coming bank holiday?

[targus]

What about the person who has direct deposit. Would they be required to wait to pay their bills? If so, this could be a gigantic problem!

"(b) Electronic payments— (1) In general. A bank shall make funds received for deposit in an account by an electronic payment available for withdrawal not later than the business day after the banking day on which the bank received the electronic payment."

This whole thread is a non-issue.

 

[Jon-Marc]

meh, I don't use Citibank

Same here. I have been with a federal credit union since 1974. There are no fees for anything I do--except for the cost of buying checks and a fee for bounced checks.

 

[billwald]

If every bank had to operate under credit union rules there would be NO banking problem. Anyway, better to get screwed by friends and neighbors than by strangers.

 

[targus]

If every bank had to operate under credit union rules there would be NO banking problem. Anyway, better to get screwed by friends and neighbors than by strangers.

I'm still trying to figure out where you got this "bank holiday" scare from the OP.

 

[billwald]

By definition. CITI is claiming the authority to declare a bank holiday on its customers.

 

[targus]

By definition. CITI is claiming the authority to declare a bank holiday on its customers.

No, it is not.

The bank is complying with regulations that state that it is required to notify customers of a certain type of checking account that funds deposited may be held for seven days before allowing disbursement.

This seven day hold does not include deposits of cash or deposits made by electronic transfer.

This is a non-issue.

All banks have a hold period on funds deposited to allow time for the funds to clear.

Most banks don't want to allow you to draw funds from your account against checks that you have deposited but that have not cleared because the bank doesn't want to have given you the money for a check deposited that has the possibilty of being a bad check.

What is so hard to understand here?

 

[KenH]

I doubt there will be any massive bank runs or a bank holiday. Our currency will simply be massively devalued.

 

[billwald]

KenH - I agree that is the logical tack for our owners to take. That way they can blame the Chinese, OPEC, whomever is handy.