Money market accounts and withdrawal requests

Many of my friends and family didn't believe me when I said financial institutions, under law, could delay customer withdrawal requests up to seven business days.  In other words, what you and I think are immediately liquid accounts are anything but.  Still don't believe me?  Here's your proof:

http://www.cftc.gov/tm/finseginterp_9.htm

The Division's position is based upon the fact that the Committee has imposed a reservation of notice requirement for the MMDA, such that banks and savings and loan institutions must reserve the right to require seven days prior notice of withdrawals or transfers from any MMDA [money market deposit account].

The Committee determined to impose the reservation of notice requirement even though the Committee recognized that banks and savings and loan institutions would exercise their rights under such a requirement infrequently. The Division is concerned that such a right is likely to be exercised when there is a significant market disruption. In such circumstances, the inability of an FCM to obtain immediate access to the funds in an MMDA could magnify the impact of any market disruption and cause additional repercussions.