Question about cashing in Dinar and multiple banks?

[gregg450]

I am thinking about opening accounts with multiple banks with at least a minimum balance for bargaining power at cash in time. I have read you will either get a better deal or not be charged a service fee if you have an account. If you have an account with several banks, would this be a good bargaining tool or just foolish preparation. Please give me your thoughts.

I have searched on this issue and if it has been addressed at an earlier time please provide the thread and I apologize.

Thanks

[Quart]

That seems like a reasonable thing to do. I haven't seen this addressed before.

[LT66]

2 would probably be good enough, yeah I posted in another part that chase bank does not charge anything, simple currency exchange. It is realy going to be pretty simple. Go in, exchange it, leave. The part I do agree with I saw on one of the linking sites is this, change your number on your phone, cell, email, etc. At least for the first few months because all the family you forgot you had as well as friends will be trying to cuddle up with you now lol

[jim1126]

I talked with my tax attorney about that. Using multiple banks or investing the money in real estate to shelter. He said no go... You just have to pay the piper.

30% for Uncle Sam plus whatever your state wants.

Its a good idea to prepare your next years tax return in advance, just to get ahead and the IRS doesnt come knockin'

[Quart]

My advice: refrain from ostentatious displays of new-found wealth. Forgo the "bling." Resist the temptation to brag or show off. Let your major purchases (cars, houses, boats, RVs, condos, Rolexes, etc.) be gradual and without fanfare. I know many "quiet" wealthy people who live quite peacefully.

[jam_az]

Pay off your debts and lay low!! If you are so inclined, move to a new destination and then buy the toys gradually. The new neighbors will just assume you had the wealth all along. If you do not want to move, then act like you owe for all of it!! LOL

[BetOnDinar]

I am going to wait to open any accounts. If a certain bank offers the best exchange deal, then I will open an account with them at the time of exchange. I do not believe that the banks will require one to have been an account holder for any certain period of time - only that you become a customer by opening account. Am I wrong? If so please share what you know. I am not aware of any reason to open any new accounts today.

[kamm]

Betondinar I am thinking the same thing that when they see how much money we have to cash in it wont matter if you have had a account for one day or years. they will just be happy to have you and your money.

[JOHN HENRY]

I think the capital gains rate is 15% if you have owned the dinar for 1 yr or more.

Burns

[seastallion]

I have three bank accts and will approach them each inquiring about the trade in fees, but also I want to know what they are going to pay for interest rates. They are going to make money off of my money, and you can bet they will make some accomodations to get it.

[layadooganlazy]

Let me ask you something, anybody who ever knows the answer to this........If you buy dinar from a Bank or a dealer on line, when it comes time to exchange will you have to go to where or who ever you got the dinar from?

Example if you get it from TD bank will you have to go back to them? if you open an account i think.

If you buy from Ali will you have to go to him?

If you buy from any other dealer online will you have to go to them or can you pretty much take it anywhere?

[gregg450]

I think you can cash in wherever dinar and dinar products are sold. jk. No seriously, once the IQD becomes publicly tradeable, you should be able to cash in with any large bank.

[Cohab04]

Everyone please check on the amounts of your indiviual bank FDIC amounts. When this goes down we will all probably need several banks to insure our diposits are properly insured. It is really going to be hard to sleep on that big lump in the mattress and the nieghbors are starting to complain about my back yard being dug up. Been collecting coffe cans for something special. GO RV

[gregg450]

I believe that FDIC insurance is 250,000 PER account owner. If you and your spouse own the account I believe you would be covered for 500,000. Please correct me if I am wrong.

[gozilla]

If you are planning on keeping tons of cash in the bank, I would look into a CDARS account, that way your money is spread out over like 3000 banks, and all of those accounts can be interest bearing and FDIC insured, and you only get 1 monthly statement.