[BWM] Just came in to touch on some things that were going around yesterday… to make sure we have clarity on those in regards to cashin since that has been discussed now…
[BWM] we have discussed this a number of times but like everything else, it can’t hurt to go back over those things…
[BWM] in regards to cashin, one of the things to avoid wasting time is the ficen104 form. This form will be filled out at the bank (or cashin location) and will detail how much you are depositing, wiring or getting in cash..
[BWM] the most important thing about this form you need to know is that YOU CANNOT FILL THIS OUT IN ADVANCE… IT MUST BE FILLED OUT IN FRONT OF CASHIN PERSONNEL
[BWM] I would suggest (depending on your area) not just flocking to the bank… depending on the amount of dinar you have most will require or at least request an appt..
[.FG] BWM WF told me they do it electronically during cashin
[BWM] .FG that is possible at MOST banks… but the main point is don’t waste time doing this beforehand…. it is unnecessary
[BWM] are there any other cashin questions or concerns anyone has we can try to address?
[texasslot] BWM Do you recommend that we photocopy our Dinar before cashin? Thanks..
[BWM] texasslot I’m looking at that this way… I don’t plan on letting them take the dinar out of my site.. therefore issues with counterfeiting are not that much of a concern to me… if you don’t have any other option other than sending it off then yes, I would follow the photocopy rules strictly
[starbuck3] BWM would you happen to know if the international Foreign currency locations of Wells Fargo only deposit in WF or will they deposit anywhere…
[BWM] starbuck3 WF will try to route most to wealth managment accounts depending on the amount of dinar you hold from my understanding
[spicegirl] BWM r we still going to get like some area banks where they will be doing currency cash in i believe .Katt said she would work on this by state…??
[BWM] spicegirl again, most of the concern for the banks will be how much dinar you have and how long you are willing to deposit with them… local banks (depending on if national or regional) will only deal with things as they are able to… again, be concerned with onsite cashin
[BWM] teaqkota I wouldn’t try to bring an entire group in, unless the site can hold that.. best to select a couple to negotiate for you but that would be dictated by the comfort level of the ppl you know
[hummingbirdrose] BWM, heard a lot of talk about receiving accounts and pass through accounts, etc. It’s sort of confusing. What are you going to do?
[BWM] hummingbirdrose if you are depositing directly to bank no worries… hopefully you will be able to put directly into the accounts you want.. again, banks will give you someone to set up these accounts for free.. as far as wires go.. again, if you send to bank and have them distribute into the accounts you should be fine
[BWM] honeybelle I’m sure a compilation of places to go will be drafted at some point… it may be hit or miss for the rural folks like me for a bit
[wisdomkale] most wealth mgrs start a $250K. if you make them aware that you are introducing yourself to build a relationship because you have an investment in foreign currency, then more than likely they will know what you are talking about immediately.
[BWM] wisdomkale I would see branch manager and see if they direct you to wealth manager…. it will depend upon the banks guidelines as to how much you are depositing in USD
[thudz] BWM ? Have any deals been made between Wells Fargo and brokers such as Dinar Banker to provide a streamlined processed of wiring funds from the broker straight to your Wells Fargo account? During a recent Q & A Studley had mentioned being in duscussions with Wells Fargo regarding this matter.
[BWM] thudz I wouldn’t count on any specific deals because it all has to go through the main system anyway… so there is no “direct” type of transfer they could do as such
[miz dixie2] BWM I was at chase yesterday and they told me there is no difference in the value of the $ whether it is fed or UST that gold does not back anything it is just a commodity and would not change the value of the $. Any comment
[BWM] miz dixie2 you are correct… there is no difference in value… it’s the PROTECTION that is the complication…
[cantwait] BWM If WF does on-site verification with a black light, credits my account and then takes the Dinar and says they have to get final verification, what do I need to do, if anything – other than that they accept the original verification.? thanks
[BWM] cantwait ok.. MY UNDERSTANDING is that once they do on site verification and have signed off on it THEY have taken full responsibility for this when they send it off… GET IT IN WRITING and keep this on file
[BWM] [Beefy] Is there anyway WF can give a list of branches that will do on site verifications? WE WILL SEE WHAT COMES OF THIS… HOW MUCH INFO WE WILL GET FROM THE BANKS WILL NOT BE KNOWN UNTIL THE RATE IS RELEASED
[BWM] [chickenfry] as u know, “exchanging” is the proper term for converting currency….cap1 reminded his folks of that last night..the only reason i bring it up is cuz i believe banks will be looking for “yokels” they can take advantage of….”cashing” will be a marker.
GOOD POINT MAKE SURE THEY UNDERSTAND THAT YOU ARE “EDUCATED” ON THIS… AS WE’VE SAID BEFORE, BE WILLING TO WALK OUT IF YOU DON’T FEEL YOU ARE GETTING THE BEST DEAL
[BWM] [mickbeme] I am a little confused, I keep hearing to have your account set up and make an appt for cashin. What if you don’t have any money to open an account?
IN MY DISCUSSIONS WITH BANKS MOST HAVE SAID DEPENDING ON THE AMOUNT OF DINAR YOU ARE EXCHANGING THEY WILL WANT TO OPEN NEW ACCOUNTS FOR YOU THROUGH THE WEALTH MANAGEMENT DIVISION..
ALSO REMEMBER THEY GET MORE CREDIT FOR OPENING NEW ACCOUNTS AND DEPOSITS TOWARD THEIR CREDIT RATINGS
[BWM] [gingergold] Just came on line so I might have missed something. ? I thought I read in Dinar Recaps that we should get a cashiers check from Dinar Banker rather than have them wire funds to a bank account.
What is your view on that? THERE IS A GREAT DEAL OF CONCERN OVER WHETHER YOUR ACCOUNTS CAN BE HELD WITH WIRES OVER A CERTAIN AMOUNT…
TO BE HONEST IF YOU FIRST) NOTIFY YOUR BANK TO EXPECT A LARGE TRANSFER AND WORK WITH THEM FROM THE BEGINNING YOU CAN ALLEVIATE SOME ISSUES THERE AND SECONDLY)
THE BIGGEST CONCERN IMO IS THE SECONDARY MOVEMENTS OF THE MONEY (FOR EXAMPLE; A 500K WIRE FOR A NEW HOUSE) THEY KNOW EXACTLY WHERE THE MONEY FROM DB COMES FROM TO YOUR BANK BUT WHEN YOU START SPENDING LIKE MILLIONAIRE AFTER YOUR ACCOUNT HAS HAD A $50 BALANCE FOR 2 YEARS IT WILL LOOK SUSPICIOUS
[miz dixie2] BWM I asked about that and the answer was they UST offered no protection only the 250,000 per signiture on the acc’t.But when you took the $ out to use they would still be worth what every other $ was worth.
[BWM] miz dixie2 THEN THEY WEREN’T TRUTHFUL BECAUSE YOU HAVE MORE COVERAGE THROUGH THE END OF YEAR… AND THE VALUE OF THE DOLLAR DOESN’T CHANGE IN YOUR ACCT…
AGAIN, IT’S THE “PROTECTION” OF THE VALUE “IN” THE ACCOUNT THAT SOME ARE WORRIED ABOUT…
[BWM] codreamer59 haha you must bank in the hood… I’m sorry but I’m one of those leave my keys in the car, door unlocked and get out of my way to the door ppl…
I just don’t think that they won’t understand the need for security and be concerned if they feel necessary.. again, most banks will dictate which branches handle cashin due to security reasons.