Are banks really clueless?

[jericho]

I've read and agreed many times that what we hear from banks in the states is usually bunk. Occassionally, a teller or manager may have read something on a board like this and then make a statement to a regular customer or some inquisitive investor. They're "intel" is the same as ours, usually BS.

What is odd to me is that this clueless group has acted in similar fashion in very close proximity. Unaffiliated banks across the country stopped selling dinar in a 24 hr window. The supply and demand theory is weak. I doubt they all ran out at the same time. The scam theory is also weak. The dinar is on forex and we've seen recent developments there.

It may not be blackbirds falling from the sky in droves, but it is strange! It may not mean an RV is immenent, but it tells me that the banking community is paying attention and they may actually know something. Not only did many banks stop selling IQD in close proximity, but the reasoning behind it is vague. We called BB&T yeterday to see if they had a reason. The response was that it was too hard to get right now.

Any opinions?

[Wallys8468]

Simple answer. Yes!

[Hfeliu]

As for BB&T bank, doesn't that fall into the "supply and demand" category in business? When demand is high and supply is low the prices for such items must go up, so wouldn't it be in the banks best interest to just raise the price on the dinar and continue to sell it, rather then come up with a cheap excuse such as "it's to hard to get right now"? lol, total bull if u ask me

[Soldier]

Makes you wander if we are smarter than them or vice versa....On the other hand, Bank VP's are usually the wealthy ones and were the one's hoping to get wealthy...Makes me wander also.

[FINANCEGUY]

I have been looking for a bank to open an account that sells and exchanges dinar as I just found out recently that some bank are able to do this. When I heard the rumor of BB&T yesterday morning I decided to call a couple of local branches just to see what I could find out. I had 2 VERY interesting conversations. One with a currency exchange officer and one with a teller. Here is a short description of my phone call with the teller.

TELLER: Gm, BB&T

Me: Gm, does your bank sell Iraqi dinar?

TELLER: Ummm…..currency? yes we exchange currency…

ME: Iraqi Dinar?

TELLER: Umm…let me check….(several seconds)…I need to get with a supervisor and call you back.

(call back)

TELLER: I wanted to call and let you know that we received a corporate email stating, “effective immediately the bank will no longer sell Iraqi Dinar (she pronounced it “Dighner”).

ME: Really?? Do you know why?

TELLER: No they just said effectively immediately we can’t sell Iraqi Dinar Dinar (Dighner). But….(now heres the interesting part) …it does say you can exchange them back, BUT you are not gonna get an instant credit on your account. We have to send it off to corporate for approval.

ME: Approval?? What for?

TELLER: Well idk, they just have to make sure everything checks out. But you can exchange them you just won’t get credit on your account right away. It may take a while.

I found this conversation to be very interesting. Obviously the teller was clueless pronouncing it “Dighner” and was just relaying information. The very interesting part, is apparently the corporate email was very direct in regards to stopping the selling of IQD immediately. Why so sudden makes no sense at all to me. Why not send a corporate email to stop the selling in a week to give your customers a “heads up”???? Then the MOST INTERESTING PART IS: apparently this corporate email gave at least partial CASH IN instructions to relay to their employees, not sure if they were technically supposed to share that to the public. Nonetheless they did. BOTTOM LINE: THE CORPORATE EMAIL STATED TO STOP SELLING IQD IMMEDIATELY AND INSTRUCTED EMPLOYEES HOW A CASH IN WOULD BE PROCESSED.

This is my true life experience. To me it sounds like someone knows something. BB&T is the 10th largest holding company in the USA FYI. Thoughts?????????

[dinardlee]

I wanted to share my opinion, as I have worked in banking prior to my current career. I hope not to offend anyone, as this is from my own personal experience in banking for 7 years.

Banks are completely clueless when it comes to information of this magnitude.

I used to work at a major bank as a Relationship Manager and I'll tell you the following facts.

1. VP, is commonly used. My branch manager was a VP and he does not even have a college degree. I was a VP and it did not mean anything but for marketing purpose to clients.

2. Tellers, Bankers, and Branch managers are BRANCH employees, which means retail. Retail as in Walmart, Mcdonalds, and other retail stores. There are certainly intelligent people working in retail branches, but 99% of the time they do not even know their own restriction in their own checking accounts, debit cards, credit cards they are soliciting. Let alone the fine prints of the FDIC which is also bogus if you read it.

3. If you do not believe me, question them about banking products and its limitation. Challenge their intelligence in investments, basic economics, their views of the market, and basic credit underwriting.

These corporate email they are receiving is likely from their district managers, or regional managers. Banking industry has a thick middle layer and they are glorified branch managers. I know this because I've dealt with a lot of middle market managers (District, Regional, and Market) and they do not know much if at all about anything that's going on. They are simply messengers of the regional presidents of the retail sector.

