Citibank limits ATM cash in city

[RobertB]

Citibank limits ATM cash in city

BY KERRY BURKE and LARRY McSHANE
DAILY NEWS STAFF WRITERS

Thursday, January 3rd 2008, 4:00 AM

A jump in ATM fraud led Citibank to slash the maximum amount of cash available to customers from their accounts - a security move greeted warily Wednesday by its patrons.

The new cap on cash kicked out by the company's ATMs began in mid-December after what Citibank called "isolated fraudulent activity" around the city.

The bank, with 134 branches around town, would not say how many customers were affected or how much money was involved.

One Brooklyn woman said she went to her bank branch on Christmas Eve and was unable to take out her normal cash limit, so she called customer assistance.

"She told me customer accounts had been hacked into through cash machines around the city," the woman said.

http://www.nydailynews.com/money/2008/01/03/2008-01-03_citibank_limits_atm_cash_in_city-2.html

[jds6958]

Citibank limits ATM cash in city

BY KERRY BURKE and LARRY McSHANE
DAILY NEWS STAFF WRITERS

Thursday, January 3rd 2008, 4:00 AM

A jump in ATM fraud led Citibank to slash the maximum amount of cash available to customers from their accounts - a security move greeted warily Wednesday by its patrons.

The new cap on cash kicked out by the company's ATMs began in mid-December after what Citibank called "isolated fraudulent activity" around the city.

The bank, with 134 branches around town, would not say how many customers were affected or how much money was involved.

One Brooklyn woman said she went to her bank branch on Christmas Eve and was unable to take out her normal cash limit, so she called customer assistance.

"She told me customer accounts had been hacked into through cash machines around the city," the woman said.

http://www.nydailynews.com/money/2008/01/03/2008-01-03_citibank_limits_atm_cash_in_city-2.html

"It's our money. We should be able to take out any amount we want, when we want."

Although the comment was not spawned by an economy crisis these words will become more and more common...

[Issachar]

"It's your account and your money," said Mari Lopez, 22, a Manhattan student.

...

"If they made the ATMs more secure, we wouldn't have to worry," she said. "It's our money. We should be able to take out any amount we want, when we want." Are there still folks that believe their money is in the bank just because that is where they put it? Understandable I guess ... they surely won't learn the truth in any government school.

Issachar

[James]

I was thinking more along the lines of should the economy crash down the road, PARANOID customers cannot run the banks dry should they decide to withdraw all their money.

[RobertB]

Are there still folks that believe their money is in the bank just because that is where they put it? Understandable I guess ... they surely won't learn the truth in any government school.
Issachar

Well, something like 17 per cent of it is, or whatever the reserve requirement is. I just felt like the ATM gambit might be an excuse, for just what you mentioned. That is, Citi has lost a lot of money in the subprime debacle, and perhaps they want to slow down withdrawals a bit. The ATM might be some type of crutch. It will be interesting to see if some other banks come up with money withdrawal difficulties.

[heybales219]

It seems to me like every bank account I've ever had had a daily limit on cash withdrawals from ATMs. I'm fairly certain BofA did, I had PNC Bank too and I want to say they did as well. Don't have as much cash on hand now due to excessive spending so not sure what the current bank's limit is!

[Biblenuggetlady]

Does the limit only apply at Citibank ATM's, or all Citibank customers at ANY ATM? If it is a limit on all Citibank customers it'll work, but if only at Citibank ATM's, then customers/fraudulant users can just go to a non-Citibank ATM....doesn't fix the problem. :scratch

[RobertB]

Does the limit only apply at Citibank ATM's, or all Citibank customers at ANY ATM? If it is a limit on all Citibank customers it'll work, but if only at Citibank ATM's, then customers/fraudulant users can just go to a non-Citibank ATM....doesn't fix the problem. :scratch
That is why I was wondering if the excuse might be contrived.

[Foamball]

My RBC bank's ATM is limited to $600 for cash withdrawals. :idunno

[Issachar]

Well, something like 17 per cent of it is, or whatever the reserve requirement is. Technically it is 10% but many banks are down to under 5%.

Issachar