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NCTRIGUY
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Posts posted by NCTRIGUY
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Deleting the zeroes has nothing to do with a revaluation. you should spend more time researching and less time posting guru material. because your premise is destroyed, by the alternate definition you have assigned to deleting the three zeroes.
Hey Einstein, I try and remain above the fray here as evident by the number of posts I have contributed to this board since I joined, but I could not pass up remarking on your arrogance.
Here is some research that you evidently in your haste to make someone else look bad overlooked. Perhaps you should think before you speak.
This has NOTHING to do with GURU news, and everything to do with REALITY of what IRAQ thinks about the RV and THEIR well being, not yours or mine or anyone else outside of Iraq.
http://www.reuters.com/article/2012/04/12/iraq-currency-idUSL3E8FC8G120120412
Iraq halts plans to cut zeros off dinar currency-cabinet
Thu Apr 12, 2012 3:10pm EDT
* Cabinet says stops plans to redenominate dinar "until further notice"
* Iraq has over 30 trillion Iraqi dinars in circulation
* Plan to trim zeros not seen as a priority
By Aseel Kami
BAGHDAD, April 12 (Reuters) - Iraq has decided to hold off on a plan to knock three zeros off the nominal value of bank notes of its currency because it does not believe the economic climate is suitable, the cabinet secretary said on Thursday.
The central bank said last August it planned to redenominate the Iraqi dinar to simplify financial transactions in an economy that is still heavily centralised and dominated by oil, and where deals are often carried out in cash.
The proposal to restructure the dinar to bring more liquidity into the market has been awaiting parliamentary approval since last year.
On Thursday, a statement on the website of the cabinet secretary said the cabinet had decided to halt all procedures relating to the redenomination of the dinar "until further notice".
"The economic committee discussed this issue and so did cabinet ... There is a possibility that it could cause some problems in the economic situation. Besides that, this operation is so big that cabinet sees circumstances are not right to control this," cabinet secretary Ali al-Alaq told Reuters.
Iraq is slowly getting back on its feet after years of war and sanctions. Oil accounts for 95 percent of government revenues and the country's banking system is still highly underdeveloped.
HUGE PROCESS
The central bank has kept the dinar fixed at 1,170 dinars to the dollar in its daily auction but it recently moved to revalue the dinar slightly to 1,166 dinars after demand for the U.S. currency soared.
The central bank said it also had to tighten regulations over who can participate in the auctions as Iraqi traders sought to snap up dollars for resale in neighbouring Syria and Iran, both under Western economic sanctions.
Sales of dollars in currency auctions held by Iraq's central bank rose as high as $400 million on some days in December from a previous average of $150 million, according to central bank data.
"We have more than 30 trillion dinars in circulation. To withdraw this amount from the market and then to examine them and to dispose of them is a huge process. Even the technical and the monetary capabilities to control a process like this, we consider as insufficient and it is not seen as a priority currently," Alaq said.
The central bank says Iraq's large foreign reserves, which have risen to a record $60 billion on the back of high oil prices, will shield it from any damage to its financial system on the national level.
I dont like this news anymore than the rest of us that have been in this for several years, but it is what it is. Flame away people, but remember I am an investor just like you and am only the messenger here.
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fools. pay attention to date of the post. it's another pumper that lead to no RV.
I doubt the OP was a so called pumper.
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haha doesn't it seem that most rumors come from "newbies?" Its almost like they create a member name, then create a story...then watch the havoc they create.
The guy has had 10 posts since 2009, you have had over 100 hundred since May, 2011. Who is the "NOOBIE" here Einstein? I would put more faith in someone that has posted very little and has been a member of this community for as long as he has than some "NOOBIE" that shoots his mouth off every chance he gets. That is the biggest issue with boards like this, so many people are willing to talk, or type, and yet they have nothing to say or contribute to the community. So would you cared to either re-evaluate your statement, or think about using your brain before engaging your fingers?
