Wednesday, February 24, 2010

Calling All Chumps!

It's America Saves Week - Put your money in the banks!

"As families across the country are struggling to cope with rising unemployment, tighter credit and strained budgets, financial security is more important than ever. This is a critical time to encourage your employees, members, customers and others to reduce consumer debt and save money. You may be doing this already; we invite you to do even more by joining the America Saves campaign as a partner and participating in America Saves Week, February 21 - 28, 2010"

Citibank Disclosure Says Customers Must Provide 7 Days Notice to Make Withdrawal

"Imagine that you drive up to your bank’s ATM machine hoping to take out some cash, only for it to provide you an error telling you to come back in a week because you must give 7 days’ notice to make a withdrawal. Although the scenario sounds unrealistic, that’s exactly what Citibank’s (NYSE: C) account disclosure allows the bank to do."

Bank Run - from Wikipedia - "A bank run (also known as a run on the bank) occurs when a large number of bank customers withdraw their deposits because they believe the bank is, or might become, insolvent."


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