CITI Bank Implementing Withdrawal Limits and Restrictions on YOUR Money

This is in the SMALL PRINT of CITI Bank

Thought you may find this interesting. As always the devil is in the details.

This change is effective November 17, 2007 with CitiBank.
https://web.da-us.citibank.com/tandcFiles/printable_cashedge...

"THE AGREEMENT SETS FORTH THE TERMS AND CONDITIONS UNDER WHICH YOU MAY FROM TIME TO TIME REQUEST A TRANSFER OF FUNDS IN YOUR CITIBANK ACCOUNT(S) TO AN ACCOUNT YOU OWN AT ANOTHER FINANCIAL INSTITUTION OR A
TRANSFER FROM THAT ACCOUNT TO YOUR CITIBANK ACCOUNT. THESE TERMS AND CONDITIONS AFFECT YOUR RIGHTS AND YOU SHOULD READ THEM CAREFULLY . ...

Types of IIT Transfers
Standard. Funds are credited to my account within 3 Business Days. For Standard transfers, the Business Day on which a request for a transfer is made begins at 1:00 a.m. Eastern Time ("ET") and ends at 1:00 a.m. ET of the following Business Day. (Example: If Monday and Tuesday are both Business Days, I can make a "Monday" request up until 1:00 a.m. ET on Tuesday morning.)

Next Day. Funds are credited to your account on the next Business Day, if I request the transfer by 3:00 p.m. ET on a Business Day. This type of request is subject to the following conditions:

(1) in order to request an INCOMING Next Day Transfer: (a) the
available balance in my Eligible Citibank Account must be at least
$500; and (b) I have successfully completed an incoming standard
transfer from the same Verified Account in an amount of at least $500 at least 20 calendar days prior to requesting the Next Day Transfer.

(2) in order to request an OUTGOING Next Day Transfer, the available balance in my Eligible Citibank Account must exceed the amount of the requested transfer by at least $500.

Limits on IIT Transfers

Type of Limit Standard Transfers Next Day Transfers

Incoming Daily $100,000 $1,000
Monthly* $100,000 $2,500

Outgoing Daily $2,000 $1,000
Monthly* $10,000 $2,500

*For purposes of the "monthly" transfer limits, a month means the
thirty (30) calendar days immediately prior to the date on which an
Inter Institution Transfer (IIT) request is executed ( i.e.,
originated) by Citibank.
...
We may permit transfers in excess of these limits from time to time,
based on our loss experience, security issues and other factors. We
also may deny or limit specific transfers if we have any reason to
question the authorization for, or security of, the transaction. "

If I read that correctly it would take 150 months to get $1.5M out of
CitiBank and into IB unless they permitted a larger transfer. After
all CitiBank has title to the funds and the depositor has loaned the
funds to the bank and both agreed by contract to the terms.

This is effective October 12, 2007 at Wachovia.
http://www.wachovia.com/personal/online_services/disclosure/...

Currently, it appears Wachovia has not implemented similar
restrictions on transfers. I'd say to call them but they seem fairly
uninformed about their own bank's actions.

"Growth was partially offset by a $40 million valuation loss related
to the purchase of certain asset-backed commercial paper investments
from Evergreen money market funds."

Found near the bottom in the "Capital Management" section at
http://www.wachovia.com/inside