Sorry, just had to be said.
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haha. Sounds like he just was bitter about something. Don't worry, the dinar is going to be internationally recognized...maybe not every bank is going to deal with it but there will be plenty that do.
A bank that deals with 1 out of every 3 people in the financial services industry in America is not just a typical bank. With Wells Fargo’s acquisition of Wachovia, they are a HUGE bank, along with Bank of America and JP. I would have serious concerns if they did not in the future deal with the Dinar. Take it for what it is worth.
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I have to ask, how the hell do you have almost 1100 postings in less than two months? SPAM MUCH?
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Car dealers say a spike in BMW, Mercedes, Land Rover & Lexus car sales as many GIs returning from Iraq with ID in hand put down payments on high end autos. A mini auto sales boom in the area has been reported in anticipation of ID RV. May be a little premature but sales are booming. I was just looking for a mini van for my handicapped wife when the dealers told me they were out of many popular models.
Has ID investors in your area also gone on shopping sprees in anticipation of the ID RV? Bad mistake I say if the RV don't happen as planned.
6.09 post per day since you joined. I see you are a major contributor for this board. And everyone is to take you at face value.
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I live in St. Petersburg FL, and I have noticed 6 new wells fargo banks in my area.
All of this has been in the last 2 weeks. Has anyone see this in thier area?
It is more than likely old WACHOVIA bank buildings being refitted with the Wells Name and look. This is happening all over the US.
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can yhis whole thing come out in the end as a lose? even a buck? this thing about 25k turning into 25$ is not good.cashing back in will take a loss at that method? please help...god bless america...god bless our troops...
Here is the bottom line, this is a highly speculative investment at best, there are no gurantees. Yes you could lose every single penny you put into this, is it likely? NO
Do not invest what you cannot lose. Every thing else is just noise as far as excuses or answers you will receive. Think LONG TERM.
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I know someone who works for Blackwater (a private security firm) and they DO make humongous wages!
Funny, Blackwater has not been in existence for over a year, it was renamed. Did the person you know forget to tell you that?
FYI the people that work for Xe make solid compensation directly correlated to the skills they bring (MOST ARE EX SF PERSONELL) and the danger they are exposed to. I would say that they actually make what they should make rather than working for our government making peanuts.
What you deem "HUMONGOUS WAGES" might be just a decent salary to others. And yes, I do know two people that have worked for both organizations’ and they make mid six figure salaries and earn every damn penny they make.
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Quote
This is only disappointing to those that wanted to get rich quickly
End Quote
I have been patiently waiting for 7 years....When I got into this I knew it was going to be long... Now I'd be ready to get rich.....
For many of us it was never a "get rich quick" thing...
So I have a question, you have been a member for about a month less than me, and you have almost 1500 posts since then. I take it that you are full of insight?
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Yes, The News from the GET- Ali ,Call was Disapointing -- After all our hopes -- Are now Gone !!
But if it even matters to any one - this is a Line from the trans script..... Make of it as you will ..... I dont belive it matters,
[Ali/DinarTrade] …I have been in the business for 7 years I have heard it was happening this weekend, I am only giving in my opinion, it is not written in stone, yes it could happen but not in my opinion. I think it is a long term investment…
This sucks
Why does it suck? It is reality. Too many here thought that this was a SURE thing, that many thought they would be MILLIONAIRES OVERNIGHT! That is not the case. This has always been a highly speculative investment at best. I have a certain amount of money in this, if I lose it all I can live with that. I doubt that will happen but I am prepared if it does. I also believe I will make a solid return on my investment in the LONG RUN!
This is only disappointing to those that wanted to get rich quickly and thought that this was a done deal. Those that thought this were not realistic with their expectations. By all means, flame away.
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144 Posts in less than 2.5 weeks. You truly are someone that thinks before you speak. By all means continue to dazzle this community with your brilliance. We are waiting with breathless anticipation!
