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Checking Accounts "Citi Warns of Withdrawal Gate -- Seeking Alpha
Published:
Updated:
Suggest reading the top link first, as Denninger located a copy of Citi's disclosure statement and finds no wording where this is limited to Texas accounts only.
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"Citibank: No More DDA Accounts - The Market Ticker
http://market-ticker.org/archives/1985-Citibank-No-More-DDA-Accounts.html
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"Citi Warns of Withdrawal Gate
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.
http://stockwidget.seekingalpha.com/article/189605-citi-warns-of-withdrawal-gate
Comments
Something smells here. Just my thought is the feds want to restrict semand withdrawls for some reason. With the shortage of cash in the U.S. treasury it could be the feds may want quick access to short term funds to make commitments.
Just my opinion using quick thoughts on why this is going down. The feds access to to short term cash is probably a nicely kept secret.
Likely if this passes consumer 'sniff test' rest of the banks will follow suit.
Just could be the feds want more funds flowing thru the treasury for use other than health care. What has happen to all the social security funds, Placed in the general funds acct. Plus any other taxation that is reserved for its intended purpose but the funds placed in the general acct.
The feds are not being up front with the citizens here.
It stinks.
Texas is a huge state, with a diverse population. Many things are 'test marketed' there ... first.
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