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How to easily purchase a Certificate of Deposit from Warka


phlip
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In order to take money from your account for any reason, Warka will require a signed authorization form with specific instructions and since there are 3 different kinds of IQD CD’s available, that is especially true in order to purchase one.

 

When I first started my account with Warka we were more or less free to purchase an IQD CD for almost any amount, but now Warka requires that any IQD CD that you purchase must be a minimum of at least IQD 1,000,000 (One Million Iraqi Dinar).

You can also purchase a USD CD, but I’ve never bought one so I don’t know if there’s a minimum USD amount limit or not, nor do I know what that minimum amount might be.

 

I created the authorization form to purchase a CD in MS Word, but I imagine almost any word processor software or even a typewriter would work as well since once you’ve created it you’ll have to print it, sign and date it, scan it into a pdf or a jpg file format, name the file appropriately and then save it to your desktop (or somewhere else that’s convenient) ~ ready to attach to an email that you will send to Warka.

 

The form as I’ve shown it below requires that you input information specific to you and your own needs, but just to demonstrate the outline I’ve made it to read as an authorization to purchase an IQD CD for IQD 1,000,000 (One Million Iraqi Dinars) for 3 months at 8.5% annual interest (compounded monthly).

You don’t need to specify “compounded monthly” because that happens automatically, but you could choose to purchase one for 6 months at 9.5% annual interest or one for 1 year at 10.5% annual interest ~ either way it will still have to be for a minimum of at least IQD 1,000,000 (One Million Iraqi Dinars).

 

I prefer to make my attached files clear with regard to their content and purpose, so I usually name my attached file copies something like this: (Type your 6 digit account # here) Authorization to Purchase an IQD CD. That way when the Warka staff receives the email and the attached file name resembles the subject of the email they are not confused as to what the purpose of the transmission is ~ even before opening the file.

It’s been my experience that the Warka staff responds more to your 6 digit account number than to your name. That number is who you are to them and that way they don’t have to struggle with pronunciation or whether you are male or female.

 

Whatever the case, please feel free to use all or even just part of the suggested form as it is shown below.

-----------------------------------------------------------------------------------------------------------------------------------------------------

 

Authorization Instructions to Purchase a Certificate of Deposit

 

To: Warka Bank for Investment and Finance

 

c.services@warka-bank-iq.com

 

Re: (Type Your Full Name here) ~ Account number 790/000000/1/2521/0

 

I, (Type Your Full Name Here), authorize Warka Bank for Investment and Finance to withdraw from my IQD Savings Account mentioned above in order to purchase an IQD 1,000,000 (One Million Iraqi Dinar) Certificate of Deposit for Three Months @ 8.5%

 

Please, confirm this purchase with an email to: (Type your email address here)

 

Thank you very much for your time.

 

Best Regards,

 

 

_________________________________________              Date: _________________________

Type your signature name here

 

------------------------------------------------------------------------------------------------------------------------------------------------------

 

Once you’ve created the form, printed it and signed it and have it saved as a pdf or a jpg file ready to attach, you’ll want to send it attached to an email that is addressed to the right folks at Warka and which includes some simple but concise and polite language to expedite the process.

 

Basically, a CD is a financial product that Warka can readily sell even while under CBI Guardianship because the funds never really leave the bank; so the transaction can easily be handled by Rowaida Mohammed of Customer Services for International Foreign Relations at c.services@warka-bank-iq.com.

 

However, just to be safe, I’ve always CC’d my requests to Mohammed K Issa, the Director in charge of the entire International Foreign Relations Department and which also includes the Customer Service Department for International Foreign Relations.

I don’t really like to bother him with the mundane tasks taken care of by other departments, so this is just my version of a more or less polite nod to acknowledge that he’s still in charge of the whole shebang even while I still send it to the proper department to get processed. It’s just my way of giving him the ‘face’ he deserves without being maudlin about it ~ especially since ‘face’ is such a big part of any eastern culture.

 

It’s also my subtle hint that if the transaction doesn’t get taken care of properly he knows that I already know who he is and how to contact him and that I probably won’t hesitate to do so if his assigned subordinates don’t do their jobs.

 

It’s been my experience that he usually seems to ensure that Customer Service does their job just so that he’s not bothered with complaints. Whether that assumption on my part is actually true or not, I don’t really know; but I’ve continued to do it this way since I started buying CD’s from Warka and my feeling is that it has streamlined the process.

