Has your bank/CU sent letters changing "availability of funds" policy?

[dixiegrrrrl]

Here is why I am asking:

Citibank sent a now infamous notice that their bank customers "may" have to ask, in writing, 7 days in advance of getting any money out of their checking accounts, effective April 1.
Then it was reported other "big" banks are doing the same.

This month my local bank says it may hold "some" deposits, on a "case by case basis" for up to 10 days.

then a DU credit union member said:
his credit union reserves the right to hold funds if "a state of emergency exists in the locality the check originated from."
:wtf:
link to that thread: reply # 7.
http://www.democraticunderground.com/discuss/duboard.php?az=view_all&address=114x76923

I want to see if there is a pattern going on.
Anyone gotten notice of changes of fund availability from bank/CU?
Any unusual "conditions" to getting funds?
And could you please identify the state or city this is happening in?


edit for clarity

[meegbear]

1. Why no. No they haven't.

[NightWatcher]

2. almost finished switching everything from BoA to Navy Fed

I dont see Navy Fed screwing with it's peeps.

[TK421]

3. First I've heard of this...must be insanely illegal

Withdraw all of your money now, and see how they react ;-)

[HopeHoops]

4. I don't have enough funds to worry about whether or not they're available.

[LeftyMom]

5. no

[Warpy]

6. No, but it's been an established practice by some banks

to hold deposits for 10 days if the check comes from a non par out of state bank. They want to make sure the check clears and funds have been transferred before they let you write checks against it.

This is pretty silly since they no longer have to shift the physical check across the country to get payment, it's done electronically long before the check finds its way to the drawee bank to go out with the statement.

If they're sending letters out now, it's because Bank Failure Friday might be about to get more serious.

[dixiegrrrrl]

8. Parts of the hold letter has been standard, yes, but.

in the middle of the verbiage is the change.
My bank's change is " on a case by case basis".
That had not been in the deposit rules.
In the Credit Union Member letter, the line about a "state of emergency" was new.

In the Citibank letter, they changed the whole idea of checking accounts being demand accounts,
made them more like mutual fund accounts.
Hell, even money market funds are supposed to be demand accounts,but those were changed to
"maybe" status a few months ago.

I am seeing a pattern.

[Warpy]

9. Right, that "emergency" is why I cited Bank Failure Friday

as a possible cause for sending out an alarming sort of letter like that.

After all, Bank Failure Friday might be coming to a bank or credit union near you. One of my banks failed a few weeks ago, one I had a small CD in left over from my days of living (poorly) on meager RN savings. The bank was sold by the following Monday, but still...

[no_hypocrisy]

7. Would that mean that if I want to pay a bill I have to deposit cash a week ahead of time along

with a letter of intent to withdraw those funds 7 days later? Jesus!