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Questions to Ask a Bank


RicknSaudi
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Hi all, as there is so much information on this site from some very smart people who possess the financial acumen to help us be better informed, I have formulated a "Questionnare" that I will be distributing to numerous banks in my small town this week. I am hoping for some "unofficial" professional feedback as to whether or not I am on target and if I am leaving anything out. Thanks, Rick ---------

Rick X. XXXXX

XXX Maple St.

XXXXXXXXXXXX

(XXX)XXX-0010

XXXXXXX@hotmail.com

Bank Questionnaire

Thank you for taking the time to review this communication and (hopefully) answer a few questions I have regarding your bank and it’s services.

To preface, my family and I live in XXXXXXXXX, and have been residents for almost ten years. We live a modest lower middle-class lifestyle. While employed in Saudi Arabia in 2004, I chanced upon a unique investment opportunity which, I am confident, will soon change the course of our lives.

In preparation for this new wealth, I have been looking at various strategies and instruments to protect our windfall in order that we can live comfortably off of the income derived from these new investments.

Our new wealth will come from Foreign Currency that will soon revalue to levels never before heard of in the Forex community. Consequently, at the time this currency revalues, I will be seeking a bank or entity whereby I can securely place the bulk of my exchanged dollars until such time as I am able to employ a CPA, Financial Advisor/Trust Officer, and a tax attorney - all the professional help normally reserved for those who have significant assets - and then redistribute said new wealth as I gain more expertise.

The following questions assume I am an account holder with your bank. They are:

1.) Who, or which branch of your bank do you send your foreign currency for authentication?

2.) How much time is usually required for authentication with your bank, and will I be guaranteed the exchange rate AT THE TIME I hand the foreign currency to you?

3.) With tradeable foreign currencies, is there a daily limit to the amount that I will be able to exchange (deposit)? Meaning, will I be able to commit say, 1,000,000 units of this tradeable currency directly to my account with your bank without doing it incrementally?

4.) Does your bank currently participate in the FDIC Transaction Account Guarantee (TAG) program? If so, do you have plans to “opt out” should an FDIC extension be granted beyond 12/31/2010? Short of this, do you offer a private insurance option for large deposits over $250,000?

5.) Does your bank offer Private Banking at any of it’s branches?

6.) Finally, is your bank a participating member of the Certificate of Deposit Account Registry Service® (CDARS) network?

I appreciate your assistance in answering these very important questions as soon as possible. As I am due to depart for the middle east again early next week and will not be able to field your phone call, I would ask that you send your answers to my email address at the top of this page. I prefer this venue due to the distance involved. I monitor it frequently and will get back to you within 24 hours.

Sincerely,

OK folks....I plan to distribute these on Friday. I need your feedback ASAP. Thx

Edited by RicknSaudi
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Your kidding, Right!!

Not really! What would you change? Or add? Or take away? I'm all ears friend...

I would rethink sending this out. Let as few people know about this as possible.

This is important info to have, don't you agree? Would you recommend doing this in a town apart from my current location?

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I would rethink sending this out. Let as few people know about this as possible.

I thought he kept it pretty vague. He is just trying to find out more about the bank services and not telling them exactly how he is getting the wealth. Don't forget to plead the 5th now incase they ask Rick.

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Rick: ONE OF THOSE SITUATIONS; damed if you do or dont. You never know whos desk it will land on. I would adress to bank manager, that would be the most likely one to keep tight liped about the matter. I feel that the complete responses will be fewer than 50%. Most bank managers in a small towm do not know much about dinar, are any foreign currency. Good Luck. Hope the best for you. Terry in La.

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I'm saying keep your name, address, phone number out of it. I've talked with my Lawyer (then she bought dinar), an investments guy that I grew up with (then he bought dinar). They are talking to Tax Attornys and other investers to handle it for me. If you don't have a lawyer/investor ask a friend if they know someone that is trust worthy, just tell your friend you have a couple questions for them... Do a simple phone meeting with them it will cost you a couple hunderd at most, and you will have a someone to turn to when it RV's. If you do send it out, make a new hotmail/gmail account for your contact info and that is it.

