Questions to Ask a Bank

[gman51]

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

I agree totally!!! The least amount of people to know about this investment is best for all of us. You don't want to start a rush on the Dinar and force the exchange rate to be lower. Wait until the RV, then send out the questionaire. I'm just sayin.

[goodbyeboss]

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

Hi Rick... I would work all contacts through a corp. My Nevada corp does NOT have my name on anything that goes out to the public. All donations are from my corp not me personally.

[Joe P]

Alright R...

Here is possible useful info.

I have three plans in place (hope the phone battery holds up) .

1. I have an account set up with Fidelity. The good news is they are not a publicly traded company. Therefore, the wealth management process is not force fed based on stock holders expectations. I have all the wiring instructions and Chase is their holding company. When the Dinar is cashed in Chase funnels all monies into one account. My advisor is then responsible for dispersing that money into 27 different banks (total banks in their portfolio) that ensure FDIC protection. NOTE: CDAR expires 12/31/2010 unless repealed by our fearless leaders. This affords me the wealth protection I must have. If 27 banks are not enough (which us plausible) due to our investment amount x RV rate, then some monies will not be protected through FDIC. There is possible SIPC INSURANCE that we may use. All monies except 100% debt elimination and fun money will be locked in 90 days CDs so we have time to investigate Adam's and other options.

2. We have personal wealth bankers at Wells Fargo that are creating a plan for us. They are guaranting CDAR protection while available and then disbursement procedures to ensure FDIC insurance post 2010. They know all about the dinars but are repeating company lines that the don't currently accept Iraqi Dinar. Yet, they are doing a search for a delarue machine. Communications with the VP of Foreign Currency is like getting a root canal. He won't deny or confirm anything for me...just repeats company policy. There is no available policy for fees associated with exchanging Dinars. When pressed on other currency exchange fees...it gets painful to continue talking to him. I limit those talks. My banker assures me there are no additional fees beyond the spread.

3. Our friend Ali. He can assist the ledger to ledger transfer to Wells Fargo, but no wiring to Chase. I have no resistance to the $150 per million fee. That's pennies to the percent of money transfered. However, I would prefer to work directly with a US bank.

Wells has been notified that we very well might cash in through them and then wire all to fidelity. I must have insurance for this windfall...PERIOD. If Wells doesn't come up with a viable protection plan if CDAR isn't reinstated, they are out.

As for fees, I am okay with spread plus pennies...no big deal. insurance and wealth management is far more important.

You can reach out if you need names and numbers. Hope this serves some help.

[RicknSaudi]

Alright R...

Here is possible useful info.

I have three plans in place (hope the phone battery holds up) .

1. I have an account set up with Fidelity. The good news is they are not a publicly traded company. Therefore, the wealth management process is not force fed based on stock holders expectations. I have all the wiring instructions and Chase is their holding company. When the Dinar is cashed in Chase funnels all monies into one account. My advisor is then responsible for dispersing that money into 27 different banks (total banks in their portfolio) that ensure FDIC protection. NOTE: CDAR expires 12/31/2010 unless repealed by our fearless leaders. This affords me the wealth protection I must have. If 27 banks are not enough (which us plausible) due to our investment amount x RV rate, then some monies will not be protected through FDIC. There is possible SIPC INSURANCE that we may use. All monies except 100% debt elimination and fun money will be locked in 90 days CDs so we have time to investigate Adam's and other options.

2. We have personal wealth bankers at Wells Fargo that are creating a plan for us. They are guaranting CDAR protection while available and then disbursement procedures to ensure FDIC insurance post 2010. They know all about the dinars but are repeating company lines that the don't currently accept Iraqi Dinar. Yet, they are doing a search for a delarue machine. Communications with the VP of Foreign Currency is like getting a root canal. He won't deny or confirm anything for me...just repeats company policy. There is no available policy for fees associated with exchanging Dinars. When pressed on other currency exchange fees...it gets painful to continue talking to him. I limit those talks. My banker assures me there are no additional fees beyond the spread.

