business money market accounts


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 Paul Joseph Watson Prison Planet.com Monday, February 22, 2010 A new advisory being sent by Americas 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. Originally reported by John Carney over at the Business Insider website, Citigroup is sending the following information to customers along with their bank statements. 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 Citbanks Client Manual effective January 1, 2010, which can be read here from Citibanks 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 …