Helpful Bank Rumor from Eagle 1

[blueskies]

From DR--

 

Eagle1: Multiple meetings have been taking place at Wells Fargo and other banks today preparing execs for the imminent RI of the IQD. I received a specific bit of info today from a Wells Fargo officer who gave some important advice to all of us.

1. If you are a customer of WF, there will be no exchange fees. In other words, whatever the normal exchange rate the bank has is what you will receive -- no 1.5% fee tacked on. ...

2. You will see an 11% currency exchange tax taken out by the IRS on any amount you exchange. You may also be charged a state tax -- depending on where you live.

3. DO NOT -- and I repeat, DO NOT -- tell them that you want to "cash in" some IQD. You are there to "exchange" the IQD for USD.
....

 

If you use the phrase, "cash in," depending on where you are and whoever happens to wait on you, your transaction could be treated as "cashing in an investment."

4. Two FINCEN forms have been provided by the IRS. One specifically identifies these transactions as "currency exchange" transactions.

The other refers to them as "currency investments." DO NOT UNDER ANY CIRCUMSTANCES sign any document which treats your exchange as a "currency investment" or you will wind up paying as much as 39.5% in taxes!

This is an important distinction, and if you want to avoid paying through the nose to the IRS, avoid any references to the word "investment" on any document that you sign at the bank (or broker, or currency-trader).

 I have no objection to paying a fair and reasonable tax on any transaction, but I'm not the least bit interested in someone finessing the phraseology in order to trick me into paying more tax than Congress has signed onto. Hope that's a help to everyone.

Blessings on you.

Eagle1

[BKD]

Blueskies, thanks for this interesting article.  Go RV!!!!!!!!!!!!!!!

[sandstorm]

Whats so funny....is wf and every other bank has no idea what to do or expect until after it rvs. they are not sitting around talking about what to do....when it rvs.

[Belecosity]

i believe this is about the 4th or 5th time iv'e heard this.. lol.... not like it really matters, but who is smart enough to purchase dinar in "exchange" for USD, and then go to a bank and say there "cashing" in. Unless they refer "cashing in" for exchanging IQD for "usd" or "cash". I just never got the point of hearing this over and over. not being mean, but DR pumps this story about 1-2 times a month.

[easyrider]

i believe this is about the 4th or 5th time iv'e heard this.. lol.... not like it really matters, but who is smart enough to purchase dinar in "exchange" for USD, and then go to a bank and say there "cashing" in. Unless they refer "cashing in" for exchanging IQD for "usd" or "cash". I just never got the point of hearing this over and over. not being mean, but DR pumps this story about 1-2 times a month.

you would be surprised, many people would if they have never done a foreign currency transaction. 

Edited March 29, 2013 by easyrider

[eburt]

This is very strange - why would Wells Fargo tell anyone information about the IQD before it RV.  I have a WF account and non of this is mention by them.  Again do not understand were people (Eagle 1) get there information and how can they justify this is true.  I guess I will take this as a rumor until it comes true.  Thanks for the Post

[Belecosity]

you would be surprised, many people would if they have never done a foreign currency transaction. 

yah you may be right.... My bad. I guess when it does go through hearing exactly what to say might be helpful when i'll be up up and away!!!!

[sandstorm]

i believe this is about the 4th or 5th time iv'e heard this.. lol.... not like it really matters, but who is smart enough to purchase dinar in "exchange" for USD, and then go to a bank and say there "cashing" in. Unless they refer "cashing in" for exchanging IQD for "usd" or "cash". I just never got the point of hearing this over and over. not being mean, but DR pumps this story about 1-2 times a month.

it focuses everyones attention on the cash profit....thats why they always cycle these chats and rumors. people look past whether a rv is feasible....they talk to your heart....which is allthe money your bout to have.

Common sense outweighs all of the above intel.

you would be surprised, many people would if they have never done a foreign currency transaction.

there is not some artform to echanging foreign currency. all you do is hand it to a teller!! Just like any other foreign currency exchange. pump pump pump

If you walked in and said id like to cash in my euros. they take them...verify and count...then will hand you physical usd to the converted amount. if you say id like to exchange my euros....the teller will say.....do you want to deposit in your account or do you want cash. thats it. each bank will have their own fee or spread.....but thats common sense.

giving driving directions to the bank would be more informative

Edited March 29, 2013 by sandstorm

[Belecosity]

it focuses everyones attention on the cash profit....thats why they always cycle these chats and rumors. people look past whether a rv is feasible....they talk to your heart....which is allthe money your bout to have.

Common sense outweighs all of the above intel.

there is not some artform to echanging foreign currency. all you do is hand it to a teller!! Just like any other foreign currency exchange. pump pump pump

I know this exchange will be profitable, but you are right about them pulling on the heart strings... It's just sad to me sometimes to see people get soo exited to what these guru's are saying, and to have their hopes get dashed because of one persons intel countless times.