3. Our friend Ali. He can assist the ledger to ledger transfer to Wells Fargo, but no wiring to Chase. I have no resistance to the $150 per million fee. That's pennies to the percent of money transfered. However, I would prefer to work directly with a US bank.

Wells has been notified that we very well might cash in through them and then wire all to fidelity. I must have insurance for this windfall...PERIOD. If Wells doesn't come up with a viable protection plan if CDAR isn't reinstated, they are out.

As for fees, I am okay with spread plus pennies...no big deal. insurance and wealth management is far more important.

You can reach out if you need names and numbers. Hope this serves some help.

Thanks for the detailed reply, Joe P. You have been doing your homework. Thank you for sharing. I will look at these options as well. One thing though, you mention that CDAR's is expiring at the end of this year. This I knew (and the only reason I am including CDAR's in my scenario is because I remain hopeful that RV will happen before the end of the year), but so often in your post you mention the protection of your wealth - my goal exactly - and you did not mention one aspect of my "letter" that most banks have in place unless they "choose" to opt-out. That is the FDIC's TAG program.

The TAG (Transaction Account Guarantee) program guarantees amounts over $250k that customers can deposit in one bank. The only caveat is that they are NON-interest bearing accounts (well...0.25% anyway). Over 80% of banks participate in this program that is set to expire Dec 31, 2010. Legislation is pending that will extend this 1 year beyond that. This program is costly for the bank and they can "opt out" if they wish (with full disclosure to the customer of course). http://www.fdic.gov/regulations/resources/TLGP/optout.html

Oddly enough, the 4 biggest banks in the U.S. have elected to opt out (Chase, WF, BoA, and can't remember the fourth). Anyway, most small banks still offer this guarantee and that is what I think will give me the peace of mind I need for the "very short term" that all my eggs are in one basket. Again, Thank you and let's get this RV party started!

[penquin]

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

Partner, if you truly "live in a small town", you would know that this is the worst thing you could do. You'll probably need to more before the RV, and for sure after.

[Joe P]

Hey Rick,

I didn't mention TAG because of those facts of unavailability. There is a thought that once insured by CDAR, it will last the lifetime of the depositor. Future depositors of two commas plus will not have that protection. Clarification is needed from my folks on that one.

Since you're a small town resident, perhaps taking care of all your initial transactions should be outside the window of local influence. It's a wonderful thing, these 'electronic' devices, huh?

Work with a fidelity type organization, move a few dollars into your local bank, but not enough to raise a flag. You certainly don't want the bank advisor mentioning to his/her neighbors while at a 'picnic' of your windfall.

Wealth management can (as you know) be handled via the phone...you just can't leaving instructions on voice mail. Every conversation is recorded and they will advise you of that. You can't even call the advisors cell phone or text, plus they have zero email capability (other than personal).

Give serious consideration to option 1...having all your money insured via FDIC is important to you. It doesn't matter if the bank is next door or in Maine. It's all electronic anyway, luckily our money isn't in their vault. Plus, one call can manage multiple commas of money, even though there is only one comma at each bank. You are aware that the FDIC protection is per deposit, per institution, per SSN. So you can protect $500k at one bank if you're married with two accounts? Besides, if I resign myself to FDIC coverage ONLY...I limit my stress...add a few more banks to my portfolio...but I don't have to chase a rabbit to cut the number of banks in half. Even with CDAR I wouldn't put ALL of my $ in one bank; I want banks stumbling over each other for my business/deposits/investments.

I am, as you are, attempting to protect new wealth. I will let SMEs (subject matter experts) help do that. I certainly don't want to spend all the time managing the wealth bank-by-bank.

So...I must say...I feel very good about this weekend. I don't have any exact reason why...just a good sense of putting several pieces of the puzzle we learned the past two days together. This painting is complete. So are we celebrating in Vegas or Atlantis?