citibank 7 day notice to withdraw funds, is this legal?

[hvactec]

effective April 1 2010
here is what my google search returned on this citibank 7 day notice to withdraw funds - Google Search

 

[rightwinger]

April Fools!

 

[blu]

if this were true I would short there stock to death. the only reason to do this wuold to weather a run on the bank

 

[theDoctorisIn]

Seeing as how this thread is the first result on Google, I doubt it.

The only links on google are to other message boards. This is just a rumor - and a dangerous one at that.

 

[Baruch Menachem]

Depends on the account.

Many banks will let you withdraw funds from savings account without limit, but savings accounts are supposed to be just that. You get a higher interest rate for leaving the money in there longer.

At the big bank where I used to work, Savings accounts had four free w/ds from savings per month, but anything after that they charged a huge fee for.

And yes, if you read the paperwork when you opened your savings account, penalties were discussed in the very fine print.

Interest paying checking accounts only came in during the Carter years, when inflation was so bad. they have been fading away.

 

[hvactec]

Seeing as how this thread is the first result on Google, I doubt it.

The only links on google are to other message boards. This is just a rumor - and a dangerous one at that.

I Found this story here Citibank may require 7-day notice for withdrawal from checking (Withdrawal vs. Transfer debate)

also here Citibank: 7 day advance notice for withdrawal

does anyone on this message board have a citibank account and did they receive this notice?

 

[theDoctorisIn]

Seeing as how this thread is the first result on Google, I doubt it.

The only links on google are to other message boards. This is just a rumor - and a dangerous one at that.

I Found this story here Citibank may require 7-day notice for withdrawal from checking (Withdrawal vs. Transfer debate)

also here Citibank: 7 day advance notice for withdrawal

does anyone on this message board have a citibank account and did they receive this notice?

Both of those are message boards.
Neither are reputable sources.

 

[Oldandtired]

Seeing as how this thread is the first result on Google, I doubt it.

The only links on google are to other message boards. This is just a rumor - and a dangerous one at that.

I Found this story here Citibank may require 7-day notice for withdrawal from checking (Withdrawal vs. Transfer debate)

also here Citibank: 7 day advance notice for withdrawal

does anyone on this message board have a citibank account and did they receive this notice?

Both of those are message boards.
Neither are reputable sources.

This can not be true. There is no logic beghind it...and it most certainly would be lead story news if it were true.

But this can actually be a very damaging rumor.

 

[Baruch Menachem]

From a checking account... That is illegal. A checking account is a demand account. You either get your money on demand, or the FDIC and the Federal reserve get it for you.

 

[hvactec]

I did some Investigating on this here is what I have Found they changed some words from the year before.

this is there Client Manual
Consumer Accounts
Including our Privacy Notice
U.S. Markets
Effective February 15, 2009

Here on page 33 it reads:
Withdrawal Refusals. In some instances, we may refuse a request
for a withdrawal from an account. The following is a list of the most
common reasons we refuse withdrawal requests:
• If the funds you wish to withdraw are not yet available (See the Funds
Availability at Citibank section of the Marketplace Addendum.)
• If there are insufficient funds in your account
• If you use a type of check not acceptable to us
• If the funds you wish to withdraw are being held to cover a
checking account withdrawal under our Safety Check service
• If the withdrawal you are requesting is of the type that is limited
by federal regulations, and you have already reached the
applicable limit
• If, in the case of a joint account, any account signer gives us
written instructions not to permit a withdrawal
• If the account is pledged as collateral for a loan
• If we have been ordered by a court or other legal process not to
permit the withdrawal
• If you do not present us with appropriate identification or any
other information that we may require
• If we are aware of any dispute relating to the account
• If we have some suspicion of fraud, irregularity, or illegality.
Withdrawal Notice. We reserve the right to require seven days
advance notice before permitting a withdrawal from all Interest
Checking, savings and Money Market accounts. We are required
by law to reserve this right, but we do not presently exercise it.
Here https://online.citibank.com/JRS/popups/ao/Client_Manual_20090611.pdf


Now here is the New one for 2010 it reads on page 23:
Withdrawal Refusals
In some instances, we may refuse a request for a withdrawal or
transfer from an account. The following list includes, but is not limited
to, the most common reasons we might refuse such requests:
• If the funds you wish to withdraw are not yet available; (See the
“Funds Availability at Citibank” section of the Marketplace
Addendum.)
• If we decide to require seven (7) days advance written notice
and we have not received such notice;
• If there are insufficient funds in your account;
• If you use a type of check not acceptable to us;
• If the funds you wish to withdraw are being held to cover a
checking account withdrawal under our Safety Check service;
• If the funds you wish to withdraw are being held due to cashing of
a third party check against the account or for any other reason;
• If the withdrawal would consist of money owed to us;
• If the withdrawal you are requesting is of the type that is limited
by federal regulations, and you have already reached the
applicable limit;
• If, in the case of a joint account, any account signer gives us
written instructions not to permit a withdrawal;
• If the account is pledged as collateral for a loan;
• If an account owner has died and we have not received all
documents required to release funds in the account;
• If we have not received documents or identification required to
permit access to the account, such as when the account is new
and documentation remains missing;
• If we have been ordered by a court or other legal process not to
permit the withdrawal;
• If you do not present us with appropriate identification or any
other information that we may require;
• If we are aware of any dispute relating to the account or funds
in the account;
• If we have some suspicion of fraud, irregularity, or illegality; or
• If we believe that the signature on a check or item drawn on
your account and presented for payment does not appear similar
to that appearing in our records.
Withdrawal Notice
We reserve the right to require seven (7) days advance notice
before permitting a withdrawal from all checking, savings and
money market accounts. We currently do not exercise this right
and have not exercised it in the past.
Here 2010 https://online.citibank.com/JRS/popups/ao/Client_Manual_20091228.pdf