 

Hope is not a bad thing, but if you're only hope in this investment is what you're favorite guru is telling you, it's gonna be a bumpy ride.

 

It will go through! Have Hope in this investment, not in a person. My first week into this investment 3 years ago i found that out. saved myself alot of heartache.

 

I am living Post RV/RI right here, right now. Nothing better than peace of mind.

[sandstorm]

Good post belecosity! I agree

[Bob]

"I don't ever sing........but in this case"...........Well the Wells Fargo wagon is a commin down the street oh please let it be for me!!!!!!!"

 

"Stay thirsty my friends!"

[umbertino]

Quote

Eagle1: Multiple meetings have been taking place at Wells Fargo and other banks today preparing execs for the imminent RI of the IQD.

End Quote

Tired lol.

 

[caz1104]

This is very strange - why would Wells Fargo tell anyone information about the IQD before it RV.  I have a WF account and non of this is mention by them.  Again do not understand were people (Eagle 1) get there information and how can they justify this is true.  I guess I will take this as a rumor until it comes true.  Thanks for the Post

"I guess I will take this as a rumor until it comes true"  sound advise. Rumors posted in the "rumor section" should be taken as such-peace & prosperity

[umbertino]

Quote

50 user(s) are reading this topic

6 members, 43 guests, 0 anonymous users

End Quote
That's what it says at bottom of this page....Looks like Math IS an opinion after all.

Edited March 29, 2013 by umbertino

[geman]

73 users 16 members and 57 guest = 73

[JMULS31]

I have a WF account as well.  Im so tempted to go to my bank and ask them about this.  LOL

This is very strange - why would Wells Fargo tell anyone information about the IQD before it RV.  I have a WF account and non of this is mention by them.  Again do not understand were people (Eagle 1) get there information and how can they justify this is true.  I guess I will take this as a rumor until it comes true.  Thanks for the Post

[umbertino]

73 users 16 members and 57 guest = 73

now it's ok then.. When I posted, it wasn't.

[geman]

now it's ok then.. When I posted, it wasn't.

Damn ghosts

[Nelg]

Rumor or not this is some good information.  IF there are forms, which there will be, you need to be aware of how it is worded and what you are signing. Always good information. 

If you are exchanging a minor amount of IQD then one "might" go to the cashier window. But if you are exchanging a great deal, you'd better believe that there will be a bank investment advisor, counsoler, or one of the managers there to "assist you" in what to do with some of the funds.  That's not rumor but fact.  Banks are not going to miss a chance of handling your funds. 

I don't know if they (banks) will wave the spread.  There is just to much money (profit) for them to leave it on the table; that is unless they can convince you to place the money in their hands.  If you are not prepared with a substantial plan concerning your new found wealth then you will be suseptible to their "ideas" for your wealth.  If you don't have a plan, put one into place NOW.  

As far as someone, an official, from WF letting you know about what is about to happen; well, that depends on your relationship with the official.  They can and do let prefered customers know what is about to happen IF it is in their best interest.  Example: If your banker knew that you had 100 Million IQD to exchange after the RV (no matter the rate), wouldn't it be to his advantage to give you a "heads up" as to what might happen?  If he knew and I didn't, after the RV I would be wonder why, with so much invested, he did not keep me informed.  That is of course, IF he knew. 

All in all the post is a good one because it is one more piece of advice that we can all use to be prepared.  Who cares about the rate or date?  Be prepared; as any good Scout knows! 

[AFvet]

Good read, let's just hope April Fools doesn't play any part in this!

[umbertino]

Damn ghosts

I know.....

[powerpager]

We can only hope it is that easy !

   

[easyrider]

Heres what the FINCEN form looks like.

 

FinCEN FORM 104 specifically states "Currency Exchange" in Part II number 33. It also states "Currency Exchange" on page four of the form under Item 33. 

http://www.fincen.gov/forms/files/fin104_ctr.pdf

 

Consult with your OWN tax attorney.

Edited March 29, 2013 by easyrider

[Sage449]

Call me a dork or whatever - but I just love these messages - just because they keep my hope alive.

 

 

[Rayzur]

I said this before about a year ago, but will note for the new guys.... My brother is a Wells Fargo Vice President. They have lots of those at Wells Fargo. They are not talking about this, and they are not gearing up for this like so many who own dinar might be doing. The greater majority of people working for WF don't even know about dinar (though as time passes and these sites grow and main stream reports, its becoming more known).

And they are not going to hand you an IRS form right there and then which you have to fill out in order to complete the transaction. WTF are people thinking!?!?! Banks report to the IRS every year, and send you a form of their report to the IRS, so you can deal with it on your personal filing. They are not IRS agents nor do they work on behalf of the IRS and don't conduct IRS business beyond their obligatory end year reporting for their clients. You and your tax attorney decide how you are going to report your income based upon the most appropriate way for you to report this information.....its not something decided/filed  every time you do large money transactions....