USAA and the RV

[jbbdolphins]

I would appreciate any comment concerning USAA and the RV. I have banked with USAA for many years now, and decided to ask about cashing in my dinar with them when it RV's. The rep that I talked to told me that they will have nothing to do with the exchange with the dinar...so now I am making arrangements to cash in at another bank and here is my question...do any of you know the tax ramifications of taking a large sum of money from one bank and putting it into another? I will just use the one bank to exchange the dinar and transfer those funds to USAA once the funds have been verified. Any suggestions?

[TC987]

There should be no tax ramifications for moving money from one bank to another. Any transaction over $10,000 is reported to the Anti-Money Laundering Crime Force. Also, if the RV is as nice as we all hope, then the Bank that exchanges your dinar will have to send the IRS information related to the transaction. The tax effects under the current tax law have been discussed in other threads within the message board.

[jbbdolphins]

Thank you TC987... Welcome aboard and have a good holiday with your family and friends. Hope to see an RV in our Christmas stocking. GO RV!!!

[EagleEye]

As a long standing USAA member myself I STRONGLY urge you to contact the WEALTH MANAGEMENT divison of the bank. They will give you VERY sound advice concerning your investment. While it's true they are not currently dealing with the Dinar, I have found them very helpful in planning for asset protection.

[detroitjazzman]

As a long standing USAA member myself I STRONGLY urge you to contact the WEALTH MANAGEMENT divison of the bank. They will give you VERY sound advice concerning your investment. While it's true they are not currently dealing with the Dinar, I have found them very helpful in planning for asset protection.

I.ve been with USAA for over 30 years and I didn't even know they deal in Foreigh currency. I know They have a full banking and investment divisions, but not foreigh Currency Exchange. BTW how did you like that suscriber saving disbursement this year? bought another 500k with that cash. Hope all has a very merry christmas! May there be peace on earth!

Edited December 17, 2010 by detroitjazzman

[krmayo]

As a long standing USAA member myself I STRONGLY urge you to contact the WEALTH MANAGEMENT divison of the bank. They will give you VERY sound advice concerning your investment. While it's true they are not currently dealing with the Dinar, I have found them very helpful in planning for asset protection.

Thanks for the info. I will be contacting this this morning! There is no other bank like USAA that I know of. They actually give you access to your deposit a full day sooner than any other bank I know of (ie. Friday payday is actually available Thursday).

[jbbdolphins]

Thank you all for your response, I do plan to do contact their investment group...have never had any trouble and trust them explicitly. I do have another question concerning my two daughters who also bank with USAA...just curious at this point, but will seek expert advice...If I open an account in my name and the names of my daughters, how will the IRS handle the monies that go into those accounts. It would seem to me that if my name is on the accounts with my daughters, the IRS will not tax those accounts a second time. Does that seem logical? Thanks again...go rv!!!

[Marquess]

Thank you all for your response, I do plan to do contact their investment group...have never had any trouble and trust them explicitly. I do have another question concerning my two daughters who also bank with USAA...just curious at this point, but will seek expert advice...If I open an account in my name and the names of my daughters, how will the IRS handle the monies that go into those accounts. It would seem to me that if my name is on the accounts with my daughters, the IRS will not tax those accounts a second time. Does that seem logical? Thanks again...go rv!!!

Taxes only come into play when you cash-in. Doesn't matter how many accounts you open up and deposit money in to. Now, every acct you open up that you deposit more than 10K in, that transaction will be reported but not for tax reasons. Money-laundering/terrorist funding reasons. Only taxed when you exchange the currency. Hope this helps.

[TC987]

Taxes only come into play when you cash-in. Doesn't matter how many accounts you open up and deposit money in to. Now, every acct you open up that you deposit more than 10K in, that transaction will be reported but not for tax reasons. Money-laundering/terrorist funding reasons. Only taxed when you exchange the currency. Hope this helps.

I agree with this post. I would add, if the money is transferred from you to your daughters accounts (after you have exchanged it) then the bank will report the exchange under your social security number and the IRS will tax you on the full amount of the exchange. However, if you "gift" the dinar to your daughters and then open the accounts for them to exchange the dinar, then their portion of the exchange would be taxed under their social security number. If your daughters are young (I can't remember the age) then a certain portion of their income would be taxed at their tax rate, and then any amount above that limit will still be taxed at your tax rate. I agree with you, that expert advice is the best go with that transaction. As far as FDIC insurance goes, for each account that is opened in a different social security number it is protected up to $250,000 against bank failure - just FYI.

[unclegeek]

[/indent]585702' post='303966']

As a long standing USAA member myself I STRONGLY urge you to contact the WEALTH MANAGEMENT divison of the bank. They will give you VERY sound advice concerning your investment. While it's true they are not currently dealing with the Dinar, I have found them very helpful in planning for asset protection.

Thanks EE. Been with them a while myself, and even though I will be doing off shore for the big cash in, I will keep my usaa. Why change?

[TC987]

Thanks EE. Been with them a while myself, and even though I will be doing off shore for the big cash in, I will keep my usaa. Why change?

Forgive the ignorance in this area, but how will you be keeping the transaction off shore for the big cash in? This is not an area that I have any experience in and would like to know more. I know the US Gov't had started cracking down on off shore accounts and that has caused me to stear away from it in the past. Thanks for the info.

[35foxtrot]

also being a usaa member i can tell you most wire transfers in post the same day and if you call them after the wire you can get them to post it almost immediately on the flip side transfers OUT of ussa take a day or so to post .

[Peace]

Hello,

I too have my account through USAA. I think once the dinar actually revalues they would take it...Why wouldn't they it will def be legal and a way for them to cash in on it as well. I have learned not to just talk to one Rep...Wait for the revalue and i'm sure they will want to work with you..Just Saying

[kittycat]

While I am not a customer of USAA, my daughter does work there and I have several friends that bank there............I have NEVER heard anything bad about them, only praise.

[35foxtrot]

I wouldn't give them a red penny if thay didn't cash it in for me // But I would bring them a copy of my deposit slip from the bank that cashed in for me and show them what thay missed//

With usaa thats not going to be an issue i believe they only have two branches .,. one in texas and the other in germany .. .

[dcnken12+1]

With usaa thats not going to be an issue i believe they only have two branches .,. one in texas and the other in germany .. .

I too am a long standing member of USAA and I think they also have a branch in Colorado Springs, although I don't bank there, just insured. Deacon

[Froto]

I wouldn't give them a red penny if thay didn't cash it in for me // But I would bring them a copy of my deposit slip from the bank that cashed in for me and show them what thay missed//

Based on the attitudes I have seen around here over the past year, when I first read the original post I figured MOST of the replies would be like yours. I was then pleasantly surprised by the lack of the "I'll show them" attitude.