Den56 Posted April 27, 2010 Report Share Posted April 27, 2010 The TAG Program stands for "Transaction Account Guarantee" Program and is offered by the FDIC to Member Banks that choose to participate in them. This program offers UNLIMITED DEPOSIT PROTECTION to account holders. Info is available at fdic.gov ., altough you will have to search for it. This program is usually intended for big companies to do large transactions, such as payroll.The TAG Program rules are: 1) your bank must offer this optional program, as they pay the insurance premiums for this. 2) it must be in a non-interest bearing account, or a NOW account not earning over (0.50%) at present, although there is a proposal to lower that to (0.25%) when the current program is extended after June 30th.At the FDIC site, I just found this 6 page PDF report dated two weeks ago that recommends the extension of this program for another 6-18 months, as it is important to smaller community banks, so that they do not lose their larger business accounts to their larger "Too Big to Fail" competitors, such as BOA which no longer offers it (Gee, I wonder why).Here is the link to this TAG Program Update dated April 12th, 2010: http://www.fdic.gov/news/board/April03.pdf .The one potential problem that I see for us, as Dinar Holders, is that several of the larger banks stopped offering this program at the end of last year, yet they are most likely to be the ones with the best deals (i.e. lowest spread fees on our currency trade-in deposits).Hope this helps.Dennis 2 Link to comment Share on other sites More sharing options...
SuperFlyJr Posted April 27, 2010 Report Share Posted April 27, 2010 Unlimited protection is good but why would I want to keep that much money in a "non-interest bearing account" when I plan on living off the interest! Link to comment Share on other sites More sharing options...
Den56 Posted April 27, 2010 Author Report Share Posted April 27, 2010 Unlimited protection is good but why would I want to keep that much money in a "non-interest bearing account" when I plan on living off the interest! SuperFlyJr . . . . . . . Good question. I forgot to mention here, although we have been discussing it in several other threads in this forum concerning the DANGER that lurks for all of us when we go to "Trade in our Dinars for USD" due to the poor condition of many banks in this country and how the FDIC shuts down several most every Friday at close of business . . . . just like they did to seven banks in Illinois last Friday.Many, if not most, of us will be trading in our Dinars for USD CA$H at a bank near us. Xdmed and myself have just been trying to warn and prepare forum members how not to potentially lose Million$ by "being in the wrong bank at the wrong time".Gee SuperflyJr, I just went back to my other thread in this section, where I explained this . . . to copy and paste the answer here . . . . and guess who's name I saw commenting there ? . . . . SuperflyJr. Well, let me try to explain the DANGER one more time. . . . . To continue xdmed's forum threads about the possible DANGER in your Post RV Bank Deposits, even if very short-term, as in just exchanging your IQD at a Bank for USD, before transferring out to other investments. Remember the FDIC limit is $250,000 per named account, unless on a "TAG Account". the Unlimited Protection Program that is due to expire this June 30th, unless renewed again. TAG was dropped by many Big Banks, such as BOA, at the end of last year. Private Insurance coverage on large deposit is also an option. Check with the banks that you may exchange at.From WSJ online . . . . . .BY VICTORIA MCGRANE"U.S. regulators closed seven Illinois banks on Friday, the largest of which was Amcore Bank and including a Chicago bank closely tied to the Democratic candidate running for President Obama's former Senate seat.The failures bring to 57 the number of U.S. banks that have failed this year, after 140 failures in 2009. The Federal Deposit Insurance Corp. said the total cost to its deposit insurance fund from Friday's failures topped $970 million.State banking regulators closed Chicago's Broadway Bank, owned by the family of Alexi Giannoulias, who is locked in a midterm-election battle with U.S. Rep. Mark Kirk ®"DennisRead more: You must understand that you will not be walking into a bank with your IQD and walking out with CA$H. The bank will make you open an account with them, if you do not already have one. They will ship your IQD out to their currency Dept. to be verified as legit and not counterfeit, then between 2-14 days you will have access to your funds.If the RV had occurred last week and you had walked into one of those failed Illinois banks last Friday AM and deposited your $5 Million USD worth of IQD into a single non-TAG account . . . . . when the bank was closed by the FDIC Friday PM . . . . you would now ONLY have $250,000 left !!!! You would have, in just hours, LOST 95 PERCENT of YOUR Dinar Investment !!!!!!! That's the DANGER folks. You've been warned. Please pass this on to your other Dinar friends !Hope this helps.Dennis 2 Link to comment Share on other sites More sharing options...
