CURRENCY RESET IN PROGRESS

GOOGLE WELLS FARGO CURRENCIES

FACT - THE WELLS FARGO CURRENCY BOARD ONLINE HAS BEEN DOWN AND OFF LINE SINCE SATURDAY.

FACT – NOW BEEN DOWN FOR OVER A WEEK.

WHEN IT COMES BACK UP WITH THE RESET NUMBERS, WE ARE ON FOR THE BANKING EXCHANGING. THE GREEN LIGHT WILL HAVE BEEN GIVEN.

FOREX

WATCH THE FOREX THIS WEEK FOR RESET. DINAR & DONG ARE SUPPOSE TO SHOW UP. GREEN LIGHT FOR GOING TO THE BANK

Easy way to keep up with the Forex Exchange Rates. Notice these are out of CDT with time posted.

IQD - Dinar at: http://www.barchart.com/quotes/forex/%5EUSDIQD

VND - Dong at: http://www.barchart.com/quotes/forex/%5EUSDVND

Sunday, June 12, 2011

Bank Cash-In Questions after the Dinar RV

Found on the Dinar skype room authored by Mike - Thanks

This is something we all should print out or save a copy for future reference in regards to the impending RV

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Bank Cashin Questions

I developed these questions for our team to coordinate answers from banks. I wanted to wait until we were pretty close to cash-in time to post them. Feel free to augment as you see fit. I have included my questions and then a post I had cut and paste some time ago, but I didn't capture the author so I am including it without a source.


Questions for cash-in locations.
I would recommend doing it as a conversation not an interview of questions. Be friendly but firm. After RV, ask for a private banker for the information not a teller.

Before you call write down institution, branch, and telephone number you called.

*
Are you exchanging Iraqi Dinar (or Vietnam Dong)?
*
What is the rate you are exchanging Iraqi Dinar at?
*
Is this the CBI rate or a bank rate?
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How much of a spread does this include?
*
If we bring a large group in to do exchanges will we get a better rate?
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If I provide a million Iraqi dinars:
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What amount will I get back?
*
What are the fees that are included?
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Do I get a better rate if I exchange a larger number of Dinars at one time?
*
Can you authenticate the Dinar on the premises or do they need to be sent out to be authenticated?
*
How long will it take to get an appointment to cashin?
*
How long will it be before the money is in my account?
*
How much do you charge for domestic wire transfer out?
*
Can I make more than one wire transfer in an exchange transaction?
*
Should this exchange be handled through a private banker?
*
Get a contact name and direct dial number for making an appointment.

Possible Cash in locations
DinarBanker (locations) $150 per transaction? CBI rate?
DinarTrade (locations) $150 per million? CBI rate?
US Treasury (locations and pay IRS at site? What rate for taxes?)
Local Banks (Are there differences depending on which state you cashin?)

Other Information
This is a post I copied a long time ago from another forum from somebody, I don't remember who wrote it or what site it is from, so I can't give anyone credit. But it has some decent info.

Lets talk about things you can and should know if you are going to try and negotiate a deal with a bank. First and foremost, we all need to learn that money talks and has considerable power. You need to walk into a bank and tell them what you expect if you choose to exchange your dinar there. You expect no fees, the highest rate possible (make sure you tell them the rates you can get elsewhere), immediate access to your money, an appointment with a private banker and an appointment with a wealth mgmt. consultant.

A private or personal banker is your personal banker and they are there for you. This is your go to person for normal banking issues and transactions. They should be the only one to handle your account and you should keep their number on speed dial. Your private banker is always there for you and defers to your decisions.

Make sure and feel comfortable with whom your private banker and wealth mgmt. advisor is and feel free to ask for a new one if needed. Always ask for referals, successful bankers do not mind providing this information. Then check on those referals..ask questions such as…is the banker available when needed, do they return calls in a timely manner, what is your track record with them. Do they follow your agenda or push their own? Since you are going to become very close to these people….you need to assure you have like personalities and are comfortable dealing with them.

