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Transfer Limits Have Potential To Block Run On Bank
Author: Jim Sinclair
Dear Friends,Although you should read the entire agreement to put the following in context, it speaks for itself. Most funds coming in and out of banks today go by ITT bank wire system. The funds, when confirmed as received, are immediately good money. This clearly restricts such transfers in my opinion. Up to now bank wires have never had a limit in or out of a major institution.
Next Day. Funds are credited to your account on the next Business Day, if I request the transfer by 3:00 p.m. ET on a Business Day. This type of request is subject to the following conditions:(1) in order to request an INCOMING Next Day Transfer: (a) the available balance in my Eligible Citibank Account must be at least $500; and (b) I have successfully completed an incoming standard transfer from the same Verified Account in an amount of at least $500 at least 20 calendar days prior to requesting the Next Day Transfer.(2) in order to request an OUTGOING Next Day Transfer, the available balance in my Eligible Citibank Account must exceed the amount of the requested transfer by at least $500.
Limits on IIT Transfers
Type of Limit Standard Transfers Next Day Transfers
Standard TransferS Next Day Transfers
Daily $100,000 $1,000
Monthly* $100,000 $2,500
Standard Transfers Next Day Transfers
Daily $2,000 $1,000
Monthly* $10,000 $2,500
Without relying on the above account agreement, or the above institution, my read on this is to put in place a tool to prevent an electronic run on an institution such as the one which recently occurred in Great Britain. If you have $1,000,000 in such an account and such an agreement governs it, it would take you 100 months to withdraw the funds.
Such an agreement would, in my opinion but not referring to the above bank, never be put in place unless there was a suspicion that such a run in the bank could occur.
I have a question for you. Have you taken the steps I have suggested to increase the barriers between you and the events occurring in this unprecedented time in the foundation of our financial system in the form of a MELTDOWN IN FINANCIAL ASSETS OF CREDIT AND CREDIT DEFAULT DERIVATIVES that stand on the FINANCIAL ASSETS of securitized debt which in turns has its foundation on NON-FINANCIAL assets, the mortgages themselves?
FASB 157 (see www.jsmineset.com this past week for more information) is in force for the above mentioned Financial Assets.
Thanks to Dr. Bob and CIGA Bayonet for this CRITICALY IMPORTANT heads up
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