retminded Posted April 27, 2010 Report Share Posted April 27, 2010 Thank you for the insight and information.ret Link to comment Share on other sites More sharing options...
dizzyd Posted April 27, 2010 Report Share Posted April 27, 2010 SuperFlyJr . . . . . . . Good question. I forgot to mention here, although we have been discussing it in several other threads in this forum concerning the DANGER that lurks for all of us when we go to "Trade in our Dinars for USD" due to the poor condition of many banks in this country and how the FDIC shuts down several most every Friday at close of business . . . . just like they did to seven banks in Illinois last Friday.Many, if not most, of us will be trading in our Dinars for USD CA$H at a bank near us. Xdmed and myself have just been trying to warn and prepare forum members how not to potentially lose Million$ by "being in the wrong bank at the wrong time".Gee SuperflyJr, I just went back to my other thread in this section, where I explained this . . . to copy and paste the answer here . . . . and guess who's name I saw commenting there ? . . . . SuperflyJr. Well, let me try to explain the DANGER one more time. . . . . To continue xdmed's forum threads about the possible DANGER in your Post RV Bank Deposits, even if very short-term, as in just exchanging your IQD at a Bank for USD, before transferring out to other investments. Remember the FDIC limit is $250,000 per named account, unless on a "TAG Account". the Unlimited Protection Program that is due to expire this June 30th, unless renewed again. TAG was dropped by many Big Banks, such as BOA, at the end of last year. Private Insurance coverage on large deposit is also an option. Check with the banks that you may exchange at.From WSJ online . . . . . .BY VICTORIA MCGRANE"U.S. regulators closed seven Illinois banks on Friday, the largest of which was Amcore Bank and including a Chicago bank closely tied to the Democratic candidate running for President Obama's former Senate seat.The failures bring to 57 the number of U.S. banks that have failed this year, after 140 failures in 2009. The Federal Deposit Insurance Corp. said the total cost to its deposit insurance fund from Friday's failures topped $970 million.State banking regulators closed Chicago's Broadway Bank, owned by the family of Alexi Giannoulias, who is locked in a midterm-election battle with U.S. Rep. Mark Kirk ®"DennisRead more: You must understand that you will not be walking into a bank with your IQD and walking out with CA$H. The bank will make you open an account with them, if you do not already have one. They will ship your IQD out to their currency Dept. to be verified as legit and not counterfeit, then between 2-14 days you will have access to your funds.If the RV had occurred last week and you had walked into one of those failed Illinois banks last Friday AM and deposited your $5 Million USD worth of IQD into a single non-TAG account . . . . . when the bank was closed by the FDIC Friday PM . . . . you would now ONLY have $250,000 left !!!! You would have, in just hours, LOST 95 PERCENT of YOUR Dinar Investment !!!!!!! That's the DANGER folks. You've been warned. Please pass this on to your other Dinar friends !Hope this helps.Dennis Link to comment Share on other sites More sharing options...
Den56 Posted April 27, 2010 Author Report Share Posted April 27, 2010 Thank you for the insight and information.retYour welcome Ret. Just don't want our fellow Dinar holders to get shafted Big Time, yet again, by "the Banks" !Dennis Link to comment Share on other sites More sharing options...
dizzyd Posted April 27, 2010 Report Share Posted April 27, 2010 Just so you know, the TAG program was extended through 12-31-2010. The one change that did occur with the extension was the the interest rate was lowered from .5% to .25% on interest bearing checking accounts. So as long as your with a bank that is covered under the TAG program and your not earning more than .25% in your checking account, you will be fully covered through 12-31-10. 1 Link to comment Share on other sites More sharing options...
Den56 Posted April 27, 2010 Author Report Share Posted April 27, 2010 Just so you know, the TAG program was extended through 12-31-2010. The one change that did occur with the extension was the the interest rate was lowered from .5% to .25% on interest bearing checking accounts. So as long as your with a bank that is covered under the TAG program and your not earning more than .25% in your checking account, you will be fully covered through 12-31-10.Thanks "DizzyD" . . . . . that was discussed in the six page report in the pdf link in my original post at the top of this page / thread. However, I thought that was a recommendation that surely looked like it would be approved, but I got the impression that some vote still had to be taken by FDIC directors. In fact, they recommended that it continue through at least 2011, as well. "DizzyD" were you referring to that report, or did you see the extension approval someplace else ?Dennis Link to comment Share on other sites More sharing options...
dizzyd Posted April 27, 2010 Report Share Posted April 27, 2010 I'm a Banker and got the news first hand from our CFO after the Fed made the decision. Link to comment Share on other sites More sharing options...