[jericho]

I have been looking for a bank to open an account that sells and exchanges dinar as I just found out recently that some bank are able to do this. When I heard the rumor of BB&T yesterday morning I decided to call a couple of local branches just to see what I could find out. I had 2 VERY interesting conversations. One with a currency exchange officer and one with a teller. Here is a short description of my phone call with the teller.

TELLER: Gm, BB&T

Me: Gm, does your bank sell Iraqi dinar?

TELLER: Ummm…..currency? yes we exchange currency…

ME: Iraqi Dinar?

TELLER: Umm…let me check….(several seconds)…I need to get with a supervisor and call you back.

(call back)

TELLER: I wanted to call and let you know that we received a corporate email stating, “effective immediately the bank will no longer sell Iraqi Dinar (she pronounced it “Dighner”).

ME: Really?? Do you know why?

TELLER: No they just said effectively immediately we can’t sell Iraqi Dinar Dinar (Dighner). But….(now heres the interesting part) …it does say you can exchange them back, BUT you are not gonna get an instant credit on your account. We have to send it off to corporate for approval.

ME: Approval?? What for?

TELLER: Well idk, they just have to make sure everything checks out. But you can exchange them you just won’t get credit on your account right away. It may take a while.

I found this conversation to be very interesting. Obviously the teller was clueless pronouncing it “Dighner” and was just relaying information. The very interesting part, is apparently the corporate email was very direct in regards to stopping the selling of IQD immediately. Why so sudden makes no sense at all to me. Why not send a corporate email to stop the selling in a week to give your customers a “heads up”???? Then the MOST INTERESTING PART IS: apparently this corporate email gave at least partial CASH IN instructions to relay to their employees, not sure if they were technically supposed to share that to the public. Nonetheless they did. BOTTOM LINE: THE CORPORATE EMAIL STATED TO STOP SELLING IQD IMMEDIATELY AND INSTRUCTED EMPLOYEES HOW A CASH IN WOULD BE PROCESSED.

This is my true life experience. To me it sounds like someone knows something. BB&T is the 10th largest holding company in the USA FYI. Thoughts?????????

Well, I know you're not FOS. BB&T also told us the same thing yesterday about being able to exchange our dinar. So they don't sell it, but they can buy it back. The exact same statement was made about sending it off for appoval. I don't think she meant the actual dinar, but rather a request to exchange dinar for US dollars.

When people in California are experiencing the same sudden change in their banks Dinar policy, something is up. I'm not saying it's good or bad, but it is something.

Well, I know you're not FOS. BB&T also told us the same thing yesterday about being able to exchange our dinar. So they don't sell it, but they can buy it back. The exact same statement was made about sending it off for appoval. I don't think she meant the actual dinar, but rather a request to exchange dinar for US dollars.

When people in California are experiencing the same sudden change in their banks Dinar policy, something is up. I'm not saying it's good or bad, but it is something.

I meant California and Georgia.

[FINANCEGUY]

Well, I know you're not FOS. BB&T also told us the same thing yesterday about being able to exchange our dinar. So they don't sell it, but they can buy it back. The exact same statement was made about sending it off for appoval. I don't think she meant the actual dinar, but rather a request to exchange dinar for US dollars.

When people in California are experiencing the same sudden change in their banks Dinar policy, something is up. I'm not saying it's good or bad, but it is something.

I meant California and Georgia.

It was my impression that she meant the actual dinar had to be sent off for approval. Which makes sense because i've heard in the event of a big cash-in the government will want to verify that the Dinar is not of criminal origin. so that was my impression.

[jericho]

It was my impression that she meant the actual dinar had to be sent off for approval. Which makes sense because i've heard in the event of a big cash-in the government will want to verify that the Dinar is not of criminal origin. so that was my impression.

First- DINARDLEE, I'm sure you're right. You sound like you know the atmosphere and workings of branch banks. I just can't help but wonder, with recent developments involving banks, if they (the guys at the top of the ladder) aren't taking notice, and making some changes based on what they think is going to happen. Why would they stop selling it, but be willing to buy it? Certainly if the scam theory held any water at all, they wouldn't touch it, PERIOD.

FINANCE- I understand the banks need authenticate. I'll even buy in to the need of a machine, de larue, to do it. However, they better come up with a better policy because I'll be damned if I going to let some lackey dissappear with my freshly RV'd Dinar. I can see it now, "Sorry sir, your dinar were no good. We checked them thoroughly but they were fake and we had to destroy them. Better luck next time!" Meanwhile, somebody who never had to endure the torment of DV is stuffing their pockets with my payoff. I say BS! Check 'em if you want, but we ain't sending anything off!!!