They added these words : "but is not limited to"

SEE:
Withdrawal Refusals
In some instances, we may refuse a request for a withdrawal or
transfer from an account. The following list includes, but is not limited
to, the most common reasons we might refuse such requests:

Also this was added in 2010:
We reserve the right to require seven (7) days advance notice
before permitting a withdrawal from all checking, savings and
money market accounts.

see that Wow

 

[Baruch Menachem]

Standard boilerplate. If they think their is something fishy with the account, they freeze it.

One of the big issues all banks face is the practice of Kiting. The bank catches you, they freeze the account and you may get a visit from serious men in suits who work for the government, and want to help you move to new long term living quarters.

So this is all about the standard boilerplate associated with "If we catch you trying to scam us, we won't let you!"

 

[hvactec]

Standard boilerplate. If they think their is something fishy with the account, they freeze it.

One of the big issues all banks face is the practice of Kiting. The bank catches you, they freeze the account and you may get a visit from serious men in suits who work for the government, and want to help you move to new long term living quarters.

So this is all about the standard boilerplate associated with "If we catch you trying to scam us, we won't let you!"

yes but in 2009 they did not have these 5 Extra words -
They added these words : "but is not limited to"

SEE:
Withdrawal Refusals
In some instances, we may refuse a request for a withdrawal or
transfer from an account. The following list includes, but is not limited
to, the most common reasons we might refuse such requests:

also they added this:
We reserve the right to require seven (7) days advance notice
before permitting a withdrawal from all checking, savings and
money market accounts.

 

[theDoctorisIn]

Here on page 33 it reads:
Withdrawal Refusals. In some instances, we may refuse a request
for a withdrawal from an account. The following is a list of the most
common reasons we refuse withdrawal requests:
.
.
.

Withdrawal Notice. We reserve the right to require seven days
advance notice before permitting a withdrawal from all Interest
Checking, savings and Money Market accounts. We are required
by law to reserve this right, but we do not presently exercise it.
Here https://online.citibank.com/JRS/popups/ao/Client_Manual_20090611.pdf

First of all, as you can see, the part about 7 days waiting time was on their in 2009.

Secondly, there's no change other than legalese - there's nothing in the 2009 document that would prevent them for using any other reason, or anything that qualifies the list as the only reasons they could refuse a withdrawl.


This is why bank runs start. Rumors like this are VERY dangerous.

 

[hvactec]

Here on page 33 it reads:
Withdrawal Refusals. In some instances, we may refuse a request
for a withdrawal from an account. The following is a list of the most
common reasons we refuse withdrawal requests:
.
.
.

Withdrawal Notice. We reserve the right to require seven days
advance notice before permitting a withdrawal from all Interest
Checking, savings and Money Market accounts. We are required
by law to reserve this right, but we do not presently exercise it.
Here https://online.citibank.com/JRS/popups/ao/Client_Manual_20090611.pdf

First of all, as you can see, the part about 7 days waiting time was on their in 2009.

Secondly, there's no change other than legalese - there's nothing in the 2009 document that would prevent them for using any other reason, or anything that qualifies the list as the only reasons they could refuse a withdrawl.


This is why bank runs start. Rumors like this are VERY dangerous.

NO the 7 day waiting time was added in 2010 also

 

[DiveCon]

come on people, RW had it right
if the date alone on this alleged change wasnt April 1st there might be some doubt as to it being a hoax, but being april fools day, its a JOKE

 

[theDoctorisIn]

Here on page 33 it reads:
Withdrawal Refusals. In some instances, we may refuse a request
for a withdrawal from an account. The following is a list of the most
common reasons we refuse withdrawal requests:
.
.
.

Withdrawal Notice. We reserve the right to require seven days
advance notice before permitting a withdrawal from all Interest
Checking, savings and Money Market accounts. We are required
by law to reserve this right, but we do not presently exercise it.
Here https://online.citibank.com/JRS/popups/ao/Client_Manual_20090611.pdf

First of all, as you can see, the part about 7 days waiting time was on their in 2009.

Secondly, there's no change other than legalese - there's nothing in the 2009 document that would prevent them for using any other reason, or anything that qualifies the list as the only reasons they could refuse a withdrawl.


This is why bank runs start. Rumors like this are VERY dangerous.

NO the 7 day waiting time was added in 2010 also

Ok, we'll take it slow...

Now, go back and re-read your own post. Remember, the one where you talk about the changes between 2009 and 2010?

Now read the bottom of the 2009 page.

 

[hvactec]

First of all, as you can see, the part about 7 days waiting time was on their in 2009.

Secondly, there's no change other than legalese - there's nothing in the 2009 document that would prevent them for using any other reason, or anything that qualifies the list as the only reasons they could refuse a withdrawl.


This is why bank runs start. Rumors like this are VERY dangerous.

NO the 7 day waiting time was added in 2010 also

Ok, we'll take it slow...

Now, go back and re-read your own post. Remember, the one where you talk about the changes between 2009 and 2010?

Now read the bottom of the 2009 page.

Yes you are Right the seven days was there it was the word seven and now it is the word and the number seven (7)

the only thing added was: "but is not limited to"