Where are you cashing out at?

[splicer09]

With all the people following and posting bank rumors made me curious as to how many people are cashing in at there local banks and why? See it baffles me why one would choose a local bank and get less for there cash in than those using Adam( VIP ) or Traders ( like DT, DB, TD etc. ). The rate of exchange you will receive from these Traders are going to be the same as the cbi rate or very close to it. The banks rate of exchange will be less due to the spread applied to the rate therefore you will get a lesser exchange rate. If the cbi rate is $1.00 the bank rates could be .10 or .20 cents lower or more. If you were to cash out just $25,000 dinars at your local bank you would make $5,000 less ( if the diff. Was .20 cents). If you cashed out 1,000,000 you would make $200,000 less than those getting the CBI rate. Now DT will charge for your cash out, which I believe is $150. Your bank ( if your a member ) its probably free of charge. Now I don't know about you but the math speaks for itself. I only want others to know that there are options and that you will receive less at your local bank. I started a pole and so you know I believe Adams rate will be the best. Now I know a lot of members are aware of these factors but plenty are new and I thought this could open a good discussion. Best wishes and GO RV.........GO DV!!!

[MPG350]

If there is no time limit I can afford to wait to see who and where is giving the best rate.

Most likely my local BOA but if Ali at DT is really giving a much better rate might use him.

[Slaydadea]

For all the reasons you just stated, TD in Atlanta Ga! See ya there!

[splicer09]

For all the reasons you just stated, TD in Atlanta Ga! See ya there!

Glad to see you have a plan. That's very important. Sounds like a good one too. Best of wishes and GO RV!

[EagleEye]

Folks with all the new technology out there being used by EVERYONE ...suggest GREAT caution when giving out your cash in plans...you never know WHO is looking over your shoulder....

[andy3978]

TD either here locally or in NYC. I plan on calling around to different banks to see who has the best deal. I also plan on leveraging which bank I choose. Something like 'I have 12 million dollars I plan on depositing in your bank, but your spread is too high so either you do better on it or I take my cash elsewhere, your choice'

But more than likely I'll be going to my local TD. I bought them there and I have the receipt, so I wont hear them playing games like 'we need to have them authenticated, etc'

[splicer09]

If there is no time limit I can afford to wait to see who and where is giving the best rate.

Most likely my local BOA but if Ali at DT is really giving a much better rate might use him.

Let's hope there's no time limit. I think there won't be but I'm no expert. You think BOA can beat Ali's rate? Well if it depends on the rate where you go then thats smart. I think it will be DT.

[splicer09]

Folks with all the new technology out there being used by EVERYONE ...suggest GREAT caution when giving out your cash in plans...you never know WHO is looking over your shoulder....

Thanks for the reminder. I hope you understand that this post is only trying to open options for those who feel local banks are going to match the CBI rate. It just seems as easy as making a phone call can earn you more. I strongly support your warning and by no means would suggest giving locations of cash out.

[Doctor Smith]

I'm not going to worry much about it, until it actually RV's. None of us really know what the situation is going to be like, until it happens.

I will go where ever the best deal is. I'll call up D Trade as they are very close to my area. Will also check a few banks. I might hold out for a better CBI spread if that is a problem.

[shwngo]

If i can get a good enough spread with my big group of people we will be using a local bank. Primary reason is i know they will not take my money and run.

Nothing against Dt, or any of the other i just don't know them and that is an awful lot of money to be handing to people that i don't know.

[rsskelton]

Probably the closest place I can and as fast as I can get there. B-4 they change their mind! (kidding)

[txsrooster]

My plan is the international airport...since it is right by my work. Handy, cash out..give my 2 min notice. Stop by the Texas Children's hospital on the way home to fully fund my nephews charity for expenses while getting a bone marrow transplant, then on the way home...used truck lot.

[MPG350]

Let's hope there's no time limit. I think there won't be but I'm no expert. You think BOA can beat Ali's rate? Well if it depends on the rate where you go then thats smart. I think it will be DT.

I dont know what the rates will be, DT could always change there rates also, they do it when they sell dinars no reason they can't change when alot want to sell back.

