Citigroup Has Warned Customers It May Refuse To Allow Withdrawals!
Monetary historian Mike Maloney has some advice on how to prepare for the future.
Hey guys– Open Your Eyes!
Citigroup Has Warned Customers It May Refuse To Allow Withdrawals!
Business Insider – 2/19/2010
“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 situation are they expecting to precipitate enforcing that rule? My guess is that they are getting ready for the possibility of a huge bank run. It could be that when the public finally realizes that their buying power is being reduced by the runaway printing presses in D.C., or if there is any form of political or financial instability, they may want to get their money out of the banks and into a hole in their back yard — and FAST!
Recently I posed this question to Mike Maloney, a monetary historian who is also “Rich Dad” Robert Kiyosaki’s precious metals advisor.
To find out more about investing in precious metals, go to Mike Maloney’s GOLDSILVER.com
Now here’s some legal stuff:
I’m an affiliate of GoldSilver.com, and I’m also one of their customers. If you buy from those sites, I’ll make money (Yay!). And if you act on anything I’ve written or said, you do it at your own risk, because even though I’m strongly opinionated, I’m not an investment advisor.
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