Chile Forum

For me, this investigation started with an article that appeared in the interesting alternative, but disinfo, website prisonplanet.com which was linked from The Drudgereport of all places.

The report was about the controversy over a new withdrawal notice from Citibank and the supposed corrections by Citibank PR folks saying it was only for one state and a certain type of interest checking account.

So I logged into my Citibank account and pulled this exact text from the comprehensive Citibank Client Manual:

Withdrawal Notice
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.

Both the prisonplanet article and Citibank public relations are wrong in that:

(1) This is not only for Texas.
(2) This includes all accounts including demand deposit checking accounts which theoretically are supposed to be paid on "demand."
(3) This is not a newly announced thing as it has been in effect for the entire USA Citibank consumer world since the beginning of the year.

I do not believe this text was in the Client Manuals of the past as I'm quite sure I would have previously heard something about it after all the years of following what would be considered paranoid lunatic fringe publications by the fluoridated HAARP-fried sheeple.

Please check your USA bank accounts CURRENT client manuals and addendums for similar text additions/changes and report back.

I quit doing biz with citbank years ago because of their policies of completely burning their clients in anyway they can. They finally did something nice for me and canceled my last credit card with them a couple of years ago for not using it when they were in trouble and needed to clear out all us deadbeat card holders.

Never put all your eggs in one basket these days. It is true in just about everything. From investments to banks to how you store your data on your computer (you did backup right?).

By the way, I see Citibank will be offering a new product in their investment banking sector that is exactly like the derivatives (new branding and spin) that got them in to the near collapse in the first place. Amazing.

People who like to read fine print are finding that restrictions like this exist at almost all U.S. banks and credit unions. Under existing laws, banks are allowed to limit cash withdrawals to any amount they deem "reasonable'. If you tell the bank to close your account and pay up, they can hand you a bank check instead of cash and show you the door. This move by Citi is just CYA as in "Hey we warned you, don't get all lawyered-up and come whining to us."

I think we are on the verge of formal capital controls in the U.S.

The huge corporations have pretty much taken control I think. And they use the "free market" rhetoric to do it. When "tort reform" comes through and you can't lawyer up or have class action suits, it will be complete.

That said Citigroup has been one of the nastiest-Goldman right in there but Sandy Weill who built Citigroup has on his wall plaque reads "Shatterer Of Glass-Steagall." I ran across a nice quote from Chuck Prince, (CEO after Weill) who now runs some of Sandy's "foundations"

It is only halfway through November but I think we can already declare the winner of the 2007 Quote of the Year competition. It is Chuck Prince, the former chairman and chief executive of Citigroup.

“When the music stops, in terms of liquidity, things will be complicated. But as long as the music is playing, you’ve got to get up and dance. We’re still dancing,” Mr Prince told the Financial Times on July 10.

There has been some financial gossip that the largest corporations acted together knowing that if they failed, there would be a bailout.

I think they are still dancing....