A notice to Citi account holders has shed light on a Federal Reserve rule that could limit access to your money. According to Fed policy, banks must reserve the right to require at least seven days' prior written notice before allowing the withdrawal or transfer of funds from interest-bearing and interest-eligible checking and savings accounts. The requirement is part of Regulation D of the Securities Act of 1933. It applies to Negotiable Order of Withdrawal [NOW] accounts. Banks are not required to hold reserves to cover these, so the rule prevents a run on withdrawals for which there are no reserves. "We recently communicated this technical requirement to our customers. However, we have never exercised this right and have no plans to do so in the future," Citi said in a statement.
