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 ?





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 ?





^^^ 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.




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





^^^ 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.




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




Citi now, who is next?..





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