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| earltwitty | Posted: Feb 22, 2010 - 16:25 |
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 Level: 0 CS Original | 7 day notification to withdraw money. (I assume it means very large amounts or to close accounts). Are they getting ready for bank "holidays" or to devalue the dollar? | |||||
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| Agent Matt | Posted: Feb 22, 2010 - 16:38 |
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 Genuine American Monster Level: 70 CS Original | "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." ----- Considering the amount of crazy crap that comes out of Texas, it is not surprising that this exploded onto CT circles. Citibank's updated statement only fuels the fire: ----- "Citibank has now released the following statement by way of explanation: "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." http://www.businessinsider.com/citigroup-warns-customers-it-may-refuse-to-allow-withdrawals-2010-2</p> ----- The link you posted is found on everything from Prison Planet to David Icke's site. So by "they" I assume you mean either Banksters, Reptoids or Jews. I don't know enough about FDIC regulations to translate that into layman's terms. Perhaps someone else will be kind enough to. | |||||
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| Edward L Winston | Posted: Feb 22, 2010 - 18:01 |
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 President Dwayne Elizondo Mountain Dew Herbert Camacho: porn star and five-time ultimate smackdown wrestling champion! Level: 150 CS Original | Basically the FDIC provides insurance up to $100,000 on accounts, so if a bank fails, there is a run on banks, etc. you can receive your money up to $100K. There are other levels of coverage, which Citibank did provide, "unlimited" meaning all the way up to $1 million, $500 million, etc. basically anything above $100,000. Apparently this must have cost them too much, so they switched back to the standard policy, which is $100,000. However, accounts still under the unlimited, if I'm reading the above correctly, will have to have 7 days notice before withdrawing -- if they want you to. Basically only millionaires need worry, but as they also state, this is not something they enforce, they're just notifying you that they have the right to do so if they wanted. 2010 will be a banner fucking year for doom-sayers, I've got TONS of emails asking about the coming collapse in 2010 (which was predicted over and over again in 2008 and 2009), gold going all the way up to $5,000 per ounce(as one emailer predicted), and the DOW dropping to zero (i've got a lot about this). Same shit, different year. Every time someone farts a bank, it will be evidence to conspiracy theorists of a coming collapse. | |||||
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| Edward L Winston | Posted: Feb 22, 2010 - 18:14 |
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President Dwayne Elizondo Mountain Dew Herbert Camacho: porn star and five-time ultimate smackdown wrestling champion! Level: 150 CS Original | If you read the comments of the PrisonPlanet article, so many of these people think bank runs like in 1929 and 1930s will happen, but don't seem to understand banks and banking work differently now, and honestly... If there weren't massive bank runs in 2007/2008, why the hell would they start now? | |||||
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| Agent Matt | Posted: Feb 22, 2010 - 19:05 |
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Genuine American Monster Level: 70 CS Original | So basically it is typical, boring economic crap that people blew way out of proportion because they don't understand economic crap. | |||||
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| Edward L Winston | Posted: Feb 22, 2010 - 19:07 |
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President Dwayne Elizondo Mountain Dew Herbert Camacho: porn star and five-time ultimate smackdown wrestling champion! Level: 150 CS Original | Exactly "I don't know much about anything, but here's exactly what's going to happen..." | |||||
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| Agent Matt | Posted: Feb 22, 2010 - 19:18 |
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Genuine American Monster Level: 70 CS Original | So I should go ahead and stop buying all this gold and canned beans then? | |||||
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