Update: Citigroup Says Feds Ordered 7 Day Restriction On Bank Withdrawals
Announcement stokes fears of old fashioned bank runs if economy takes a turn for the worse
公告添加燃料撥旺老式銀行擠提的恐懼，如果經濟轉壞些
Paul Joseph Watson
Prison Planet.com
Monday, February 22, 2010
A new advisory being sent by America’s third largest bank to its account holders has stoked fears that major financial institutions could be preparing for old fashioned bank runs if the economy takes a turn for the worse.
美國第三大銀行寄給帳戶持有人的一項新公告，已添加燃料至恐懼，主要的金融機構可能在準備老式的銀行擠提，如果經濟轉壞些。
Originally reported by John Carney over at the Business Insider website, Citigroup is sending the following information to customers along with their bank statements.
原先由約翰卡尼在商業內幕者的網站公佈，花旗集團透過銀行結單發送以下信息給客戶(註:中文版請點擊：離開花旗銀行的時候到了各位 )：
“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.”
An almost identical advisory to the one being sent out can be read on page 22 of Citbank’s Client Manual effective January 1, 2010, which can be read here from Citibank’s own website.
“We reserve the right to require seven (7) days advance notice before permitting a withdrawal from all checking, savings and money market accounts. We currently do not exercise this right and have not exercised it in the past,” states the manual.
According to the Future of Capitalism blog, Citigroup originally claimed that the warning was only sent nationwide as a result of a mistake, but that the measures do apply to account holders in Texas.
根據資本主義的未來博客，花旗集團原本宣稱，警告作全國性發出只是一個錯誤的結果，但措施確適用於得薩斯州的帳戶持有人。
However, in a statement, Citigroup confirmed that they had reserved the right to impose the new 7 day rule on all account holders nationwide, but claimed they had no plans to enforce it. The bank stated that they had been forced to enact the new policy as a result of federal regulations.
不過在一份聲明中，花旗集團證實，他們保留權利施加新的7天規則，全國性的在所有帳戶持有人，但聲稱他們沒有計劃執行，銀行申明他們因為聯邦法規，被迫頒布新的政策。
“When Citibank moved to unlimited FDIC coverage in 2009, we had to reclassify many checking accounts to allow for immediate withdrawals in order to ensure all customers qualified for the additional coverage. When we moved back to standard FDIC coverage with most major banks in 2010, Citibank decided to reclassify those accounts back to make them eligible again for promotional incentives. To do so, Federal Reserve Reg D requires these accounts, called NOW accounts, to reserve the right to require a 7-day notice of withdrawal. We recently communicated this technical requirement to our customers. However, we have never exercised this right and have no plans to do so in the future,” reads a statement released by the bank.
Over the last 18 months, numerous rumors of bank runs, “bank holidays,” and limitations on access to cash at ATM’s have been floating around. Citigroup’s new policy to restrict withdrawals won’t do anything to calm such fears.
As we reported back in 2008, the Federal Deposit Insurance Corp., which guarantees individual accounts up to $100,000, only has about $50 billion to “insure” about $1 trillion in assets across the nation’s financial institutions.
This revelation prompted fears that an accelerating amount of bank closures could absorb FDIC funds and leave holders of money market and traditional savings accounts exposed.
http://www.prisonplanet.com/citigroup-warns-customers-it-may-refuse-to-allow-withdrawals.html
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