Why in the heck are people contacting these banks?? I've said it a thousands times, banks will be the last to know. Iraq will not make a GRAND STAND ANNOUNCEMENT about them RV'ing period..It will just show up on Forex and then the banks will make their adjustments... Thats how foreign currency works. I use to work at a bank so I have a little knowledge about the banking system..
Most likely the reason people are contacting these banks is simply because they had purchased the Dinar there. Banks buy and sell forgien currency every day. It would be a lot easier to just go were you know to do the cash in(You bought currency ie CASH). Most if not all Banks have relationships or offer in house financial planning. So to me it would stand to good reason to stay incontact with your bank.
I know not everyone bought Dinar there. It has been a while since most banks sold dinar. You have to keep in mind going to their bank is their comfort zone(mine too that is why I tried to saty on top of the banks), One other good point is if you open a non intrest bearing checking account to hold the money while you plan your investments ect.. NON interest bearing accounts (correct me if I am wrong) are covered for 100% of the actual balance by the FDIC. Where as interest bearing accouns are usually insured at only $250,000 through the FDIC. So that is my take as to why people are contacting banks.
I know look to Forex and other places first but again that is out of the comfort zone. I am sure people feel more secure knowing their Bank has the rates versus Forex ect..
I will admitt I am sure some are contacting banks just for drama....
Edited by steveinfla, 11 December 2011 - 01:19 PM.