Citibank's 7-day notice

Reader comment on: Citi Warns of Withdrawal Gate

Submitted by OurBroker (United States), Feb 24, 2010 06:23

Thank you -- this is very interesting.

>>>Federal Reserve Reg D requires these accounts, called NOW accounts, to reserve the right to require a 7-day notice of withdrawal.

This is the first time I have ever heard of such a provision for NOW accounts. I bet that not one person in a million knows about this.

And no, it is not reassuring to hear that Citi has not "exercised this right and have no plans to do so in the future." That doesn't say flat-out that they won't.

We moved our accounts from a big bank to a local community bank which is profitable, small and happy to see me when I stop by.

All the best,

Peter G. Miller

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Other reader comments on this item

Title By Date
Monopoly Money [189 words]D RossApr 5, 2010 07:57
it rememeber... [17 words]francoFeb 24, 2010 14:49
Aren't reserve requirements enough? [43 words]Michael TrachtenbergFeb 24, 2010 09:42
⇒ Citibank's 7-day notice [121 words]OurBrokerFeb 24, 2010 06:23
Solutions [35 words]JimmyKFeb 22, 2010 12:23
Thieves [55 words]AllyFeb 22, 2010 09:30
You have to be kidding [35 words]usedFeb 21, 2010 20:37
Recalculating [84 words]Mark HerpelFeb 21, 2010 03:00
"It's 'Hard To Believe' a 'Bank' [38 words]Hard BelieverFeb 20, 2010 19:01
Might Break the Law [84 words]Ken HoughtonFeb 19, 2010 19:50
Screw these guys [105 words]RonFeb 19, 2010 16:28

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