A link to the Dodd-Frank bank instructions is further down in this note.
Friends:
There’s more to the TAG accounts than meets the eye. TAG: “Transaction Account Guarantee”
Friends:
There’s more to the TAG accounts than meets the eye. TAG: “Transaction Account Guarantee”
Superficial chatter says that you should just ask for your Dinar deposits to be placed in a no-interest bearing account. Then your funds will be insured with no upper limit. The FDIC will not be the insurer but because of the Dodd-Frank bill you will be insured fully through the end of this year – or maybe for the 12 months following the Re-valuation date.
But, Heads up:
Unless the bank has actually set up and is compliant with the TAG account instructions, you may be harmed in several ways.
Unless the bank has actually set up and is compliant with the TAG account instructions, you may be harmed in several ways.
None of my local banks had heard of the rules for becoming compliant with the Dodd-Frank instructions. I printed out copies of the instructions (13 pages) and handed it to the bank VPs which they cheerfully received, promising that their lawyers would read it and get ready to support TAG accounts.
There is a basis for this strange TAG requirement (or suggestion). It may help if you understand the basis for the Dodd-Frank Bill and the TAG account option.
Your Dinar payouts were and are supposed to be in gold or metals-backed currency. That’s especially true for Dinar holders because the Dinar you hold is backed by gold, oil, and minerals.
It’s fool-hardy to convert the world’s most valuable and stable currency into US dollars that sink in value almost every day. Dollars are announced to be DEVALUED another 40% within 30 to 60 days after the RV.
I mentioned Dinar as being stable. Yes. Monthly violence in all of Iraq is far less that that of single US cities like Washington DC or Los Angeles. TV news channels amplify and selectively choose what we are allowed to see or believe.
So where is the US currency that is metals based? New US Treasury bills are expected to be released to the public perhaps 30 or 60 days after the RV. At that time we will have options for converting our old greenback bills into the new Treasury bills. On the samples (far below) note that the Federal Reserve is not mentioned. The new bills will be issued from the US Treasury (we expect). The 99 year agreement between the US Treasury and the Federal Reserve ran out sometime in January 2012 (it is claimed).
IF YOU DEPOSIT YOUR CONVERTED FUNDS INTO A VALID TAG ACCOUNT:
- Your funds will be assumed to be of US Treasury Bill value later, when and if the new Treasury bills are issued. (metals backed just like the Dinar - good)
- You will have full and immediate access to your funds to buy big items or properties – no rationing, no delays on withdrawals. (good)
- You funds will be insured with no upper limit for the next 9 or 12 months in the event of bank failures, closures, holidays.
- You must not gain any interest on the account (Mandatory Requirement) because banks can only pay interest using current debt-based fiat unstable old US currency.
- You cannot take funds from any other source and deposit them into your TAG account. (Maybe DONG payouts are ok – not sure.)
- Your funds will be assumed to be of US Treasury Bill value later, when and if the new Treasury bills are issued. (metals backed just like the Dinar - good)
- You will have full and immediate access to your funds to buy big items or properties – no rationing, no delays on withdrawals. (good)
- You funds will be insured with no upper limit for the next 9 or 12 months in the event of bank failures, closures, holidays.
- You must not gain any interest on the account (Mandatory Requirement) because banks can only pay interest using current debt-based fiat unstable old US currency.
- You cannot take funds from any other source and deposit them into your TAG account. (Maybe DONG payouts are ok – not sure.)
So if you thought you could just deposit Dinar payouts into any old checking account that bears no interest, then you haven’t looked through the compliance standards that the bank has to fulfill in getting ready to give you a TAG account. See the link further below.
The legal rules a bank must follow are quite dense and heavy. Details galore. The bank must even have a small sign of a certain size on the wall in the lobby stating with certain words that they provide TAG account services.
Most of you probably envision cashing in at a bank, then wiring some funds from there to other local banks or credit unions. These secondary receiving banks will have to have legitimate TAG accounts if you want the TAG benefits. Upon receiving the incoming bank wire, the bank will have to ask about your source of funds. Your receipt from your original dinar conversion event will be needed in this situation.
So what happens if you just ignore the TAG option. Maybe you were only going to cash in one 25,000 Dinar note. At the rumored rate of $12.36 that single note will produce a deposit of $309,000 – which is just a little over the $250,000 normal FDIC insurance.
Is that anything to worry about? (What? Me worry?)
WORRY DEFINED:
Later when we all line up at banks to trade in our crumpled greenbacks to get our fresh Metals-based US Treasury notes, we have hints, rumors, and whispers that there will be a 40% to 60% loss of greenback value for everyone around the world that holds greenbacks. US dollars will be devalued – announced and not a theory.
Later when we all line up at banks to trade in our crumpled greenbacks to get our fresh Metals-based US Treasury notes, we have hints, rumors, and whispers that there will be a 40% to 60% loss of greenback value for everyone around the world that holds greenbacks. US dollars will be devalued – announced and not a theory.
