For anyone who had a Reserve with Dinar Trade (or has one with Dinar Banker/Sterling Currency Group), below is some recourse related to Dinar Trade's cancellation on October 22, 2013 of their reserve program and all purchases held on reserve. The following notice was written by Madeline Gerwick, of Polaris Business Guides and I've put in my inserts and noted where those are. Lillihart
“Hello Dinar Holders!
Those of you who have dinar on reserve with Dinar Trade are now out of luck. They have cancelled this program and as of the next rollover date, if you do not pay off your reserve in full, they will send you the 10% you’ve paid for in dinar or dollars, and you will lose all you’ve invested in rollover fees for the right to purchase the balance after the dinar revalues. Of course, if you can pay off your balance, by all means do so!
Here is the notice from their website:
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After much consideration, as of October 22, 2013, D Trade will no longer provide the Iraqi Dinar on Reserve or Rollover Option. All active reserve orders, where the 10% or rollover payment has been received, will remain active with the following choices below available at the end of the reserve expiration.
All active reserves will be honored for the full 30 day term. At the end of your reserve, you still have the option to receive the 10% balance you paid for or to pay for the remaining 90% to receive 100% of your reserve.
Option 1 Receive your 10% in Dinars
Option 2 Choose one of the following:
Convert your Dinars and receive US Dollars at the time of expiration.
Convert your Dinars and receive Gold / Silver coins at the time of expiration.
Pay the balance of your reserve order and receive the total Iraqi Dinar on Reserve order.
If you have already submitted a rollover request and received a rollover confirmation number you will be able to send in the payment in accordance with the confirmation email and complete the rollover. All incoming new reserve payments should be postmarked or time-stamped by October 25, 2013.
D Trade's decision was simply a decision to discontinue a currently offered purchase program, and does not imply any issue related to the value of the currency itself.
D Trade will continue to buy and sell currency. You may place an order for purchase by C.O.D., mail in payment or wire transfer using this link.
https://www.dinartrade.com/reserve
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Since the reserve orders were GUARANTEED and there was no time limit given by Dinar Trade regarding when one must "cash in" and pay off their reserves, it seems they have scammed anyone who purchased dinar in this fashion. Not only were the reserves guaranteed and no time limit given for paying them off, but they even said that once a revalue or change in the rate occurred, one would be allowed to pay off the balance of his or her reserve from the proceeds of the rate exchange and the remaining balance would then be available in full to the purchaser. Call it being mislead, cheated, lied to, defrauded or just plain scammed by yet again another company in business to make big money; call it what you will, if you can't pay off your reserve or afford to buy elsewhere, you are now out of luck for the big money that you might have made when the dinar revalues. [LilliHart]
The worst part is the money Dinar Trade kept in fees from little people who only could afford to by a small amount of dinar. The company is now stating that the rollover fees were used to pay interest on the currency which was being held in Iraq banks and that the Bank of Iraq has complained that since the RV is taking too long, and people are not paying off their reserves, they (the bank) can't hold the money in reserve any longer. I call foul! This was never disclosed when the initial purchase was made or any explanation was given for what the rollover fees were being used for. I call this bullsh*t and a bad excuse to keep a lot of people's hard earned money that was paid in trust. This company has no integrity and deserves to be held accountable for its unethical actions. (Think Bernie Madoff) The owner, the elusive Ali (No last name given) refuses to answer emails or return calls. [LilliHart's]
[Madeline Gerwick] I checked with the US Treasury site, and there may be a way to make a complaint there, but I wasn’t able to determine the process. [Someone should know who has oversight over currency exchange companies. If you do, put that information here please, or write to me through Hobie or Susoni -- LilliHart] However, I was able to file a complaint with the Better Business Bureau about this. Dinar Trade has an A+ rating as of now, with BBB (on a scale of A+ to F) and if enough of us complain about this, it will not be A+ any longer. This is worth doing. The BBB resolves 70% of their complaints, so you have a fair shot.
Here’s what I recommend:
1Go to this link: http://www.bbb.org/southern-nevada/business-reviews/currency-exchange/dinar-trade-in-las-vegas-nv-90014594
2.That link takes you to a BBB page for Dinar Trade Inc in Las Vegas NV. Look to the left side of the page. Under Quick Links you’ll find a link that says, “File a Complaint Against Dinar Trade Inc)
3.Fill out the form on the complaint page. This starts by determining that you are not filing an employment, discrimination or other legal type of complaint. The BBB is for complaints related to customer satisfaction. So you will be taken to a second page to fill out another form, once you have answered the first four questions to determine it’s a legitimate BBB complaint.
4.When you fill this out, be sure you avoid using any type of foul language. Your complaint will not be handled if you use any foul language.
5.I recommend that the resolution you ask for is a refund of all your rollover fees OR the amount of dinar those rollover fees could have purchased. Of course you are free to come up with any resolution you think is fair. I do not know if it makes any sense to ask for them to continue the rollovers until revalue, since they have decided not to do that. However, you could ask for that resolution.
It may take you 10 minutes to do this, but it’s worth it. If you purchased Dinar on Reserve through Dinar Trade, I urge you to do this if you cannot pay off your balance before your next date when you would have rolled it over. We need as many people as possible, who are in that situation, to file a complaint with the Better Business Bureau as outlined above for the BBB to take us seriously and act on the complaint. Otherwise they will continue to have an A+ rating in spite of this highly unethical maneuver.
One of you sent in a copy of your chat with Dinar Trade and here is the upshot of that info at Dinar Trade.
1. You have until your current contract expires to pay the balance due. OR you will be sent the initial 10% of the dinar that you purchased.
2. Dinar Trade cancelled this program because “No one was paying off their balances.” I don’t know why they would expect anyone to pay off their balances before the revalue. So this is a crazy excuse to me.
I’m very sorry I ever recommended this company, and told them so. If you have purchased Dinar on 30-Day Layaway with Sterling Currency Group (also known as www.Dinarbanker.com ), this same list member, indicated she had called them and they do not plan to discontinue their product. So your reserve is safe if you bought it from Sterling. Fortunately, I have some on layaway with them. I have not recommended Dinar Trade since near the end of January when they stopped taking e-checks for payments. So I hope that this situation impacts few of you."
Madeline Gerwick
http://www.polarisbusinessguides.com/
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1 comment:
WHY THE GURUS DID NOT REPORT THIS????
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