Which Bank Account to have for cash in?

[rdb]

Just a question to throw out there!

Which type of bank account should we open to have our cash in wired to?

Trust Checking, Regular Checking??? Just trying to start some conversation and educate some folks that are reading and would like to know others opinions...

B blessed! Any Day Now!!!

[tjmunson]

Just a question to throw out there!

Which type of bank account should we open to have our cash in wired to?

Trust Checking, Regular Checking??? Just trying to start some conversation and educate some folks that are reading and would like to know others opinions...

B blessed! Any Day Now!!!

I will only tell you my plans. Then you should contact a financial advisor.

I plan to open a non interest bearing savings account. That will act as a "holding tank" for the money and I will not be in trouble with Uncle Sam for having untaxed monies gaining interest. I will then, after speaking with my financial advisor, start to diversify the funds into different investments at which time I will pay my fair share to the IRS.

Great question and I'm sure there are hundreds of answers. That is mine.

Best of luck!!

GO IRAQ!!!

[thatoneguy]

This is an interesting thread. The obvious is to have a tax attorney and financial advisor post RV. Then go about spending for leisure on little gimmicks that reward you for all this insanity. Then get down to brass tax and make some money from your new found wealth. All this info of mine is coming from a total idiot regarding large sums of money, ME! GET THE ATTORNEY AND ADVISOR. IMO, money well spent.

Edited February 3, 2011 by thatoneguy

[caleb08]

I have 2 checking accounts with 2 different banks. One of the banks I have gotten dinars from and I asked them if they had others buying Dinars and they said yes. I hope one of these banks is on Adams list of banks for the VIPS to use to cash in if not I will go with the bank I bought my dinars from. With 2 different checking accounts at 2 different bank I might use both banks. Some banks will only take back what they sold you. My other dinars I got from SAFEDINARS so if this bank wouldn't take all my dinars then I can cash in at the other bank.

[labdog]

Maximize my 401K, IRA and Roth IRA plus Maximize any other tax deferal investments like Canadian RRSP

Then drop a large amount into a business for tax deductions pay the residual taxes and enjoy the rest

[F35VTAIL]

Am I to understand that if you put large sums of money in a non interest drawing savings that they cannot tax you?

[TennesseeCherokee]

Am I to understand that if you put large sums of money in a non interest drawing savings that they cannot tax you?

.......No sir, not at all !..... .....NOTICE OF CHANGES IN TEMPORARY FDIC INSURANCE

COVERAGE FOR TRANSACTION ACCOUNTS

All funds in a “noninterest-bearing transaction account” are insured in

full by the Federal Deposit Insurance Corporation from December 31,

2010, through December 31, 2012. This temporary unlimited coverage

is in addition to, and separate from, the coverage of at least $250,000

available to depositors under the FDIC’s general deposit insurance rules.

The term “noninterest-bearing transaction account” includes a traditional

checking account or demand deposit account on which the insured

depository institution pays no interest. It also includes Interest on

Lawyers Trust Accounts (“IOLTAs”). It does not include other

accounts, such as traditional checking or demand deposit accounts that

may earn interest, NOW accounts and money-market deposit accounts.

For more information about temporary FDIC insurance coverage of

transaction accounts, visit www.fdic.gov................You still have to pay Uncle Sam taxes on your new found wealth but it will be insured through December 31st. of THIS YEAR

Edited February 4, 2011 by TennesseeCherokee

[NWGUY]

I am cashing in with Ali at Dinar Trade, and I was told that if you have a BofA or Wells Fargo, he can wire directly to it, and give you a confirmation within 15 minutes after that it is in your account. Otherwise, you can use any checking account, and the money can be wired directly to it, but due to the amount, and going to a different bank, it may take a day or two to be applied. Not sure, but I have my plan, and am sticking to it! lol.....There are other ways I am sure, so you might get some other idea's, but do it soon. The RV is right around the corner!!!!

[F35VTAIL]

Thanks, I knew you would have to start paying taxes when you started using that money.

[tanjungpinang_fiqa]

I am cashing in with Ali at Dinar Trade, and I was told that if you have a BofA or Wells Fargo, he can wire directly to it, and give you a confirmation within 15 minutes after that it is in your account. Otherwise, you can use any checking account, and the money can be wired directly to it, but due to the amount, and going to a different bank, it may take a day or two to be applied. Not sure, but I have my plan, and am sticking to it! lol.....There are other ways I am sure, so you might get some other idea's, but do it soon. The RV is right around the corner!!!!