 

Anyway, below is my version of an email to purchase a CD from Warka including addresses, the subject and some simple language for the body of the email.

Feel free to use any or all of the information as you see fit.

 

------------------------------------------------------------------------------------------------------------------------------------------------------

 

Email Language to Purchase CD

 

Adapt to fit, Copy, Paste, & Send

 

To: c.services@warka-bank-iq.com

CC: ifrd@warka-bank-iq.com

 

Subject: (Type your 6 digit account # here) Authorization to Purchase an IQD CD

 

Customer Services Department

International Foreign Relations

 

Attached to this transmission please find the file copy of my signed Authorization Letter to purchase a CD.

 

I will expect to hear from you shortly with a confirmation of purchase.

 

Thank you.

 

Best Regards,

 

Type your signature name here

Type your 6 digit account # here

------------------------------------------------------------------------------------------------------------------------------------------------------

 

Prior to this whole Warka insolvency debacle it had been my habit to maintain (4) separate one year CD’s at 10.5%.

I usually had a Spring CD started sometime around April 1st every year, then a Summer CD started around July 1st, a Fall CD started around October 1st and finally a Winter CD started around January 1st every year.

I figured that way I’d never be more than a (3) month Quarter away from one of the CD’s maturing and dumping funds that I might need (plus interest earned) into my IQD Savings Account. If I didn’t need to wire the funds back, then I would just renew the CD with the original amount increased by the rounded off figure of interest earned. Talk about compounded interest!

 

Now however, with finances getting tighter at home and with Warka dealing with its own public image and cash flow problems, I tend to be a little more cautious.

I now tend to keep about a (3) month quarter’s worth of living expenses in my USD account earning only 4% interest, but constantly ready to wire back to my home bank account as soon as Warka is up and running again with honoring wire transfer requests.

 

The rest of the funds I keep in my IQD account earning 7% with a large portion constantly rolling over in ever increasing (3) month CD’s.

Not so spread out, but more controllable and still earning much more by far than I can get for CD products stateside. The interest earned is probably a little less than a well managed mutual fund, but I consider my funds safer at Warka than in the hands of a gambler type dude from the (wall) street.

I could be wrong, but time will tell.

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In order to take money from your account for any reason, Warka will require a signed authorization form with specific instructions and since there are 3 different kinds of IQD CD’s available, that is especially true in order to purchase one.

 

When I first started my account with Warka we were more or less free to purchase an IQD CD for almost any amount, but now Warka requires that any IQD CD that you purchase must be a minimum of at least IQD 1,000,000 (One Million Iraqi Dinar).

You can also purchase a USD CD, but I’ve never bought one so I don’t know if there’s a minimum USD amount limit or not, nor do I know what that minimum amount might be.

 

I created the authorization form to purchase a CD in MS Word, but I imagine almost any word processor software or even a typewriter would work as well since once you’ve created it you’ll have to print it, sign and date it, scan it into a pdf or a jpg file format, name the file appropriately and then save it to your desktop (or somewhere else that’s convenient) ~ ready to attach to an email that you will send to Warka.

 

The form as I’ve shown it below requires that you input information specific to you and your own needs, but just to demonstrate the outline I’ve made it to read as an authorization to purchase an IQD CD for IQD 1,000,000 (One Million Iraqi Dinars) for 3 months at 8.5% annual interest (compounded monthly).

You don’t need to specify “compounded monthly” because that happens automatically, but you could choose to purchase one for 6 months at 9.5% annual interest or one for 1 year at 10.5% annual interest ~ either way it will still have to be for a minimum of at least IQD 1,000,000 (One Million Iraqi Dinars).

 

I prefer to make my attached files clear with regard to their content and purpose, so I usually name my attached file copies something like this: (Type your 6 digit account # here) Authorization to Purchase an IQD CD. That way when the Warka staff receives the email and the attached file name resembles the subject of the email they are not confused as to what the purpose of the transmission is ~ even before opening the file.

It’s been my experience that the Warka staff responds more to your 6 digit account number than to your name. That number is who you are to them and that way they don’t have to struggle with pronunciation or whether you are male or female.

 

Whatever the case, please feel free to use all or even just part of the suggested form as it is shown below.

