CITIBANK has sent out a notice on its statements sent out nationwide that effective in April, they will reserve to themselves the right to spring a 7-day-wait-before-withdrawal rule on checking accounts. This is neither a misprint nor a joke. The bank claims that the nationwide mailout was a mistake and is only intended to apply in Texas. Hmmm.
Here is the story:
http://www.businessinsider.com/...
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," Citigroup said on statements received by customers all over the country.
What's going on? It seems that this is something of an error. The seven day notice policy only applies to customers in Texas, Ira Stoll reports at The Future of Capitalism. It was accidentally included on customer statements nationwide.
Now what could possibly motivate such a naked threat of financial aggression, and what is unique about Texas?
If I were a CITIBANK customer (and I am not nor have I ever been), I would be scared shitless that when I needed my money it would be unavailable, and I might even wonder whether or not CITIBANK should ever have another penny of mine.
There must be something behind the curtain here, but I can't imagine what it is?
Any ideas?