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I suggest you negative people go and listen to DD radio show with guest speaker Rudy Coehen, it will put your mind at ease and make sence too everything you are questioning, I think this guy is right on with this investment speculation, of all the rumors out there and BS speculation this guy make complete sense and has the knowledge to back every one of his accusations......................
FF you really should learn the difference between being negative, and being a realist and not a minion following the disillusioned. If you don’t like what I or anyone else wrote you can choose to ignore it. But what I said is my opinion based on factual knowledge and common sense. If that doesn’t fit into your warped sense of reality so be it. But I have simple Economics 101 on my side.
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This has been previously stated and there is truth to this. If the Iraqi Government was anywhere close to RV'ing, they would not be giving their Dinars away at auctions. All of the current currency would be hoarded.
When you see currency no longer sold at auctions, when it becomes scarce, that is when you know it will be close to RV.
Until then we are no closer to this RV'ing than we were 5 years ago.
My two cents, let the beat down begin from those in denial.
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Quite frankly whoever did that has opened themselves up to a Lawsuit. One word, SLANDER.
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Someone should have this clowns INTERNET Connection shut down. I would actually crawl in a hole and never come out if I was okie. The guy is pathalogical and for the life of me I have no idea why anyone rehashes this trash. Stop feeding the troll.
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You have explained the tax situation with regards to a non-trade-able currency, but what I can understand,
When the Dinar goes RV, it would then be a trade-able currency as handled on the Forex. Wherewith tax code you used did not cover this as a trade-able currency.
But thanks for the try
Try? I post something that might pertain to everyone that holds this currency and your fist post says "BUT THANKS FOR THE TRY"? You know it is people like you that drive me insane, no value to this board. Been banned one too many times and had to come up with a new name? I MEAN REALLY?
Sorry folks, was just trying to help people with this post. I mean again, REALLY?
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Adam, this might be an old posting but thought it might be relevant. What do your experts say in regards to this? Wil also post this in the VIP area.
"03-December 10 LocationWichita area Kansas Posted 12 December 2010 -
01:27 PM
Hi, My name is Mark. I'm an estate planning attorney. I've been reading lots of topics and posts on taxes going back and forth. Most indicate that people believe that income from exchanging Dinar for US $ will be treated as capital gains. This is what I used to believe too.
I have read, "I talked to my CPA/attorney about this and they said it would definitely be ___________." (Fill in the blank with whatever you want it to be - I've seen it I think.) Since all professionals know the same stuff <coughing to self>, why don't we all see the same answer. I think there are two reasons. 1) We all know pretty much the same "basics" but not all the same specialized information. Those who think of currency exchange in relation to the basics immediately think, "appreciated asset = capital gains." However, if you know more than the basics . . . (read what follows).
GENERAL ANSWERS FOR ARGUMENTS IN support OF CAPITAL GAINS TREATMENT I will not be at all disappointed if you do not believe or agree with what I post here. After all, a lot of intelligent people are saying otherwise. Here is the link to an article by a CPA, Vernon Jacobs, who seems to have better credentials than I do for dealing with foreign currency (he also charges more than me):
http://www.maximadvi...cy-Gains-Losses
This article makes statements without supporting them. In my analysis, most of the statements made in the article agree with what is written in Section 988 (The section dealing with foreign currency). However, the most important one to us does not seem to agree with section 988.
Why then should we believe Mr. Jacobs if his assertions are not explained instead of just stated? While I agree that this gentleman certainly seems to know what he is talking about and has impressive credentials, when I have so much contrary evidence I can not simply believe him because he said so. I need some sort of reference to the authority upon which he bases his claims. (Who knows - maybe he was having a bad day and just misstated something.)
Maybe you should believe him. (Maybe I should believe him.) Still, I don't feel comfortable being told something and staking so much on it without being told why. When I try to look into "why" I come up with a different result. Many other CPAs also agree with what I am about to share. The most convincing of which I will share at the end of the post.