-----------------------------------------------------------------------------------------------------------------------------------------------------

 

Authorization Instructions to Purchase a Certificate of Deposit

 

To: Warka Bank for Investment and Finance

 

c.services@warka-bank-iq.com

 

Re: (Type Your Full Name here) ~ Account number 790/000000/1/2521/0

 

I, (Type Your Full Name Here), authorize Warka Bank for Investment and Finance to withdraw from my IQD Savings Account mentioned above in order to purchase an IQD 1,000,000 (One Million Iraqi Dinar) Certificate of Deposit for Three Months @ 8.5%

 

Please, confirm this purchase with an email to: (Type your email address here)

 

Thank you very much for your time.

 

Best Regards,

 

 

_________________________________________              Date: _________________________

Type your signature name here

 

------------------------------------------------------------------------------------------------------------------------------------------------------

 

Once you’ve created the form, printed it and signed it and have it saved as a pdf or a jpg file ready to attach, you’ll want to send it attached to an email that is addressed to the right folks at Warka and which includes some simple but concise and polite language to expedite the process.

 

Basically, a CD is a financial product that Warka can readily sell even while under CBI Guardianship because the funds never really leave the bank; so the transaction can easily be handled by Rowaida Mohammed of Customer Services for International Foreign Relations at c.services@warka-bank-iq.com.

 

However, just to be safe, I’ve always CC’d my requests to Mohammed K Issa, the Director in charge of the entire International Foreign Relations Department and which also includes the Customer Service Department for International Foreign Relations.

I don’t really like to bother him with the mundane tasks taken care of by other departments, so this is just my version of a more or less polite nod to acknowledge that he’s still in charge of the whole shebang even while I still send it to the proper department to get processed. It’s just my way of giving him the ‘face’ he deserves without being maudlin about it ~ especially since ‘face’ is such a big part of any eastern culture.

 

It’s also my subtle hint that if the transaction doesn’t get taken care of properly he knows that I already know who he is and how to contact him and that I probably won’t hesitate to do so if his assigned subordinates don’t do their jobs.

 

It’s been my experience that he usually seems to ensure that Customer Service does their job just so that he’s not bothered with complaints. Whether that assumption on my part is actually true or not, I don’t really know; but I’ve continued to do it this way since I started buying CD’s from Warka and my feeling is that it has streamlined the process.

 

Anyway, below is my version of an email to purchase a CD from Warka including addresses, the subject and some simple language for the body of the email.

Feel free to use any or all of the information as you see fit.

 

------------------------------------------------------------------------------------------------------------------------------------------------------

 

Email Language to Purchase CD

 

Adapt to fit, Copy, Paste, & Send

 

To: c.services@warka-bank-iq.com

CC: ifrd@warka-bank-iq.com

 

Subject: (Type your 6 digit account # here) Authorization to Purchase an IQD CD

 

Customer Services Department

International Foreign Relations

 

Attached to this transmission please find the file copy of my signed Authorization Letter to purchase a CD.

 

I will expect to hear from you shortly with a confirmation of purchase.

 

Thank you.

 

Best Regards,

 

Type your signature name here

Type your 6 digit account # here

------------------------------------------------------------------------------------------------------------------------------------------------------

 

Prior to this whole Warka insolvency debacle it had been my habit to maintain (4) separate one year CD’s at 10.5%.

I usually had a Spring CD started sometime around April 1st every year, then a Summer CD started around July 1st, a Fall CD started around October 1st and finally a Winter CD started around January 1st every year.

I figured that way I’d never be more than a (3) month Quarter away from one of the CD’s maturing and dumping funds that I might need (plus interest earned) into my IQD Savings Account. If I didn’t need to wire the funds back, then I would just renew the CD with the original amount increased by the rounded off figure of interest earned. Talk about compounded interest!

 

Now however, with finances getting tighter at home and with Warka dealing with its own public image and cash flow problems, I tend to be a little more cautious.

I now tend to keep about a (3) month quarter’s worth of living expenses in my USD account earning only 4% interest, but constantly ready to wire back to my home bank account as soon as Warka is up and running again with honoring wire transfer requests.

 

The rest of the funds I keep in my IQD account earning 7% with a large portion constantly rolling over in ever increasing (3) month CD’s.

Not so spread out, but more controllable and still earning much more by far than I can get for CD products stateside. The interest earned is probably a little less than a well managed mutual fund, but I consider my funds safer at Warka than in the hands of a gambler type dude from the (wall) street.

