Any bankers out there know what this means?

drsteph · Nov 15, 2007

Lifted off a comment of the RGE monitor:

Citibank restricts outgoing wire transfers to $2000 per day?

Is this relevant or surprising to anyone else?

https://web.da-us.citibank.com/tandcFiles/printable_cashedge.htm

atticus · Nov 15, 2007

No. It's an inter-bank ACH transfer. It's nothing at all to do with in/outbound ABA wires. It's a service by which you may transfer [for little or no charge] from your account at Citi to your account at Chase. It's not a wire.

FWIW, HSBC has had similar $-limits for many years.

drsteph · Nov 15, 2007

thank you, suspected it was inconsequential but you see how wired everyone is?

atticus · Nov 15, 2007

Pathetic that Roubini would post that, or was it in blog-comments?

Reaver · Nov 15, 2007

Quote from atticus:

No. It's an inter-bank ACH transfer. It's nothing at all to do with in/outbound ABA wires. It's a service by which you may transfer [for little or no charge] from your account at Citi to your account at Chase. It's not a wire.

FWIW, HSBC has had similar $-limits for many years.

Yeah with ACH transfers (automated clearinghouse) it is fairly standard to have a set amount as a maximum....mostly for security purposes...usually this can be overridden with some sort of written authorization....

Not sure exactly why Citi would be doing this, but I know it is standard to have ACH 3rd party $ daily limits.

yip1997 · Nov 15, 2007

I believe the limit was a lot higher than 2K. Did they recently change the limit?

Reaver · Nov 15, 2007

Quote from yip1997:

I believe the limit was a lot higher than 2K. Did they recently change the limit?

I think it's pretty standard to have a limit somewhere between $2-2.5K

drsteph · Nov 16, 2007

limit was 10k dropped down to 2k.

and no, it was not posted by roubini but in the comments section. Roubini is far too measured to post something like that.

Ok. 'nuff said. I label this a non-event.

Hydroblunt · Nov 16, 2007

This is no different from daily ATM withdrawal limits, and that has beena round for over a decade.

Reaver · Nov 16, 2007

Quote from Hydroblunt:

This is no different from daily ATM withdrawal limits, and that has beena round for over a decade.

I agree, nothing to be concerned about...this isn't to prevent any "bank runs" or anything...

just everyday run of the mill SOP kinda stuff.