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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