Time To Leave Citibank Folks - Citi Warns of Withdrawal Gate

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Seen on a recent Citibank (C) statement: "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."

Whoa. Is this an April Fool's joke? A contingency plan to defend against the idea of what "would happen if thousands of [bank] customers pledge to withdraw their money from the bank on a certain day, unless the bonuses are capped?" A strategem cooked up by Citi's new shareholders from the hedge fund industry, an industry in which such withdrawal gates are common? An idea backed by Citi's big shareholder, Uncle Sam, or one of its regulators, Sheila Bair?

I called Citi about it and they said the warning applies only to customers in Texas and that the notification had been mistakenly included on statements nationwide. Whatever the explanation, it doesn't exactly inspire confidence in Citi. I've got nothing against Citi as a general matter -- I have friends who work there, and know some account holders who are generally satisfied customers. But it's hard to believe a bank would be sending out a notice like that on its statements.

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Comment by youhavetoforgiveme on February 20, 2010 at 12:14am: Nope...it's not April yet...and "only applies in Texas" my ass..... I'm just glad that our mortgage is no longer with Citi...

Comment by big john lipscomb on February 21, 2010 at 3:03pm: my money is under the mattress

Comment by Charleston Voice on February 21, 2010 at 3:27pm: Here's the actual Citibank advisory:

Comment by Charleston Voice on February 21, 2010 at 3:28pm: follow this link for Citibank's release:
http://market-ticker.denninger.net/uploads/2010/Feb/citi.png

Comment by bys on February 21, 2010 at 4:18pm: I'd put my money under the mattress but I bought it on credit.

Comment by James μολὼν λαβέ on February 21, 2010 at 5:34pm: Thanks CV, scan added to this blog

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Citigroup Warns Customers It May Refuse To Allow Withdrawals

Comment by Ya'aKov on February 21, 2010 at 6:05pm: Absolute BS from the commienatzimarxist system known as banking.

Comment by Jeff on February 21, 2010 at 6:08pm: This applies only to Texas. I've been an advocate of closing bank accounts here on 12.160 for a long time and I've written about it several times and have received only flack about how hard life will be without a bank account. Sad.

Comment by Jeff on February 21, 2010 at 6:26pm: Thank you, but you're a friend. Not that that's bad but you just might be biased.

:)

Comment by Robert D on February 21, 2010 at 8:35pm: look up " government collapse " on the net ..... I am not saying its really scary [ no where even mentioned Greece ] but , I have had to drink ALLOT the 2 day after .... FYI Germany wants to kick Greece OUT of the EU .... and Dubai can't meet their dept WTF where is this "MONEY BLACK HOLE " going ?!?!?!? FOOD AMMO FUEL currency of the future ..........
THE new currency