Citigroup May Refuse To Allow Customers To Withdraw Money.

Um, if you have a checking account with Citigroup, you may want to look into this. Supposedly it is only for accounts based in Texas, but what would stop them from doing it across the country? Seems that Citigroup sent out a letter to account holders stating that “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.” How messed up is that? Personally, I would move my entire bank account somewhere else if my bank even mentioned that idea, but that’s just me. Texas or all 50 states, there is something that really stinks about this new policy. Who knows what it really means, but it still freaks the hell out of me.

Digital Journal, Motley Fool

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Comments (6)

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  1. It seems as if Citibank is trying to lose customers. First they set minimum spending limits on credit cards and now this. I too would be pulling my money out of Citibank ASAP.

  2. Mrs. Micah says:

    I think they need to clarify what they mean by withdrawal. In any case it’s scary, but if they mean “debit I initiate in order to pay my bills” or “transaction w/my debit card,” this could turn all kinds of crazy if they start enforcing it.

    I’d switch banks ASAP.

  3. Matt Jabs says:

    And so it starts… this is a worry I have put on the back burner but may have to pay attention to again.

    I don’t have a Citigroup account, but I’m assuming once one “big ole bank” does this many others will follow suit.

  4. David says:

    I am sure BofA is next for this kind of nonsense. So glad I moved to Schwab.

  5. I am sure this is the first in a long line of BS to come out of the big banks. You know they are all reeling from the new laws that I’m sure were forced down their throats–barring them from ripping us off so much.

    What else can they do if they’re not inventing new ways to steal our money?

  6. Arlene says:

    This is the sign of the times, I would quickly get my money out of there and moved to maybe a credit union savings account. I certainly would have cash put away where you can have acess to it.