Another oft mentioned reason for believing that the foreign currency is a "capital asset" that is subject to capital gains taxes is Internal Revenue Code (IRC) section 1221 which says that a "capital asset" is any asset held by the taxpayer except . . . . Nonfunctional (foreign) currency is not listed as an exception. People therefore surmise that if it is a capital asset, it gets capital gains treatment.
To correctly analyze this circumstance, you must understand that in legal construction, when there seems to be a conflict in language, specific language trumps general language. In other words, section 1221 does not need to spell out all of the ins and outs and exceptions when dealing with foreign currency because section 988 takes care of that.
Section 988 is the more specific language when dealing with foreign currency and is thus controlling on the issue. Besides, there actually are times when "nonfunctional" currency might be considered a capital asset subject to capital gains. You might think of it like this.
Foreign currency is a capital asset under section 1221 except where Section 988 says it is not.
Probably the biggest thing you will read/hear is, "I called the IRS and . . ." Invariably they point to publication 525 p 33 which says that for a personal foreign currency transaction there will be no recognition of the gain if is is less than $200 and recognized as Capital Gains if the gain is more than $200. The problem is that the IRS is tricky and while it certainly seems cut and dried, it is not.
(More on this below.)
MY ANALYSIS OF THE TAXATION ON A DINAR INVESTMENT
Section 988 OR Section 1256?
The Internal Revenue Code (IRC) deals with foreign currency exchange profits and losses under two different Sections; 988 and 1256. The primary section, 988, deals with gains and losses as ordinary income (with one small exception). However, foreign currency investors are often able to opt out of Section 988 and have their investments treated as Capital Gains under Section 1256. Unfortunately, Section 1256 only applies to contracts (i.e. futures contracts and forward contracts) for regularly traded foreign currency. Even if Dinar were a regularly traded currency, I have not seen anyone saying, "I just purchased a spot contract on Dinar this morning. Go RV!!" What I see instead is that people have purchased Dinar either in an account or the physical currency and will hold that currency as long as they want to hold it.
Therefore, even if Dinar were a regularly traded currency (which it is not), Section 1256 still does not apply. Therefore you are stuck under Section 988.
The Confusion of Section 988
Many people have looked at IRS Publication 525, Pg. 33 to justify their assertions that your Dinar RV income should be treated as Capital Gains. It states:
Foreign currency transactions. If you have a gain on a personal foreign currency transac- tion because of changes in exchange rates, you do not have to include that gain in your income unless it is more than $200. If the gain is more than $200, report it as capital gain.
This sounds pretty cut and dried. However, you should never underestimate the confusion of the IRS or its code, the IRC. The above quote refers to a "personal . . . transaction." You might be surprised to know that what you have done is not a "personal transaction" under the language of Section 988. IRS Pub. 525 did not anticipated a situation where masses of individuals would be investing in foreign currency with hopes of obscene profits. This language is intended for the traveler who went to New Zealand on "holiday" and when they returned and exchanged back to dollars, they had a little bit of gain or loss. That is not your situation.
Breaking it Down
I figure the best way to make everything clear is to show you the part of Section 988 dealing with "Personal Transactions." and then explain it.
Section 988 (e)
Application to individuals
(1) In general
The preceding provisions of this section shall not apply to any section
988 transaction entered into by an individual which is a personal transaction. [so far it looks pretty good. This means it will not be ordinary income. It will be treated like any other asset and be Capital Gains.]
(2) Exclusion for certain personal transactions
If--
(A ) The preceding provisions of this section shall not apply to any transaction, and
(B ) such transaction is a personal transaction,
no gain shall be recognized for purposes of this subtitle by reason of changes in exchange rates after such currency was acquired by such individual and before such disposition. The preceding sentence shall not apply if the gain which would otherwise be recognized on the transaction exceeds $200. [This means that if the gain is lower than $200 you don't even claim it.
However, if you exceed $200 then you are back to my previous statement.