SuperFlyJr Posted April 27, 2010 Report Share Posted April 27, 2010 SuperFlyJr . . . . . . . Good question. I forgot to mention here, although we have been discussing it in several other threads in this forum concerning the DANGER that lurks for all of us when we go to "Trade in our Dinars for USD" due to the poor condition of many banks in this country and how the FDIC shuts down several most every Friday at close of business . . . . just like they did to seven banks in Illinois last Friday.Many, if not most, of us will be trading in our Dinars for USD CA$H at a bank near us. Xdmed and myself have just been trying to warn and prepare forum members how not to potentially lose Million$ by "being in the wrong bank at the wrong time".Gee SuperflyJr, I just went back to my other thread in this section, where I explained this . . . to copy and paste the answer here . . . . and guess who's name I saw commenting there ? . . . . SuperflyJr. Well, let me try to explain the DANGER one more time. . . . . <snip>I understand the danger, I was just making a joke. (Thus, the LOL face.)But for a serious answer, does anyone seriously plan on cashing in 100% of their dinar into USD? At a bank?I'm considering keeping one portion in dinars pending further upticks in the exchange rate, cashing another portion into USD for immediate expenses, putting another portion into gold (especially considering the poor value of the USD), and possibly (?) another portion into foreign currency, such as euros or pounds. (I'm still researching the tax benefits.)But thank you for the info. Definitely good to keep in mind, whatever we each decide! Link to comment Share on other sites More sharing options...
Teresa82 Posted April 27, 2010 Report Share Posted April 27, 2010 I think if you cash in with ALI, (if you bought from him) then have the money wire transferred to several different banks(depending on the amount)If you have enough family members you can use their names to open accounts with, and each one(account) is guaranteed 250,000.00. That is what we will probably do, That and we will buy some gold/silver and put into different safety deposit boxes, and other places. Link to comment Share on other sites More sharing options...
MizBlondi Posted April 28, 2010 Report Share Posted April 28, 2010 I have a question. I just closed on our family trust. Next step: We need to set up the bank account for the trust. I have already assigned the pre- RV dinars to the trust. Once the RV happens we were told to assign that money to the trust...so, it is now inside the trust...how is this money within the Trust insured? I thought we were only going to cash out enough of dinars for immediate spending which would go into the Trust checking account...but the balance of the wealth would remain within the trust. From there we would invest etc. Does anyone have any knowledge regarding this? Much appreciated.... Link to comment Share on other sites More sharing options...
silo123 Posted April 28, 2010 Report Share Posted April 28, 2010 Still insured as a basic account. $250,000. IS your bank covered under tag until June. Link to comment Share on other sites More sharing options...
idahodebbie Posted April 28, 2010 Report Share Posted April 28, 2010 Do we have the names of the banks that do have tag accounts? Link to comment Share on other sites More sharing options...
socalmom Posted April 28, 2010 Report Share Posted April 28, 2010 How does this work if we cash in our Dinar say at an airport currency exchange? When passangers arrive from out of the country and exchange their currency the airport doesn't say to them... oh, thanks for this stack of dinar, (or Euro, or what ever foreign currency it may be) come back in a week or two to pick up your USD. So, would we be better just going to our nearest international airport???Thanks Link to comment Share on other sites More sharing options...
SuperFlyJr Posted April 28, 2010 Report Share Posted April 28, 2010 (edited) How does this work if we cash in our Dinar say at an airport currency exchange? When passangers arrive from out of the country and exchange their currency the airport doesn't say to them... oh, thanks for this stack of dinar, (or Euro, or what ever foreign currency it may be) come back in a week or two to pick up your USD. So, would we be better just going to our nearest international airport???ThanksFor the amounts most of us are hoping to cash in I don't think the international airport could handle it! (Excuse me, could I have $3,500,000 in small bills?) Plus, their exchange rates tend to be horrible because they stick it to you for the convenience factor. Ali's branches sound like the best deal as he'll have the De La Rue machines on hand and only be charging $10 per 1,000,000 IQD. (And no, I don't work for him. ) Edited April 28, 2010 by SuperFlyJr Link to comment Share on other sites More sharing options...
George2351 Posted April 28, 2010 Report Share Posted April 28, 2010 Good Stuff Link to comment Share on other sites More sharing options...
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