Anyone bank at Citibank?

[Jetsfan]

This may interest you.

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."

http://market-ticker.org/archives/19...ank-Folks.html

[onetwo_threefour]

It's a wonderful life...

[awildermode]

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."

at least most of us are safe

[ken0042]

I think my banks also have the same clause- when I asked about it years ago it was in case somebody wanted to withdraw $100,000- the bank can say "no." That way on a payday they don't have to close the bank and make hundreds of customers mad.

[Ice]

I've never heard of notice required for electronic or check withdrawals before. I'm sure its legal, and probably Texas is the state with a regulation requiring disclosure.

Most banks require notice for large cash withdrawals. Typically banks only keep cash on hand for normal business. When a customer wants a large amount of cash, you may need to place a special order for it. As a security measure, most banks will want two employees present out of customer view, like an office, to count it out to the customer. The last thing you want is some opportunistic person knowing a customer just walked out of the bank with 50 grand. Managers are more likely to schedule the withdrawal for off peak hours, this way customer service is least impacted.

[BlackArcher101]

So if they haven't exercised the right in the past... that implies it already existed. What's being changed then?