Still looks pretty good. This is where the information for IRS Pub 525 comes from.
Unfortunately this is where most people stop.]
(3) Personal transactions
For purposes of this subsection, the term "personal transaction" means [finally a definition] any transaction entered into by an individual, except that such term shall not include any transaction to the extent that expenses properly allocable to such transaction meet the requirements of--
(A ) section 162 (other than traveling expenses described in subsection (a)(2) thereof), or
(B ) section 212 (other than that part of section 212 dealing with expenses incurred in connection with taxes). [and we still don't know what it "shall not include"]
You can see how this can get confusing. To really look at it, we should probably go to Section 162 and Section 212, but I'm going to skip 162 and tell you what 212 says:
Section 212. Expenses for production of income In the case of an individual, there shall be allowed as a deduction all the ordinary and necessary expenses paid or incurred during the taxable year--
(1) for the production of income
(2) for the management, conservation, or maintenance or property held for the production of income; or
(3) in connection with the determination, collection, or refund of any tax.
Each Dinar purchase had expenses associated with it such as transaction fees, transportation fees, etc.... That is how the dealers stay in business. Since there WERE expenses related to the purchase of Dinar that "meet the requirements" of Section 212(1) and/or Section 212(2), the income associated with those transactions are specifically EXCLUDED from the definition of "personal transaction" under Section 988.
Section 988 (e) "Application to individuals" - does not apply. Since
(e) basically says that the provisions of Section 988 don't apply and now you can't use (e), you are back in a situation where the provisions of Section 988 DO apply. That means that you have ORDINARY INCOME. It even goes as far as to say that it should be looked at as "interest income."
A WAY OUT
Some people argue that they didn't have any expense associated with an
investment or business transaction. However, there were transaction
fees, transportation fees, etc... that "could" be deducted under
section 212 as investment expenses. Since they "could" be deducted as
investment expenses, this is not a "personal transaction."
The exception to this is if you absolutely had NO expenses associated
with your Dinar that you "could" claim as investment expense. Since
none of us got our Dinar in contemplation of an exotic vacation to the
Iraqi deserts, the only way that happens is if you got it as a gift
(not as an investment). Then you get capital gains treatment. (Be ready
to prove it was a gift if you get audited.)
WHAT THE IRS THINKS OF MY ANALYSIS
To further corroborate my analysis of how the IRS would determine the
tax on these transactions (not what we would like to believe), I sent
my analysis to a friend who is a criminal investigator for the IRS. She
forwarded it to an "International Examiner" who agreed with my
analysis. (Perhaps when I get to my other computer I might post her
email (with name removed) and attach the examples she sent that are
used by the examiners in evaluating section 988. There is an example in
the materials that specifically addresses selling foreign currency for
US $ as a Section 988 Transaction.)
FINAL COMMENTS
As I said before, I am an "Estate Planning" attorney. I am not a tax
attorney. I am tax trained with my undergrad being in accounting,
receiving a certificate in tax from my law school, and working in a
field where I am constantly looking at ways to help people save taxes.
However, I am not above understanding that I can be wrong sometimes. If
any of you have a brilliant tax attorney who has a way out of what I
have just described, I'm sure we would all LOVE to hear about it. Until
then, be safe with the IRS - it is ordinary income under Section 988.
Having said all of that - I don't believe guys like Vernon Jacobs just
spew stuff out without reason. I really would like to understand his
thoughts behind what he said. I'd love to be proved wrong, but until
then. . . . I will practice an abundance of caution and go with what
the International Examiner thought - ordinary income unless received as
a gift.
Best of Blessings,
Mark
SHORTENED DISCLAIMER
Should put a disclaimer here - I am an attorney - you can't use this as
legal advice and we do not have an attorney client relationship (Assume
this goes for anything I ever write unless I am writing it just for you
as my client.)"
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I have to ask, can you provide a link to this? No? Hmmmm, perhaps you are taking this out of context?