I talked to my bank manager and had 10 to 15 inverting calls within a week, I only told them I had a small amount. Imagine sending the letter out, you mailbox and voicemail will be full.

Got to run, just my thoughts.

Do your homework but keep your identy to yourself.

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Now see. That's what I like about this site. I am getting the answers I need already. Thank you all.

I get the impression that consensus, to varying degrees, supports discretion. OK, not sure how I can leave my contact info off completely without alienating the trust of my area bank managers. I think I will leave off my phone number though and make a new email account. Sounds reasonable.

I do dissagree with SFlorida (a VIP member) about me "tipping off the banking industry". Come on, do you really believe that? Banks are in the money business and I question if a general (non-specific - as Muncsh recognized) query like mine will truly cause that much of a rift. Of course, even if prodded, I WOULD NOT divulge the name of the currency.

On the other hand, I agree with those of you who stressed the "small town gossip" element. This aspect I know all too well. On that, were I to develop and maintain an anonymous posture, at what point could I begin to start driving new cars, a boat, and other "toys" into my driveway without raising suspicion? At what point could I make that generous donation to my church and to my local Amvets chapter without raising suspicion? Hmmm...Damned if I do.... You get my point.

Well listen, the quarum is still open and I look forward to more feedback. Thanks again, Rick

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I like the thinking of this questionaire. However, I do agree that we could be tipping the banking industry for what every reason. I do believe this is a great letter and it is always good to be proactive. However, I believe that once the RV takes place and you cash in, than I believe you will have plenty of time to research for your CPA, Wealth Asset Protection vehicle, tax attorney, etc.

With this questionaire, I am happy to see someone put it in a doc so that my thoughts are orgainized for the future.

Thanks for posting it! I am sure many people will use it.

Awesome

cplinedrive

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Rick I am in north central Arkansas...who are you thinking of using banking wise? I have small regional banks in my area but am considering going to a larger bank such as BOA etc. What part of the state are you in?

Texx

Mountain Home area. Still doing my research on the banks. Not sure yet. I'll post my findings as they come in.

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Rick I am in north central Arkansas...who are you thinking of using banking wise? I have small regional banks in my area but am considering going to a larger bank such as BOA etc. What part of the state are you in?

Texx

I walked into BOA in my area and inquired about making LARGE deposit without revealing any source and they recommended putting the LARGE deposit into many CD's @ $250,000 FDIC insured in their system. Then sitting down with a representative from Merril Lynch to chat about distributions thru out their financial networks......

That's a start, however, when I asked about what financial networks, he said, 'let's wait and see your LARGE deposits'.

cplinedrive

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I walked into BOA in my area and inquired about making LARGE deposit without revealing any source and they recommended putting the LARGE deposit into many CD's @ $250,000 FDIC insured in their system. Then sitting down with a representative from Merril Lynch to chat about distributions thru out their financial networks......

That's a start, however, when I asked about what financial networks, he said, 'let's wait and see your LARGE deposits'.

cplinedrive

I'd be careful on that one...Still only ONE bank, no matter how many instruments JMO

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Does anyone know if BOA is a member of the CDARS network?

cplinedrive

http://www.cdars.com/WhereToFindCDARS/NetworkMemberLocator.aspx

Rick I am in north central Arkansas...who are you thinking of using banking wise? I have small regional banks in my area but am considering going to a larger bank such as BOA etc. What part of the state are you in?

Texx

Still waiting on feedback from this one... http://www.redneckbank.com/ :lol:

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There is no way I'd be telling anyone about this investment. We need to keep the buyers to a minimum don't you realize. It will take 10min to get your answers once it RV's. I get the impression you just want to brag about this to show how smart you are. Maybe you are, maybe you aren't. Shhhhhhhhsh

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There is no way I'd be telling anyone about this investment. We need to keep the buyers to a minimum don't you realize. It will take 10min to get your answers once it RV's. I get the impression you just want to brag about this to show how smart you are. Maybe you are, maybe you aren't. Shhhhhhhhsh

I'm not really that smart. Trying to learn though. You're probably right about the free flow of info once this RV happens. Please believe that when I DO contact these people, I am very vague and the term "dinar" or "IQD" in never uttered from my lips...FYI!

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