Citibank is now limiting ATM withdrawals in New York City, blaming it on “isolated fraudulent activity.” If the fraudulent activity is isolated, why punish all your clients in a given region? This is certainly causing distress among New Yorkers because of the high cost of living in that city. Why not simply increase security on the ATMs? It looks an awful lot like Citibank is experimenting with rationing their cash outflows.Read the full article here.
Where's your money? Many banks who invested in the subprime market are having liquidity problems. Tip of the iceberg?
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