BOA Acount

[weimer]

I am sure this has already been answered, but here goes anyway. Does anyone know if there is any special account that you need at Bank of America to transfer to from Ali, or can it just be a regular savings account. Just getting my ducks in a row, and hoping.

[ReachingHigher]

Weimer,

Thanks for this great question. I seem to remember from way back when, that Ali would only transfer funds into a non-interest bearing account BUT that has not come

up again in a long time.

Can anyone verify whether or not we need a non-interest bearing account or if our regular checking, money market account(s) etc are fine for receiving

funds transfers?

I can also call DinarTrade and ask, but thought I'd through this out there.

Peace!

[bear]

Weimer,

Thanks for this great question. I seem to remember from way back when, that Ali would only transfer funds into a non-interest bearing account BUT that has not come

up again in a long time.

Can anyone verify whether or not we need a non-interest bearing account or if our regular checking, money market account(s) etc are fine for receiving

funds transfers?

I can also call DinarTrade and ask, but thought I'd through this out there.

Peace!

This was here the other day but I cannot find. Ali can do direct transfers to any type of account at BOA, Wells Fargo and Wacovia. There might have been 1 more but do not recall.

[bahtman]

I'm sure that Ali will transfer to ANY account.

There is a difference however on your end.

Non interest bearing accounts are insured for the total amount.

Interest bearing accounts are only insured for $250,000.

These are general statements and not always true depending on the bank and the account.

Please check with your bank before transferring funds to be sure where you stand.

Common Sense Huh???

[weimer]

Thanks, everyone.

[detracy]

I am sure this has already been answered, but here goes anyway. Does anyone know if there is any special account that you need at Bank of America to transfer to from Ali, or can it just be a regular savings account. Just getting my ducks in a row, and hoping.

We just went ahead and opened both savings and checking at BOA. That way we're covered either way since we will be switching everything over to them once this RV's. They have a neat new product that it a free account where everything is handled online. It's called their E-Bank Account. Hope this helps

[retminded]

wiemer

Any account will do as you will be providing your banks ABA routing #.....savings or checking.

We were planning on this route for cashing in, but am now using DV Offshore through Adam...i would make a suggestion put forth by my banker...as soon as you receive the transfer from cashing in agent (DT), we were going to have my wife at the lending institution (my bank) to do an immediate transfer of incoming funds to another account(with bank mgr. present) and immediately close the account we used to transfer money into.

Just an additional security measure, you never know my friend.

Best wishes

ret

[ecosov]

We just went ahead and opened both savings and checking at BOA. That way we're covered either way since we will be switching everything over to them once this RV's. They have a neat new product that it a free account where everything is handled online. It's called their E-Bank Account. Hope this helps

Online banking - What a novel idea

[tobias1995bmw]

the only problem is that the FDIC is dead broke. But when this RV's the banks should be revived since they are dead broke as well. This is why the RV is so important in many ways. Its the only thing I can think of that would get the world out of all this economic mess. I see another financial meltdown coming in the next few months leading into 2011 worse than in 08 unless some miracle happens. i think the RV is our miracle the fountain of youth.

[bclarkutah]

You may also wnat to consider how you be using your accounts. I found out the hard way that the Feds only allow you to transfer funds (internet banking only) 6 times during a 30 day period. Any more and the bank is forced to discontinue your transfer option to/from your savings account. The same does not appear to be the same between multiple checking accounts at the same bank.

[Captjohn]

I am sure this has already been answered, but here goes anyway. Does anyone know if there is any special account that you need at Bank of America to transfer to from Ali, or can it just be a regular savings account. Just getting my ducks in a row, and hoping.

As long as your account is a BOA account, then Ali can do a bank-to-bank ledger transfer instead of an interbank wire transfer which can take from 3 to 7 hrs to confirm. A ledger transfer (intrabank at BOA) should essentially be instant, but I am told that confirming the transfer can take 10 to 15 minutes. If you are exchanging at one of Ali's exchange sites, IMO, it's the only way, while you wait, to assure that your funds have found their proper home......in your bank account. Good luck. GO RV.

Edited November 14, 2010 by Captjohn

[larry143]

Ali's office told me on Friday, they use 3 banks, Bank of America, Wells Fargo and Citibank. So does that mean a ledger to ledger transfer is possible through any of these 3 banks, (same bank to same bank)? Seems like I heard he was going to be able to have funds in all 3 banks but I'm uncertain. Thanks

[splicer09]

It has always been my understanding ( although I am not a tax pro so I may be wrong ) that it should go into a non interest bearing account if you want to roll over into anything to be tax deferred, such as college trust, further investments, or even cd's. Again that's just how I have always perceived it to be.

[Pat]

I am sure this has already been answered, but here goes anyway. Does anyone know if there is any special account that you need at Bank of America to transfer to from Ali, or can it just be a regular savings account. Just getting my ducks in a row, and hoping.

Open a NO INTEREST CHECKING so no matter the amount your transfer it will be covered by FDIC.