I could be wrong, but time will tell.

Why would you keep any money in USD apart form the absolute minimum to keep the account open?  You have the authority on-line anytime to transfer  IQD to USD and it only takes seconds.  Any money in the USD account is effectively useless in terms of the intent of the investment and the low returns of interest. If it RVs any money in the USD account is dead wood in terms of this investment. To be avoided.   Cds are good but I would avoid long term cds at present.

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Response to Goodlife post ~ with all due respect:

 

Goodlife Question: Why would you keep any money in USD apart from the absolute minimum to keep the account open?  You have the authority on-line anytime to transfer IQD to USD and it only takes seconds.

Phlip Answer: Already answered in the post, but here it is again ~ “Now however, with finances getting tighter at home and with Warka dealing with its own public image and cash flow problems, I tend to be a little more cautious. I now tend to keep about a (3) month quarter’s worth of living expenses in my USD account earning only 4% interest, but constantly ready to wire back to my home bank account as soon as Warka is up and running again with honoring wire transfer requests”.

 

Goodlife Opinion: Any money in the USD account is effectively useless in terms of the intent of the investment and the low returns of interest. If it RVs any money in the USD account is dead wood in terms of this investment. To be avoided.

Phlip Response: Your intent of this investment is obviously different from mine, which should be OK with you or anyone else since I am absolutely free to run my own life and affairs as I see fit. Also obvious is that anyone with a Warka account can choose to do whatever he or she wants with their own accounts without feeling that they have to justify their choices to anyone. 
 

Goodlife Opinion: Cds are good but I would avoid long term cds at present.

Phlip Response: Agreed, and as I’ve already stated in the post ~ “The rest of the funds I keep in my IQD account earning 7% with a large portion constantly rolling over in ever increasing (3) month CD’s”. Anyone with a Warka account knows that 3 months is the shortest term IQD CD’s on offer from Warka and besides that they earn 8.5% annual interest compounded monthly.

I doubt if I can get 4% from a USD CD ~ let alone a USD savings account ~ anywhere in the US, which is why I’ve chosen Warka. Same thing goes for a 3 month (short term) CD at 8.5%.

 

Goodlife Speculation: If it RVs……………

Phlip Response: I’ve been invested since the summer of ’04, have always paid only CBI  rate prices for my IQD, and have never purchased cash via the internet at highly inflated prices ~ plus shipping. The IQD has revalued from 1/1500 up to 1/1166 which represents a return on investment for me of 22% ~ better even than most mutual funds available in the states.

An overnight RV representing a 10,000% plus (or more) ROI hasn’t happened yet………………….

I’m not holding my breath anymore ~ breathing deeply, daily is just one key to a long healthful life.

 

A simple reminder ~ this post was originally intended to benefit those with Warka accounts who might not have known the information posted here.

Including some personal information was meant to give a perspective on the investment that might otherwise have gone unnoticed.

 

Best of luck to us all.

Live free and choose your own path ~ I have.

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  • 4 months later...

Since I am hoping that Warka will soon be honoring requests to wire funds back to the US, I would like some information on how to go about getting that done.  I do have e-bank access to my accounts.

 

Thank you for any help you can give.

 Warka is still under receivership of the CBI because of bankruptcy,

 

Until something is announced and resolved by the CBI on Warka bank no money comes out of accounts.

 

Strange thing about it is people can put in all the money they want and some have put in 100's of thousands of dollars only to find all accounts are blocked from any withdraws.

 

On fellow investor with over $100,000 in Warka has been trying for over 2 years to get even $1 back with no luck.

 

He even went to a lawyer who after investigating the facts told him there was nothing he could do about it.

 

Best of luck to all who have funds in Warka.

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 Warka is still under receivership of the CBI because of bankruptcy,

 

Until something is announced and resolved by the CBI on Warka bank no money comes out of accounts.

 

Strange thing about it is people can put in all the money they want and some have put in 100's of thousands of dollars only to find all accounts are blocked from any withdraws.

 

On fellow investor with over $100,000 in Warka has been trying for over 2 years to get even $1 back with no luck.

 

He even went to a lawyer who after investigating the facts told him there was nothing he could do about it.

 

Best of luck to all who have funds in Warka.

 

Exactly.  Who cares how good your interest rate is if you can't get your money out?  Unless you intend to move to Iraq and write checks or use an ATM I'd say it's best to avoid Warka.

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