotten a lot faster

[StoopTroup]

there is a difference between waiting for a check to clear through some other bank and not giving me my cash

if they are going to delay checks/payments by 7 days, bad **** would happen

with all the check imaging stuff they've done in the last few years things have gotten a lot faster

I won't disagree with you about the bad **** happening and I'm no longer up to speed on what things they are required to do vs the things they just offer as incentives for banking with them.

I know it's been awhile since I got a new toaster for opening an account though. :D

[yermom]

i don't think we are talking about the same things...

[StoopTroup]

Maybe not....

[bluedogok]

I'm pretty much a believer in local credit unions anymore after so many years of being with Bank One/Chase after Bank One bought out Liberty. My wife was with a local credit union down here when I moved and they have been much easier to deal with and don't try to fee you to death. With open membership that they have now they are pretty much open to most people now.

[yermom]

my plan is to just owe the banks a bunch of money so that when they crash the jokes on them instead of me :D

[StoopTroup]

my plan is to just owe the banks a bunch of money so that when they crash the jokes on them instead of me :D

I don't think you're alone in that plan...lol