[splicer09]

My plan is the international airport...since it is right by my work. Handy, cash out..give my 2 min notice. Stop by the Texas Children's hospital on the way home to fully fund my nephews charity for expenses while getting a bone marrow transplant, then on the way home...used truck lot.

Always nice to see a warm heart at work. I Will send prayers for your nephew and the whole family.

[erhouse]

Been in this a few years an seen this question many times. Its a pumper question to get you to buy more. Be smart an dont count your chickens.

[splicer09]

Probably the closest place I can and as fast as I can get there. B-4 they change their mind! (kidding)

Ah man not funny. That would really blow

[truthful1]

If local banks dont offer cbi rate, how does the treasury expect to get back all the dinars to hold??? DT and DB will sell theirs back to TBI or CBI. It seems Iraq may get bombarded

instantly. I plan on getting the cbi rate or as close to it as possible. Comments are welcome.

Edited February 2, 2011 by truthful1

[splicer09]

If local banks dont offer cbi rate, how does the treasury expect to get back all the dinars to hold??? DT and DB will sell theirs back to TBI or CBI. It seems Iraq may get bombarded

instantly. I plan on getting the cbi rate or as close to it as possible. Comments are welcome.

There is a buy and sell rate. That is called the spread. Ok the IQD RV'S at $1.00 usd to 1 IQD easy enough. The CBI rate to buy back could be .80 usd. If you own a million dinar you can now cash out (at the CBI rate ) and have $800,000 usd. The CBI makes there money on that Spread. Your local bank will want to make money too. If they offer the CBI rate the won't make a dime. Now why would they do that? Easy, they wouldn't.. so they would offer you a lesser rate at say .60usd and now you would only get $600,000 usd at cash in. It is an additional spread so local banks can get your dinars and make money. I don't now a bank around that doesn't want to make money. I do believe a bank may be willing to lower their spread but they will not match CBI rate. The bank then sends back the dinars at the CBI rate .80 usd. Now they would make $200,000. Usd on that exchange. Now these numbers I'm using are just to make things simple. Hope it helps.

[rsskelton]

Ah man not funny. That would really blow

I said, kidding (lol)

[hardmoney1]

With all the people following and posting bank rumors made me curious as to how many people are cashing in at there local banks and why? See it baffles me why one would choose a local bank and get less for there cash in than those using Adam( VIP ) or Traders ( like DT, DB, TD etc. ). The rate of exchange you will receive from these Traders are going to be the same as the cbi rate or very close to it. The banks rate of exchange will be less due to the spread applied to the rate therefore you will get a lesser exchange rate. If the cbi rate is $1.00 the bank rates could be .10 or .20 cents lower or more. If you were to cash out just $25,000 dinars at your local bank you would make $5,000 less ( if the diff. Was .20 cents). If you cashed out 1,000,000 you would make $200,000 less than those getting the CBI rate. Now DT will charge for your cash out, which I believe is $150. Your bank ( if your a member ) its probably free of charge. Now I don't know about you but the math speaks for itself. I only want others to know that there are options and that you will receive less at your local bank. I started a pole and so you know I believe Adams rate will be the best. Now I know a lot of members are aware of these factors but plenty are new and I thought this could open a good discussion. Best wishes and GO RV.........GO DV!!!

I'll bet that a TON of people are going to get caught up in the excitement of ANY RV and rush out to cash in.

Robert Mackay's book " Popular Delusions and the Madness of Crowds" does a good job of explaining the phenomenon. Shoot, I will have to control myself in that vein, as thousands of percent return with the fear of LOSS - which will certainly be hyped by the "boyz" (That would be the dealers, banks, and third parties that spring up for a piece of the action) WILL be a constant drone in our ears.

Did you think the pumpers would VANISH? Hah - they will change form and "pump up the volume" on why you should cash out now, and they will constantly be "hearing that the exchange window" will be closing - the Dinar you hold could be worthless in a few minutes, hours, or days.

I know that when silver ran up to $50 in the 1980's, I was unable to get more than $30 from the bullion dealers because of the nature of the business and the VOLATILITY of the market. When silver collapsed, there were numerous "limit down" days that one could not sell their positions because of market rules, and therefore lost tons because of the precipitous fall from $50!

Hold on to your hats, and heads! Hopefully the fun starts soon!