Many New York City residents found that their daily ATM limits have been cut in half. Citibank banking customers located in parts of NYC have had their daily withdrawal limits reduced in an effort to prevent fraud.
Although Citibank declined to comment on the specific reason, it is believed that some of their banking customers’ personal information may have been compromised. This could include card numbers and PIN codes.
A previous incident occurred in March 2006 when withdrawals in some overseas countries were denied. In that case, it is believed the information was stolen from an outside source.
Affected Citibank customers can call and request that their previous daily withdrawal limit be restored. The bank does not wish to adversely affect its customers.
Instead, Citibank is trying to reduce losses to fraud. Banks are liable for losses when the account holders report fraudulent activity promptly.
What is unique about this situation is that it is isolated to Citibank banking customers in sections of New York City. There have been no reports confirming the cause of the concern or the reason that it has not been expanded beyond “a small population of customers” in New York City.
Tags: Citibank ATM limits
This is being blown out of proportion. Only a handful of consumers are affected, and one phone call to Citi will resolve the issue. In a way, it’s good that they stepped up security to tackle the issue, though I’m sure it’s a bit upsetting for those affected…
Yes, unfortunately when criminals find a way to take advantage of consumers, a bank must take some steps to minimize the risk. After all, Citibank would be legally liable for lost funds beyond $50 per account. Citibank, like most banks, does not hold the customer liable for that $50 either, so they really are open to losses.