Could you possibly be referring to this:
http://www.snopes.com/politics/business/safedeposit.asp
The Patriot Act was done under George W. Bush, since you have been sleeping for the past 10 years.
"The Act was passed by wide margins in both houses of Congress and was supported by members of both the Republican and Democratic parties."
So your point was what?
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THIS IS WHAT HE SAID.
NO Change in rate, rumors holds true to it's history, nothing but pumping and rumors!!!!!!!! My co worker's wife is Kuwait and yes we called Doha, never got through, went down there today.. debunked about Kuwait's getting to exchange only... more pumping and rumors.. What will next week bring.... OH I know...
" The IMF will take charge and RV for Iraq " So everyone get ready to spend your tax return for it will not RV until JUNE of this year...
Then care to refute or even try and explain this?
Put in the IQD and exchange with UDS, it states 1 IQD equals $3.22
www.jordanislamicbank.com/en/
They're using a currency converter that they don't own which is returning bad data that they have no control over. They couldn't affect the rate that displayed on their site if they wanted to. All they are getting is 'test data' which has a Saddam rate for the IQD.
Then why is it showing today's date on that site?
Friday 14 January 2011 || 8 Safar 1432 H
Can you provide a link to back up what your theory is? I am not slamming you at all, but I have heard this stated but no one has provided one shred of evidence that what you are saying is the actual reason as to why that is showing.
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Trust nothing of what you hear of read here. There are many sources outside of this board in which you can do you own research. There is not one person on here who can tell you accurately when this thing will RV or what the rate will be. If they knew that information they would be borrowing everything they had, borrowing against their home ETC if they had that information and it was going to be substantially more than its current rate. I believe along with many that I have spoken with that it will RV, that we will make a profit and that anything more than what I have in my head and my expectations will be a blessing. I have been involved with this HIGHLY SPECULATIVE investment for several years, have enough dinar that if it hits at .03 or higher I am one happy camper. What the real rate will be is anyone's GUESS at this point.
I wish you and every other dinar holder well with this endeavor but I am also prepared to lose everything I have in this and I am fine with that. I have taken a calculated risk and have expectations on both ways this could play out. Again I do expect to make a profit but I am not like so many on here who believe they will be rich overnight beyond their wildest dreams.
Take it for what it’s worth
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I completely agree with you
Pop Quiz, what do you think the average completion of someone's education in the military is? Do you think they are all masters of Grammar and Spelling? Does someone who might actually have boots on ground in a hostile land have more insight than a great portion of the herd here on these boards?
Dont know who the individual is, and you could be right, but then again you are judging someone based on their spelling but might actually be in Iraq? Be careful with that broad brush stroke you are painting there chief. Once size does not fit all. Just saying.
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I still ask, why would anyone sell Dinar if it was close to RV'ing? That does not make any sense, financially or otherwise.
The day you see no sales of Dinar through people like Ali or auctions, that is the day one can be excited about the RV being close.
As long as people keep selling we are not close to RV.
Let the beatings begin.....
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It would have been posted regardless, I was simply trying to be positive that it will not happen IMO! Someone else would have posted with a whole negative spin. I refuse to think it will because as soon as I throw in the towel it might as well be over. I have a lot of dinar as well and want nothing but a positive outcome for the Iraq people and us as investors. True this is Iraq and you never truly know but once you allow your mind to think negative it consumes you. I don't pay much attention to the rumors like we have been hearing recently because I just simply can't count on a friend of a friend high up with major juice said such and such. Even with good intentions people naturally do not relay the info the heard 100% exactly the same. Just yesterday I friend and business partner who I trust with my life had a friend of a friend who knew someone high up at CA office (guess where) who works in the office whom said it was going down yesterday at 5pm CST. But since my friend didn't speak directly to this person I took it as a huge maybe. At the same time I 100% believe it will RV between this thursday and 1/15/11 just based off simple facts and what's best for that country.
