Remember the lines when IndyMac failed? Things could get a bit more dicey if the next round breaks... It always rings true: How do you make a bank fail? Get everybody to withdraw their money all at once... I've got a good-sized list of banks I'll never do business with in any account/card fashion. Unless I have to cash a check there and get a $ fee slapped for it...
In a fractional reserve banking system, the system is made so there is not enough cash to back up all claims. It's what allows banks to make free money out of thin air. Worldwide, there is no banking system that could withstand a run on the bank. That's why central banks exist. They print cash to back up the smoke and mirrors every few years when there is an economic slowdown. Many people have finally realized this fact in the past 2 years. That's why gold is so much more expensive. Many wealthy individuals and institutions are holding much more cash in reserve these days. The 600 trillion derivatives market has become a nuclear bomb over the financial system, put in place by the globalists, as a last resort during a threat to the system. It appears they used it in 2008.
A change in Money Market rules occured at the beginning of February 2010. Specifically, "Suspension of Redemption". The link is a recap of the adopted SEC rule changes http://www.mondaq.com/unitedstates/article.asp?articleid=93336 Money Market Funds = Suspension of redemption Citi = Suspension of Withdrawal Greece = Limited cash transactions It is a worldwide assault on access and use of personally acquired fiat money. Now is not the time to come down with ADD.
http://www.businessinsider.com/citigroup-warns-customers-it-may-refuse-to-allow-withdrawals-2010-2 Has anyone seen a similar notice from other banks?
if you bank with CITI, you deserve to get what follows. DO NOT CRY AND ASK FOR TAXPAYERS TO SAVE YOU! Citi and BAC are in more trouble than most understand. Do some research for those of you who are in the "FINANCIAL WORLD"....lol. The rest, just move your money. Dubai and the Commerical RE debt are the two key things to look into. Bye Bye CITI.......BAC may follow. Of course, most in American live by the Now now now rule...this isn't gona happen over night. It will take a year or two...nevertheless.....most of my friends closed their accounts at CITI and BAC last year....moved their net worth savings and investments over to Local and Strong Regional banks...with no exposure to DUBAI or EUROLAND and limited exposure to Global and National Commerical RE. Gee, and people make fun of these people in Texas.
UPDATE: According to Stoll, Citi issued a statement saying that it has been required to make this change by Federal regulations--and it no longer sounds like it's limited to Texas: Update: 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." ____________________________________________________ Uh huuu....sure.
You mean you are having a hard time believing a large bank is not planning for the future? Not hard to believe considering the past 3 years. I believe they are not planning on using it, even though they will use it.
There's so much problems with this clause its not even funny. Some how, now they think they are our overlords and they would determine if they would release OUR money back to us for our own essential NEEDS. ex.. Got a broken car, sorry you're going without a car for the next week. Bank has to determine if the mechanic is overcharging you. Leaking water pipes, sorry you can't fix your shitty pipes, you are low on your mortgage balance, so if you fix your pipes; you would have trouble paying this months mortgage. What good is a bank, if you can't get your money when you need it? Maybe this stupidity would be a global problem instead of just a U.S. problem. These 2 examples seems like an exaggeration, but mark my words slowly but surely they are moving towards that direction.