Any bankers out there know what this means?

Lifted off a comment of the RGE monitor:

Citibank restricts outgoing wire transfers to $2000 per day?

Is this relevant or surprising to anyone else?

https://web.da-us.citibank.com/tandcFiles/printable_cashedge.htm

 

No. It's an inter-bank ACH transfer. It's nothing at all to do with in/outbound ABA wires. It's a service by which you may transfer [for little or no charge] from your account at Citi to your account at Chase. It's not a wire.

FWIW, HSBC has had similar $-limits for many years.

 

thank you, suspected it was inconsequential but you see how wired everyone is?

 

Pathetic that Roubini would post that, or was it in blog-comments?

 

Yeah with ACH transfers (automated clearinghouse) it is fairly standard to have a set amount as a maximum....mostly for security purposes...usually this can be overridden with some sort of written authorization....

Not sure exactly why Citi would be doing this, but I know it is standard to have ACH 3rd party $ daily limits.

 

I believe the limit was a lot higher than 2K. Did they recently change the limit?

 

I think it's pretty standard to have a limit somewhere between $2-2.5K

 

limit was 10k dropped down to 2k.

and no, it was not posted by roubini but in the comments section. Roubini is far too measured to post something like that.

Ok. 'nuff said. I label this a non-event.

 

This is no different from daily ATM withdrawal limits, and that has beena round for over a decade.

 

I agree, nothing to be concerned about...this isn't to prevent any "bank runs" or anything...

just everyday run of the mill SOP kinda stuff.