New York, NY – A jump in ATM fraud led Citibank to slash the maximum amount of cash available to customers from their accounts.
Join our WhatsApp groupSubscribe to our Daily Roundup Email
The new cap on cash kicked out by the company's ATMs began after what Citibank called "isolated fraudulent activity" around the city.
The bank, with 134 branches around town, would not say how many customers are affected or how much money is involved.
One Brooklyn woman said she went to her bank branch and was unable to take out her normal cash limit, so she called customer assistance and the woman said, that the bank had decided to slash how much customers could withdraw from their own accounts, she said that most New York customers were affected and she suggested I change my password.
Citibank declined to specify the amount of the new withdrawal cap. But customers caught short of cash when making ATM withdrawals can call customer service and get instant access to more money, Citibank said. [NY Daily News]
its a other way for banks to control the joy of our money
i can assure you if there is fraud involved there is better ways to deal with it, but banks intend to choose what makes them hold our money longer in their possession
Many banks have an ATM withdrawal limit of approximately $500 per day. I’ve always wondered why Citibank didn’t. It’s certainly convenient to make all your withdrawals at the ATM, but it’s also a fraud attraction.