whi55l,Duicorp is spot on - but do your own research and come to...

whi55l,

Duicorp is spot on - but do your own research and come to your own conclusions before making any decision - even if it is just withdrawing money.

I am not giving any advice whatsoever and anyone who has money (even cash deposits) at citibank (or any other financial institution) should seriously consider what the impact of this situation is and should seriously consider what action they should take so as to preserve their wealth.

I don't know what the backings are for banks (foreign or otherwise) operating on Australian soil are (for example, I don't think we have an FDIC equivalent in Australia) but I wouldn't want to find out the hard way. I doubt the Australian government will allow any of the big 4 banks here to fail, but money with foreign banks or credit unions operating here could be a different story. If someone knows, I would be curious to find out.