Time will tell God Bless and have blessed day! GO RV!!!!!
Tarhill I hope you and your family are truly blessed by this speculative investment as well as all here. What part of NC are you in? I am down in Charlotte but am from Texas originally. Beautiful state you have here.
I as well as you believe it will RV, the question is how much will we profit. That is the number one question. I have said this time and time again, I have in my mind what would be a fair profit and if it is anything above that then I consider it an added bonus, or a blessing.
Good luck to everyone and try and get an open mind as to the positives as well as negatives on this Speculative investment.
Best Bank Story Ever!!!
in Dinar Rumors
Posted
This is absolute BS. Here is something that was passed to me today by an internal person here in Charlotte NC that was issued out on 1-22-14 to their Wealth, Brokerage and Retirement Group, AKA WBR.
A couple of things, NO I do not have a link, NO I will not name the person who passed this on to me, and you will notice that I do not post frequently on this forum, BUT have been a member for many years.
Fraud alert: Iraqi Dinar investment scam resurfaces
Sub Headline
1/22/2014
Page Content
Fraud/threat assessment
While posing as foreign currency traders, fraudsters are luring victims into a get-rich-quick opportunity scheme involving the purchase of Iraqi currency. Some investors are just curious about the Iraqi currency offers, while others are convinced that the huge reserves of oil in Iraq will inevitably lead to inflated values of the dinar when the Iraqi government stabilizes.
Fraudsters are running public awareness seminars, distributing elaborate folders of educational materials, launching online blogs, open chat rooms and setting up sketchy websites to hook their investors. This scam has been around since 2004 and returns from time to time. Somewhere along the way Wells Fargo was linked into this scam. It was recently reported in the Mid-Atlantic region this month and in Nashville, Tennessee in November 2013. The scam was also reported from Washington State in March 2012.
Impact to Wells Fargo
Reputation risk of not providing information to clients that can protect them from financial loss.
What’s not happening?
· Potential victims may not be aware of a few important facts.
· Iraqi dinar is not traded on open exchange markets, is not a listed security, and there are no government agencies supervising its trading.
· Wells Fargo does not trade in Iraqi currency, has not previously traded in Iraqi dinar, and has no plans to do so in the future.
· Wells Fargo does not have any contracts or agreements with currency traders to service Iraqi dinar holders when the predicted revaluation occurs.
· Wells Fargo does not make recommendations about paper currency investments, but does support a recommendation against speculating in Iraqi currency.
· Iraqi dinar is not sold by any banks or any other regulated currency exchange outlets.
· There is no market for Iraqi dinar outside of Iraq.
What can team members do?
· Listen for Iraqi dinar mentioned by a customer and recommend they speak to a Wells Fargo financial advisor. Also, encourage the customer to conduct some independent research before investing.
· Do not provide investment advice and do not discuss the potential worth of a foreign currency.
· Team members should notify store management if a customer is considering investing in Iraqi dinar.
· Do not open a new account for trading Iraqi dinar or any other Iraqi dinar purpose — not even for an existing customer. We must never choose sales credit over a customer’s financial wellbeing.
· Example “[Mr. or Mrs. Customer], Thank you for your interest in a new Wells Fargo account; however, to help protect your financial situation, Wells Fargo does not open accounts for any Iraqi dinar purpose and does not recommend speculation in Iraqi currency. May I introduce you to a financial advisor to discuss this further?”
· Complete an Unusual Activity Referral (UAR) as soon as reasonably possible if you are aware of a previously opened account that is being used for Iraqi dinar purposes.
· Notify a Market support Consultant (MSC) if you hear of an Iraqi dinar seminar in your area. Your MSC will work with Risk Management Services and Legal to create and distribute a communication specific to your area.
· Engage in a conversation to gather more details when a customer mentions any kind of investment opportunity. If it’s not the Iraqi dinar scam, it could be another investment scam you may be aware of.