“Citigroup Warns Customers It May Refuse To Allow Withdrawals”

19 February 2010: Citigroup Warns Customers It May Refuse To Allow Withdrawals

The image of banks locking their doors to keep customers from making withdrawals during a bank run is what immediately came to mind when we heard that Citigroup was telling customers it has the right to prevent any withdrawals from checking accounts for seven days.

“Effective April 1, 2010, we reserve the right to require (7) days advance notice before permitting a withdrawal from all checking accounts. While we do not currently exercise this right and have not exercised it in the past, we are required by law to notify you of this change,” Citigroup said on statements received by customers all over the country. 

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.

“Whatever the explanation, it doesn’t exactly inspire confidence in Citi,” Stoll writes.  “But it’s hard to believe a bank would be sending out a notice like that on its statements.”

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Comments: What’s going on in above article? 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.

“Whatever the explanation, it doesn’t exactly inspire confidence in Citi,” Stoll writes.  “But it’s hard to believe a bank would be sending out a notice like that on its statements.”

Riiiight.  Just toying with their prey, all of us who they have bent over the barrel of their perverted economic system and funny money. Buck up or butter up Prabhus.  Here it comes their payday right where your sun don’t shine.

Withdraw your money before it is to late.  Then open your own bank.  In a discrete place on your property, or under your bed if nothing else.  If you are locked into some kind of auto billing crap, then only keep enough cash in the bank to cover the bills for that month.  Don’t say you weren’t warned.

Prabhupada: Whatever little money I’ve got, I don’t want to keep in the bank. I want to convert it and purchase paper , print book. Then these rascals will never be able to take anything from us. (Conversations : 1976 Conversations : November, 1976 : Room Conversation — November 3, 1976, Vrndavana 761103r2.vrn)

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Then these rascals will never be able to take anything from us

Prabhupada: Formerly the standard of richness was considered how many morai, the bank, what is called? Where grain is stocked? Silo. So in India it is called morai, grain stock. And how many cows one has got in stock. Then he is rich man. Nowadays how much paper money he has got. Actually it has no value. Suppose you have got some papers. Each paper it is written there “one thousand dollars.” But if there is no grain, what will this one-thousand-dollars paper will do? It actually so happened in the last war in Germany. Their money was thrown in the street. Nobody cared to take it, because it has no exchange. So long the paper money you can exchange, there is value. Otherwise it is paper only. But if you have got actual commodity—grains and cows—then you can eat in any circumstances. Never mind war is going on; you don’t care. You get sufficient food. What you will do with the paper money ? So this paper currency is useless. If the things are going on nicely it has value, but in times of crisis it has no value. (Srimad-Bhagavatam 5.5.3 — Vrndavana, October 25, 1976)

In America the banks canvass, “Borrow money from us, purchase a motorcar, purchase a house, and as soon as you get your salary, give it to us.” Or they offer, “Take this bank card.” It should be known as a bankrupt card. If you take the card and deposit your money in the bank, then you can purchase whatever you like with the card. But soon you are without any money, and all you have left is that card. (Narada Bhakti Sutra: Escaping the Clutches of Harmful Desires)

Prabhupada: Money is not required. You require things. Just like instead of money , you are getting papers. Money means gold. Where is gold? You are cheated. Money means gold. So instead of possessing gold, you are possessing some paper , written there, “hundred dollars.” And you are such a fool, you are satisfied. You are being cheated. Bank’s check and currency notes, you keep it in your…, “Oh, here is my money .” Is that money ? Just see. (Conversations : 1975 Conversations : October, 1975 : Morning Walk — October 16, 1975, Johannesburg : 751016mw.joh)

Prabhupada: But, they have lost all gold. There is no gold, simply paper . That’s all. Simply blessing, “Yes, you’ll get money.” But you’ll never get. In the bank also, any amount of gold you can purchase. Bank was canvassing that “You take gold from us.” I do not know where those gold gone. Nowhere, all over the world, you cannot purchase gold. Even in America. (Conversations : 1973 Conversations : July, 1973 : Room Conversation with David Wynne, Sculptor — July 9, 1973, London : 730709rc.lon)

Prabhupada: Formerly in the currency, when you go to take some exchange, it was the etiquette of the teller to ask you, “What you want, silver money , gold money or paper money?” It was their duty. If you say “I want gold money ,” they will pay in gold money . Not only it is written in the paper , “I promise to pay,” but the promise was kept. If he wants, “Give me payment in gold,” they will pay. And now, to keep gold, hoarding gold, is illegal. So you cannot ask. This is going on, legalized cheating. You have to accept this paper money . That’s all. Don’t ask for gold. And there is no honesty at all. I can take paper money for my convenience sake, but how you can force me to take paper money ? That is not honesty. So dishonesty begins from the government. You cannot keep gold. If you have kept gold, there will be searching, and if it is found that you have gold, you’ll be punished. In India it is now being done. There is no freedom even at your home, in your private life. Formerly, any common man could keep gold according to his desire. There was no such thing. Sometimes he would hide it even within the ground, because there was no bank . At least in India this was the practice. If you have got some gold, you keep it somewhere confidential within the ground so that it may not be stolen. So everyone should have right to keep his money as he likes. Why government should interfere? Therefore you see the Bhagavatam, rajanya-dasyu-dharma? The government men will be like rogues and thieves. By law they will take away. It is now going on in India. I think here it is also? You cannot keep gold. Why I cannot keep gold? If I have secured gold, I can keep it. I want gold. You write, “I promise to pay,” so there must be gold coins. I must have. So many difficulties will come in the kingdom of maya gradually. It is already come. The eight items… What are those items? (Conversations : 1976 Conversations : June, 1976 : Garden Conversation — June 28, 1976, New Vrindaban : 760628gc.nv)

Prabhupada: Farmers’ policy is if they have got money , they purchase land. Therefore they are making ceiling. The whole policy is not so good. Farmers, as soon as they get some money , they want to invest the land but the ceiling…, so they cannot invest money in the land; they give to the bank . And as soon as you keep money in the bank it will decrease the value. This is… Money is decreased, value of all over the world. Because it is not money actually; it is paper, cheating. Real money is gold. But they will now allow to keep the gold. The whole policy is vicious. If I purchase gold with five lakhs of rupees, then it is real money , and after five years I can sell it ten lakhs. That they will not allow. Therefore I… My policy is that whatever money is there, spend. Don’t keep. In land and produce food. That is the best use of. All buildings, government, there is no need of. And instead of keeping money and take interest, you print books. That is also good. You can sell. Or you purchase land for producing food. (Conversations : 1976 Conversations : August, 1976 : Room Conversation About Mayapura Construction — August 19, 1976, Hyderabad : 760819rc.hyd)

Prabhupada: Whatever little money I’ve got, I don’t want to keep in the bank. I want to convert it and purchase paper , print book. Then these rascals will never be able to take anything from us. (Conversations : 1976 Conversations : November, 1976 : Room Conversation — November 3, 1976, Vrndavana 761103r2.vrn)