Holding Asset Backed Dinar until we can exchange them for US asset backed $

[Blondie121]

Question.   I just returned from WF bank and asked about opening a multi-currency account.  They vowed they knew nothing about such item.  The chap even called a main office to see if they could help him with the answer.  They could not.  What bank has such an account?

 

I also read, I think in the Dodd-Frank Bill that since Dinars were already asset banked, if we placed "them" into a non-interest bearing account, we could then exchange them for asset backed U.S. dollars - I assume in Oct.   I admit I goofed and did not specifically ask if the "them" monies placed in the non-interest bearing account was for the Dinars or for dollars - regardless of when the account was opened.

 

Anyone have a bright light to shine on these dim questions?

 

Thanks to all who have contributed to the abundance of information and are willing to continue to do so.  Thanks to Adam M. and his "gang".  Great job everyone.

 

Most of all, my thanks to the God of my understanding for his blessings.  

 

Blondie

[bg888]

The whole asset-backed dollar thing is fiction.  the dollar is fiat and therefore only backed by faith and trust that it is worth something.  the US 100 dollar bill that will be released into circulation on October 8, 2013 is simply the continuation of the newly redesigned notes that you currently see in circulation.  You know, the ones that have colors other than green and black.  Contrary to guru nonsense, they are federal reserve notes and not some magical new treasury note. I hope that helps

[jeepguy]

I hear you blondie ,, going to be a wilder ride when these dinars get a value ,  and then finding a spot to cash them in,  I have heard tales that federal banking institutions will , or might handle them , also , foreign exchange desk at air-ports,  { air ports I would guess will have a big margin spread , }  other folks have stated that when the dinar gets to a value worth handling then banks everywhere would be on board to get these notes ,  I would really think that if the banking industry had sold dinar at one time before then , those same banks will infact  get back to dealing with them again , {  having an account with that bank would be best , have tried with other currency and the handleing fee and spread , wasn`t worth the effort , }  so just hang in the area here and watch the boards on who is having luck at this !  good luck to us all very soon   

[Blondie121]

Thank you both for your input.   Happily, I still have a wee bit of patience - just in case this is not over on Monday!

[keepmwlknfny]

Neither the dinar nor the USD is asset backed......I dont know.of.ajy bank outside Iraq that you can deposit your dinars in.....hopefully that will change in the future but none for now.....I think Warka is the best thing offered to have dinar and USD in your account......

[rockfl9]

?? Why would a commercial bank want to store (hold) a foriegn currency in a NON interest bearing account ??  That is why they rent safe deposit boxes!

Now if you think you want to have the bank take the dinar at current value and credit the account when it RVs , you need to put in a money-center bank . There are minimums and fees .. Typically would not qualify

[bg888]

Neither the dinar nor the USD is asset backed......I dont know.of.ajy bank outside Iraq that you can deposit your dinars in.....hopefully that will change in the future but none for now.....I think Warka is the best thing offered to have dinar and USD in your account......

Even in Warka Bank, you would need to set up two separate accounts... one holds USD and the other is funded by IQD.

[MFNGPTYLTD]

?? Why would a commercial bank want to store (hold) a foriegn currency in a NON interest bearing account ??  That is why they rent safe deposit boxes!

Now if you think you want to have the bank take the dinar at current value and credit the account when it RVs , you need to put in a money-center bank . There are minimums and fees .. Typically would not qualify

Gee u r lucky in Australia we don't have safe deposit boxes the banks now keep it in an envelope in a cupboard u need a licence to get it and there are no guarantee  that it will be there when u pick it up I'm getting nervous as I have 8 mill in one bank I think I take a drive to the city 3 .5 hour away and get it and put in safe here now still will be nervous but getting excited as this is very close now It could pop next week any where from 10 cents to 50cents bloody good bonus if its higher. cheers 

[SgtFuryUSCZ]

***///

 

We don't like Safety Deposit Boxes in banks.... easy IRS targets.

[jeepguy]

for a small percentage when the dinar re-values { I will hold those funny papers for you   }