When the new Treasury bills are issued,
You will possibly trade in $100 old bills and receive back $60 in new Treasury bills. (40% devaluation of US dollars) Or,
You will possibly trade in $100 old bills and receive back $40 in new Treasury bills. (60% devaluation of US dollars).
You will possibly trade in $100 old bills and receive back $60 in new Treasury bills. (40% devaluation of US dollars) Or,
You will possibly trade in $100 old bills and receive back $40 in new Treasury bills. (60% devaluation of US dollars).
IF your Dinar deposits are NOT PLACED IN A TAG ACCOUNT, your old $1 million greenback dollars will be converted (in the bank) to $600,000 Treasury Bills (for example) at the 40% devaluation rate – when the new bills are released.
IS THIS SCARY EXAMPLE CLEAR? You cashed in top-value DINAR which was already gold-based, and through negligence (in this example) you lost 40% of your value because you didn’t mandate that your bank set up a TAG account to receive it.
We have been kept in the dark about many things, but Congress saw this situation about to arise. For once, in your favor, the Dodd-Frank bill designed a method by which your Dinar (and possibly Dong) deposits would be treated AS ACTUAL METALS-BASED CURRENCY even though the new Treasury bills won’t be issued until a few months after the RV event. These TAG accounts (if you see the sense of using them) give the US Treasury up to a year to get their Treasury bills distributed.
The trauma of the US and world-wide populations having their old green dollars DEVALUED can be dealt with best a few months AFTER the frantic Dinar conversions.
To appreciate the complexity of the RV happening in 195 nations, consider that the dollar devaluation will affect all those nations WHOSE CURRENCIES ARE ALSO BEING reassigned based on the productivity of each nation.
Summary: To avoid unnecessary diminishment of 40% or more of your funds when the world soon converts to the new US Treasury bills, consider printing out a few copies of the Dodd-Frank instructions and hand carrying a copy to your local bankers who may be unaware.
I found it useful to talk with bank administrators, stating that you are a Dinar holder, and that even though the local bank is not expected to convert your dinar, you intend to wire sizeable funds into your local account AND THAT IT NEEDS TO COME IN TO A Transaction Account Guarantee (TAG) ACCOUNT which must conform with the printed instructions at this government link.
Here’s the official government link for the Dodd-Frank PDF document that defines the bank policies required:
http://www.fdic.gov/deposit/
Here’s the official government link for the Dodd-Frank PDF document that defines the bank policies required:
http://www.fdic.gov/deposit/
FYI: Dr. Ed in Texas
4 comments:
I dont think the person who wrote this article even read the document they provided in the
link.
#1. The TAG account guarantee expired on 12/31/2010.
See the end of page 1. Please note that the FDIC did not extend the Transaction Account Guarantee Program
(“TAGP”) beyond its sunset date of December 31, 2010. On the same day that the TAGP
expired – December 31, 2010 – the Dodd-Frank Deposit Insurance Provision became
effective. There was a one-day overlap of the TAGP and the Dodd-Frank Deposit Insurance
Provision.
#2. "The FDIC will not be the insurer" ; see page 10, #24 - All funds in a “noninterest-bearing transaction account” are insured in full by
the Federal Deposit Insurance Corporation from December 31, 2010, through
December 31, 2012.
So to keep this simple, check with your bank(s) online website and check their Notice of Changes or FDIC Insurance tabs, you may have to search a bit.( Be sure it states, at least, verbatim the Disclosure on page 10, #24) I checked with several of my local banks and Credit Union and found that they are all participating. Bank of America, Chase, Wells Fargo are also participating. As for the rest of the statements made regarding devaluation of the Dollar and it's impact on our non-interest bearing accounts, time will tell. Further scrutiny and research are needed on the other comments...just not believing this the way it's been presented. Logic and common sense would indicate that if we change the dinar to a debt based currency (US dollar) and then that currency devalues, well there you are, you now are left with less than where we started. If you cash out in a debt based currency (based on the inference of the above article) Spend it fast before it devalues. OR hold it (Dinar) until the new GOLD backed currency (UST notes) are implemented, keeping in mind that the rate will more than likely change for the conversion from dinar to UST notes. The question would then be will the Dinar be worth more in UST gold-backed notes or not? IMHO. Namaste
I just found this link: http://www.icba.org/files/ICBASites/PDFs/TAG_Extension_Fact_Sheet.pdf
According to this source...ALL FDIC Insured institutes non-interest bearing accounts are covered until Dec 31,2012. So we do not have to be concerned if we are covered as long as your bank is FDIC Insured.
Here is the info:
Q. Is the program optional?
A. No. Unlike the original TAG Program, which allowed banks to opt in, the extended program will apply at all FDIC-insured institutions and will no longer be funded by separate premiums.
Namaste
In what Gov Doc do I find (Your funds will be assumed to be of US Treasury Bill value later)or (deposits would be treated AS ACTUAL METALS-BASED CURRENCY. I look in HR 4173
Hernan
By March 10, 2012 I had inquired with numerous banks and all have opted out of being of TAG Accounts under Dodd-Frank. The list includes Bank of America, JP Morgan, Chase, Wells Fargo, and even smaller local ones.
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