Entry Submitted by B at 12:36 PM ET on December 13, 2023
Regarding the statement in the 12-12-2023 restored Republic Item C bullet point 3 stating:
“The 12 largest U.S. banks have sent notices to credit and debit card companies that they will no longer be able to use their services as of midnight on December 14. What will this mean for a worldwide stock market collapse?”
I checked with the banker at a branch of Citizens Bank/Citizens Financial Group (NOT the CB in Iowa that went under a few weeks ago – the real multi-state (Northeast and Mid-Atlantic states) bank (which is doing reasonably well) about the above statement. The above statement is mostly true, but incomplete.
The bankers at the CB branch (Monroeville PA 15146) told me that Citizens Financial Group is switching from the Visa system to the Mastercard system. The bankers told me that replacement ATM/debit cards for existing account holders are being mailed this week. So probably by Christmas if not the new year all existing account holders will have their replacement ATM/Debit cards, can follow the activation process included in the mailer, and be able to access their accounts and transact with merchants and vendors with no problems.
B
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