The bank we are dealing with makes additional resources available depending on your net worth. Worths (for lack of a better word) start at $250,000 in investable assets and go up from there. Obviously the more you are worth, the greater your accesses and privileges. Privileges include such things investment management, concentrated stock management and intergenerational wealth transfer strategies. All this may seem greek to you at this point. But that’s why we need professionals to guide us through the process. And may I please say…make sure they are professional and not just someone you hear about on the internet. You’ve waited to long for this money to lose it via some internet scheme.

Other things you need to ask for and expect includes…no fees ever….no cashier check fees, no bank fees, no credit card fees or annual membership fees, free use of a safety deposit box. You need to ask for a privileged ATM card. I am not sure what other banks call this so make sure and ask. It’s a debit card with higher daily limits or even unlimited depending on your situation and no fees. Even when out of network. Be sure to determine both your ATM cash withdrawal daily limit (or no limit ) and your debit card spending limit (or no limit ). They’re different.

Banks are well aware of how to verify and deposit foreign currency as they do this every day. It is not critical that your branch have a De LaRue machine. Your dinar will be sight verified in front of you and deposited into your account. This acts as any other deposit in that most funds will be available overnight. Our bank has stated more than once that this is not a complicated ordeal for banks…only dinar holders have made this complex. They know foreign currency inside and out as this is their daily business.
Banks are well aware they have competition for our business from other banks, dealers and exchange centers. They are also aware that dealers state they will be giving the CBI rate. Banks know in order to get and keep our business they need to be competitive. Banking was explained to us in finite detail and the money they make is really on the back end and thus they want to retain our business long term. They are aware to do this they need to make us happy short term.

Starting a banking relationship -

If you do not know the answer to the topic question, you should take the following information into serious consideration! Who's in charge separates, the men form the boys, so to speak and will make a huge impact on your investment.

I am speaking of establishing, from the get go, a strong banking relationship. You may not know it, but you have all of the cards, and must show that stance immediately. Bankers are just ordinary people, like you and me, and have jobs, which are sometimes insecure. Believe me when I say, the banker needs you far more than you need them and especially with your sizable wealth. When this hits they are going to be dumbfounded.

My suggestions are as follows:

1. Check around with several business people and people you trust to determine which bank to approach. Get them, if they will, to help you to do due diligence and determine who, by consensus, what services offered, will best serve your needs. Keep in mind, again, that they are in for a shock when everyday people start showing up with massive amounts of money and investment needs.

2. When you have made your choice, approach the bank with a firm positive attitude that it is they who need you, not you them. I say that, not to be arrogant, but you will want to operate from a position of strength, not weakness. Many of our group, have never had much of a relationship with a bank except for checking, savings and CD accounts. This is far different by a large margin.

3. When you walk into the bank, DO NOT WALK UP TO THE TELLER'S CAGE! Ask to speak with the President or Branch Manager. When asked what it pertains to, tell them that you have a large investment to discuss and you want to speak with one of the two officers. Do not tell them anything further than that. If they don't want to accommodate you with your request. Tell them fine, that you will just go to another bank and ask them for their name and that of the President or manager. This might sound snooty and trite, but remember it is your money and your future.

4. After securing an appointment or an actual interview, don't be intimidated. Tell the officer that you want to develop a relationship at the highest level as you have a large sum that you are, or will be placing in their bank, depending on what they have to offer. That will get their attention, especially if you mention the approximate value of the account and the need to set up a trust with them, pending your CPA's and trust attorney's approval. You will then have their undivided attention and can go from there.

This is not a game, it is a real time serious event, and what you do from the start, will determine what you will get form the institution. Remember to always start at the top, from now on, no matter what you do. Deal from strength, not weakness. The first impression you make, is crucial as to how you are to be treated.

I am not saying to put on an arrogant face and attitude. Just go in with a confident air and a smile on your face, and you can't go wrong. What you have in your mind or in your head, always dictates the outcome for anything you do. You are what you think, it never fails.

2 comments:

  1. Many were told that there a cash out place in Jacksonville Fla. for Dinar is this statement true? And if so, anyone know the Address?

    ReplyDelete