Nice info ..Thanks

[hf328]

Cashing in with Ty at DinarBanker, Tampa airport location and having him wire into multiple accounts at multiple banks.

[TC987]

I just want to add, for everyone that is having money wired into a bank please make sure you contact your bank and tell them to expect the wire. Believe it or not, there have been several lawsuits with banks over the years, where a customer did not notify the bank of the incoming wire, and the bank held the funds. The bank continued to hold the funds and move the funds for a period of months claiming it was related to terror funding. The whole time the bank was earning interest off of the money. You don't have to believe this is true, but I would hate for any of us to take that chance after having waited so long for this investment to pay off. Just an FYI, I have friends that never received their funds and it has been over 7 years. The court case is still on-going. Good luck to all!

[Doctor Smith]

Thanks, I knew you would have to start paying taxes when you started using that money.

The way I understand it. When you trade that Dinar in, you will generate taxes for that year. You will either have a loss or a gain. But no one seems to know for sure if it will be capital gains or income. I think that capital gains sounds more logical but most experts think it will be taxed as income. I've also heard that it could be taxed partially capital gains and partially income.

Edited February 5, 2011 by Doctor Smith

[Crow]

The way I understand it. When you trade that Dinar in, you will generate taxes for that year. You will either have a loss or a gain. But no one seems to know for sure if it will be capital gains or income. I think that capital gains sounds more logical but most experts think it will be taxed as income. I've also heard that it could be taxed partially capital gains and partially income.

I Have heard the same thing......I have not talked to my CPA yet...as i figured why worry till it actually rv's!!! WHATEVER ANYONE DOES...MAKE SURE YOU HAVE A GOOD CPA OR FINANICAL ADVISOR ALREADY LINED UP!!!!! DONT DO ANYTHING TILL YOU TALK TO THEM AND GET THEIR ADVICE!!!!!!!!!!!!

[shwngo]

I just want to add, for everyone that is having money wired into a bank please make sure you contact your bank and tell them to expect the wire. Believe it or not, there have been several lawsuits with banks over the years, where a customer did not notify the bank of the incoming wire, and the bank held the funds. The bank continued to hold the funds and move the funds for a period of months claiming it was related to terror funding. The whole time the bank was earning interest off of the money. You don't have to believe this is true, but I would hate for any of us to take that chance after having waited so long for this investment to pay off. Just an FYI, I have friends that never received their funds and it has been over 7 years. The court case is still on-going. Good luck to all!

I wire money all the time between banks here in the USA and Canada, Japan and Dubai. I have never notified them and never had a problem. The amounts are always at least $50k Us up to $200k US. It is for business nothing shady but i do import/export for car parts, i have been doing this for over 8 years and never even had glitch or anything.

I am not saying that your friends didn't have problems but i have never heard or or had a problem.

[MACSPACS]

I am cashing in with Ali at Dinar Trade, and I was told that if you have a BofA or Wells Fargo, he can wire directly to it, and give you a confirmation within 15 minutes after that it is in your account. Otherwise, you can use any checking account, and the money can be wired directly to it, but due to the amount, and going to a different bank, it may take a day or two to be applied. Not sure, but I have my plan, and am sticking to it! lol.....There are other ways I am sure, so you might get some other idea's, but do it soon. The RV is right around the corner!!!!

I have not purchased from Dinar Trade but live local to Santa Monica. Do you think he will have any problem helping me cash in?

[hame55]

Just a question to throw out there!

Which type of bank account should we open to have our cash in wired to?

Trust Checking, Regular Checking??? Just trying to start some conversation and educate some folks that are reading and would like to know others opinions...

B blessed! Any Day Now!!!

Ok - a friend of mine has set up an account in Hong Kong (their dollar is backed by China's gold...) and he says wire the Dinar to the account there, then convert it to gold, silver, etc. There are no taxes on a currency exchange. Do you pay taxes when you fly to MX and exchange for pesos? NO! There hould be no Cap gains or income tax on currency exchanges, especially done outside US. Think about it.