Results 1 to 7 of 7

Thread: Citibank imposes new limits on interbank transfers ...

  1. #1
    Banned Melonie's Avatar
    Joined
    Jul 2002
    Location
    way south of the border
    Posts
    25,932
    Thanks
    612
    Thanked 10,563 Times in 4,646 Posts
    Blog Entries
    3
    My Mood
    Cynical

    Default Citibank imposes new limits on interbank transfers ...

    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


    What are these guys getting ready for ?

  2. #2
    Banned Melonie's Avatar
    Joined
    Jul 2002
    Location
    way south of the border
    Posts
    25,932
    Thanks
    612
    Thanked 10,563 Times in 4,646 Posts
    Blog Entries
    3
    My Mood
    Cynical

    Default Re: Citibank imposes new limits on interbank transfers ...

    ^^^ I am bumping this because I cannot believe that some of you haven't absorbed the potential impact of this change in policy. It basically means that anybody who has a large account with Citi for savings / money market / retirement / investment can only get their hands on $2,000 per day of their own money via withdrawls - with total withdrawls of their own money being limited to $10,000 per MONTH !

    This is exactly the same sort of withdrawl limitations that the flaky hedge funds started to enact a couple of months before they went bankrupt.

    I also suspect that if anybody wants to go digging, that the other 'investment banks' have also been posturing themselves to similarly limit account holder cash withdrawls.

  3. #3
    Featured Member Vamp's Avatar
    Joined
    Jul 2004
    Location
    Missouri
    Posts
    1,111
    Thanks
    271
    Thanked 757 Times in 289 Posts

    Default Re: Citibank imposes new limits on interbank transfers ...

    Inter Institution Transfers are recurring wire transfers that are done solely online thru an online "account". These types of transfers of course are going to have small limits because of the fact they are done online.

    If you go to Citibanks website they have regular wire transfers that you can do without a limit on the amount transferred if you go to a local branch. Why? Because they verify ID and the other account that is outside their institution. The larger the transfer the more clearance it needs. A wire transfer over $50,000 needs to be cleared by various sources in both financial institutions; not only because of fraud but also to eliminate errors.

    https://web.da-us.citibank.com/cgi-b...seBVCookie=yes

    This isn't limiting withdrawals in general.

    Wire transfers have been subject to fraud as well. I can understand why there is a limit if you are only doing these types of transfers online.

    Not to mention the fact that more and more IRA rollovers to another financial institution are now processed with cashier checks. The paperwork is the main reason for this. People come in with the wrong account information or wrong documentation very often. It is easier to open a new IRA and deposit a check then wait for a wire transfer.
    Nature knows no indecencies; man invents them. ~ Mark Twain


  4. #4
    Banned Melonie's Avatar
    Joined
    Jul 2002
    Location
    way south of the border
    Posts
    25,932
    Thanks
    612
    Thanked 10,563 Times in 4,646 Posts
    Blog Entries
    3
    My Mood
    Cynical

    Default Re: Citibank imposes new limits on interbank transfers ...

    ^^^ true on the face of it, and from the viewpoint of a 'small time' American depositor / investor. However, this takes on an entirely different implication when viewed by a Belgian Dentist ! Limiting interbank wire transfer amounts is tantamount to imposing Capital Controls ... and implies that Citi is preparing itself against a 'run' by foreign account holders.

  5. #5
    Featured Member Vamp's Avatar
    Joined
    Jul 2004
    Location
    Missouri
    Posts
    1,111
    Thanks
    271
    Thanked 757 Times in 289 Posts

    Default Re: Citibank imposes new limits on interbank transfers ...

    I am sorry Melonie I disagree on this one....

    Another comparison chart shows that if you are a Citi Gold Client which i doubt is "small time" there are not limits on transfers.

    https://web.da-us.citibank.com/popup...seBVCookie=yes

    The other aspect in play is the fact that what you are talking about is private banking clients. Clients with accounts totaling a million dollars or more. The information about those services are not generally found online.

    Investment accounts have had limits on dollar amount transfers.

    I really do not see this as anything new.
    Nature knows no indecencies; man invents them. ~ Mark Twain


  6. #6
    Featured Member
    Joined
    Nov 2006
    Posts
    950
    Thanks
    1
    Thanked 651 Times in 272 Posts

    Default Re: Citibank imposes new limits on interbank transfers ...

    Citi now, who is next?..

  7. #7
    Banned Melonie's Avatar
    Joined
    Jul 2002
    Location
    way south of the border
    Posts
    25,932
    Thanks
    612
    Thanked 10,563 Times in 4,646 Posts
    Blog Entries
    3
    My Mood
    Cynical

    Default Re: Citibank imposes new limits on interbank transfers ...

    ^^^ as I posted in a different thread, Morgan Stanley and Goldman Sachs have even higher exposure to 'subprime' CDO defaults than Citibank.


    The other aspect in play is the fact that what you are talking about is private banking clients. Clients with accounts totaling a million dollars or more. The information about those services are not generally found online.
    I agree that you're probably correct in this regard ... thinking back to all of the 'private banking client' foreign bank branch transfers / caribbean island transfers etc. that Citi was under investigation for a while back.

Similar Threads

  1. Replies: 7
    Last Post: 04-15-2010, 03:20 AM
  2. Replies: 24
    Last Post: 11-13-2009, 08:14 PM
  3. Tough times at Citibank :)
    By person in forum Dollar Den
    Replies: 3
    Last Post: 04-25-2008, 05:13 AM
  4. Citibank Death Pool
    By Deogol in forum Dollar Den
    Replies: 52
    Last Post: 12-02-2007, 06:00 PM
  5. Citibank esavings
    By Star_bare_elegance in forum Dollar Den
    Replies: 0
    Last Post: 05-23-2007, 10:36 AM

Bookmarks

Posting Permissions

  • You may not post new threads
  • You may not post replies
  • You may not post attachments
  • You may not edit your posts
  •