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5/3 Bank

ncw1980

By ncw1980,
in Dinar Rumors

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ncw1980 Newbie

ncw1980

Posted
Posted

Hello all, real quick info from the local 5/3 bank here in Michigan...

I went and exchanged some more USD into IQD yesterday and was informed that since I had an account with them, I wouldnt have to pay anything to exchange it back. They said that it was just like changing currency back in from a vacation to Mexico or something. The personal banker that I talked to there assured me that it was NOT going to have to be taxed the 35% for capital gains because it was money that I had earned already and had been taxed through wages, etc. Either way, I am still socking away 40% into a short term CD or something to gain as much interest until tax time of next year. My wife and I are still planning on working until next year anyway so we are just going to sit and watch our investment grow. Also, the woman there told me that in her 8 years working at 5/3, she has never seen any type of interest on a foreign currency such as this, and that the bank as a whole has increased their accounts tremendously in the past few years from people who are investing in the IQD. They are pretty much the only bank in my area that exchanges currency so I'm just glad that the people at my branch are pretty cool about everything. Also, even though my wife and I bank at Chase exclusively, when I called to talk to them about exchanging for dinar at their bank, they were pretty crappy with me over the phone. Oh well, thats all I have to say. Love the site and love to see everyones collective excitement in this investment! Heres hoping for a sooner rather than later RV!! Have a great day everyone and enjoy this weather!! 65 degrees in Michigan today, YEAH!!!

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puzhalsta Newbie

puzhalsta

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@ncw1980:

Thanks for the info. 5/3 is the only bank (currently) in our area that will exchange the dinar. Chase quit exchanging at the end of last year and have no public plans to reinstate it in the near future. I agree. Their loss.

One note of concern in your post. You said your 5/3 banker gave you definitive tax advice. I've been in the banking industry for 12 years (even working for 5/3) and it is against Policy & Proceedure for any employee to administer tax advice other than "it's a good idea to speak with an accountant regarding your tax liability".

I would consult your newly acquired, well paid tax attorney for the correct advice on this. The last thing we want to do is underpay CG or Personal Income tax on several million dollars. Can you imagine the penalty and interest? OUCH!

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ncw1980 Newbie

ncw1980

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Yeah, thats what I was planning on doing. Her attitude towards my question of taxes was "while I am not a tax planner or financial advisor, off the record you don't have to pay taxes on this.....etc, etc..." She also went on to say about how 5/3 personal bankers are not supposed to give out any info on taxes or anything, but since she is also invested she wanted to share what she knew. She also did suggest speaking with a tax attorney or an accountant for further info but she again was just stating her thoughts on it. Thank you for your input on this Puzhalsta, I appreciate it!

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par66 Newbie

par66

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My husband had a good response from chase when he went to talk to them about if they would handle the IQD after it rv'd. We are in Louisiana and went into our regular branch where we know people instead of just calling. I don't know if that is why we got the response we did or not but I have no problems with Chase.

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Krissy Newbie

Krissy

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I spoke with my accountant this week when I took my taxes to him to be done. I asked him point blank about our investment and asked him what kind of taxes I would have to pay for exchanging currency he said "absolutely no tax". He is from a very well known accounting firm here in our area. There has been so many "reports" of capital gains taxes of 15-35%. Evidently there is no truth to the reports at all and my accountant said just like the lady said it would be just trading a currency for another currency and he's never known there to be a tax on that.

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pegsue Rookie

pegsue

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I just spoke with a Fifth Third bank rep here in GA and he said that all branches in the nation sell the dinar. That if one branch sells them, all would sell them. He also said that any branch will trade them back for existing customers at no charge. I think I am going to go open an account there tomorrow. They are the only game in town here soooooo....

Sounds like a plan to me!

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Jesse Newbie

Jesse

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I spoke with my accountant this week when I took my taxes to him to be done. I asked him point blank about our investment and asked him what kind of taxes I would have to pay for exchanging currency he said "absolutely no tax". He is from a very well known accounting firm here in our area. There has been so many "reports" of capital gains taxes of 15-35%. Evidently there is no truth to the reports at all and my accountant said just like the lady said it would be just trading a currency for another currency and he's never known there to be a tax on that.

Wow- I would recommend shopping around for a new accountant. Federal "Pound me in the Butt" institution just isn't worth an absent minded accountant.

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gman51 Newbie

gman51

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I have been a CPA for 11 years and have a Masters in Business, and work for the U.S. Government as a Financial Analyst. You both definitely need to get new accountants. The advice you received about no tax on your Dinar when you cash in is totally bogus. I would go to the IRS website and look up Capitol Gains Tax. It is not brain surgery. Very easy to read and doesn't take a CPA to understand it. I don't know how any accountant could get this one wrong. People, PLEASE!!!! don't get this one wrong. It will ruin your life if you do. IRC988 of the Internal Revenue Code speaks specifically about "Currency Trading".

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