This link was emailed to me:

http://www.prisonplanet.com/citigroup-warns-customers-it-may-refuse-to-allow-withdrawals.html 

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A new advisory being sent by America’s 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.

...“We reserve the right to require seven (7) days advance notice before permitting a withdrawal from all checking, savings and money market accounts..."

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That was the Cliffnotes cut/paste version.

If it gets this bad money means nothing, and ammo is going to be worth more then gold.

time to stock-up...

Anybody have a credible, mainstream cite for this?

There must be something more to it if it is true. The Fed requires banks to keep mandatory minimum liquid assets in order to be able to meet customer withdrawal. Withholding customer withdrawal is not part of the way things work.

If something major like this is going on that requires demand deposit withdrwal limitations, then the problem is likely MUCH bigger than Citibank.

My Google search isn't coming up with much more than a few chat rooms claiming it to be the case...

Hey Robert, cannot get more credible than their own document:

Open page 22 of their Client Manual PDF and read the right column Sections: Withdrawal Refusals & Withdrawal Notice.

https://online.citibank.com/JRS/popups/ao/Client_Manual_20091228.pdf 

"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."

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Took me a long time to find it. I HATE reading bank documents!

Anyhow, the OP's quote, which he received from someone else was, was incomplete. The right is only reserved, is not being exercised and never has been!

I think that this paragraph could be used by the bank to prevent a "run". The Fed's regulation of bank deposits and liquidity is very tight. Nevertheless, should something terrible happen, the bank may require this- to preserve order...

“And the rich get richer and the poor get poorer – that comes naturally.”

Of if brevity is your thing - BOHICA

Bow to your corporate masters.

Repeat after me: Obama is the mindless puppet of George Soros and has exacerbated the global economic crisis!

gold is the only hard currency.

USD being flushed down the poop chute.

but don't worry about it........it all worked out fine when the Weimar Republic did it before us.

Dollar recently hit an 8 month high.

^^true, but only cuz EUR is diving due to Greece fraud. Race to the bottom.

The IMF is going to bail out Greece.

yep. bailout after bailout = printing money.

at some point, all that printing of ink on worthless paper comes home to roost.

The IMF does not print money.

The Euro is finished!

A secretive group of Wall Street hedge fund bosses are said to be behind a plot to cash in on the decline of the euro.

Representatives of George Soros's investment business were among an all-star line up of Wall Street investors at an 'ideas dinner' at a private townhouse in Manhattan, according to reports.

A spokesman for Soros Fund Management said the legendary investor did not attend the dinner on February 8, but did not deny that his firm was represented.

At the dinner, the speculators are said to have argued that the euro is likely to plunge in value to parity with the dollar.

The single currency has been under enormous pressure because of Greece's debt crisis, plus financial worries in Portugal, Italy, Spain and Ireland.

Mr Soros, who made more than $1billion by currency speculation when the pound was ejected from the Exchange Rate Mechanism on Black Wednesday in 1992, believes the structure of the euro is 'patently flawed'.

He said: 'Makeshift assistance should be enough for Greece, but that leaves Spain, Italy, Portugal and Ireland.

'Together they constitute too large a portion of euroland to be helped in this way.'

dailymail

^Without a central bank it's doomed. That's why the UK wouldn't join in the fun. As bad as it is here the economy is a lot worse over there.

NEW YORK (MarketWatch) -- The euro will fall more than previously expected over the next year as the financial issues in so-called peripheral countries will weigh on the shared currency, strategists at RBC Capital Markets said Tuesday.

"We are revising our forecasts for the euro lower this month on all crosses, leaving it the single worst-performing currency we forecast on a 12-month view," said RBC analysts led by Adam Cole, head of foreign-exchange strategy at the firm.

Greece braces for tough times

The euro will trade near $1.37 by the end of the second quarter, RBC said in a note. That's down from a previous forecast that it would trade at $1.45. And, further out, the euro will fall to $1.29 by the first quarter of 2011, RBC said. The previous forecast was for it to retreat only to $1.34.

Euro plunges on doubts over Greece aid

21:30 GMT: Worries that the eurozone sovereign debt crisis was spiralling out of control rattled markets on Wednesday, causing the euro to plunge as investors pared risky bets.

“There appears to be an accelerated and impending sense of doom about the status of the euro,” said

The dollar rallied, while commodities and stocks stumbled, as traders became increasingly frustrated by the still-unresolved Greek debt crisis and after Fitch downgraded Portugal’s sovereign debt, reminding investors of the breadth of fiscal woes.

The US was no exception to the sovereign debt concerns. Treasury bonds sold off to a nine-month low as the yield on US 10-year debt rose above the money-market swap yield for the first time.

“With high persistent deficits expected to remain, investors have rightly become more concerned about long-term sovereign risks,” said Michael Pond, interest-rate strategist at Barclays Capital. “The Treasury-swap spread going negative reminds markets to never say never.”

The FTSE All-World equity index fell 0.8 per cent.

The euro came under heavy selling pressure as investors remained sceptical about whether a cast-iron guarantee to aid Greece had been agreed within the eurozone. Worries that any bail-out may require help from the International Monetary Fund has served to highlight the schisms within the bloc and left some analysts to question whether the eurozone project is sufficiently robust to solve its problems in-house.

Not even stronger-than-expected German manufacturing and business sentiment reports could stop the single currency dropping to a new low versus the Swiss franc and the Australian dollar. It hit a fresh 10-month trough against the US dollar of $1.3318 late in the day, off 1.3 per cent.

ft.com