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."
The writer there says that he called Citi (as did the other author over on the other site) and was told this applied "only to accounts in Texas."
Huh?
Folks, the formal name for a checking account is a demand account. It is called a demand account for the very reason that you have a right to all your money, on demand.
Now maybe there's some new law that applies only in Texas, or maybe there isn't. Who knows - or cares.
The fact of the matter is that any bank that reserves the right (whether they claim through some external cause or not) to throw up a gate on a demand account is no longer marketing demand accounts.
My checking account is such a demand account and I'll be damned if I'll have my checking money anywhere that doesn't fit that description.
april fool dude
ReplyDeleteno run on bank
12:05, wow, that was an intelligent comment. (sarcasm)
ReplyDeleteI don't know why people still bank at these places, are they morons??????
BAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAA
ReplyDeleteKarly shouldnt have his funds in a bank like CitiBank anyway. They have been having problems from the start and are not 'too big to fail'. Why support those corporoate banking thugs?
ReplyDeleteI thought all banks had this on all accounts anyway. Better check your new account.
ReplyDeleteDestroy your unused citicards and close those accounts as well. I was just notified by these vultures that my cards will be subject to a $60 annual fee.
ReplyDeleteI received the same notice from CitiCards this week. High credit score--I signed up for an "no annual fee" card. It was a contract. Now I will have to pay an annual fee. Isn't this illegal? What can I do about it? Nothing.
ReplyDeleteBut I don't want to be accuse of fear mongering, so let me say, "everything is fine and it always will be--no matter what. And anyone who sees evidence that the economy is falling apart should just join me in my safe bubble, and we can laugh at the fear mongerers who don't trust the infinitely mighty US dollar. You know, those kooks who buy PMs because they don't trust banks and paper (sarcasm). By the way, Goldman Sachs deserves every penny they got, and I gladly will pay future taxes to Gov't to save them again and again, because they are too big to fail...and that is not a conspiracy (sarcasm).
@ 6:11 and 8:08
ReplyDeleteI also got that letter, I promptly called the number and "canceled" my card. I only had $2500 limit on it anyway as I hardly needed it, so to make me spend $2400 a year to not have to pay the fee is nuts.
Last time I checked I had a credit score of 805 so a few cuts due to closing this sucker doesn't bother me.
My credit score is ZERO and I intend to keep it that way. I only buy what I can afford for cash money.
ReplyDeleteThe banks can suck my gigantic $*&%(*&^#@*&^
Specially YOU, Chase manhattan.
If people want to get back some of the money they spent in the bailouts, maybe they should run up their cards and not pay it back. There is probably a nice clean number if you break it down, either according to your particular bank or just the banking industry in general, just to make it fair.
ReplyDeleteFor anyone who doesn't believe Karl Denninger and thinks these commenters are lying too, here is a link about it from Business Insider: http://www.businessinsider.com/citigroup-warns-customers-it-may-refuse-to-allow-withdrawals-2010-2
ReplyDeleteI received the same letter. Both my wife and I will withdraw our money from Citibank. They are all vultures and deserve none of our money.
ReplyDeleteEVERYONE TAKE THEIR MONEY OUT, BANKRUPT THESE M FCKERS
ReplyDelete