Heavyduty053 Posted March 23, 2011 Report Share Posted March 23, 2011 (edited) Alot of questions are presented on here from people who don't know or are unsure about what to do or where to go when this RV happens. Also questions arise about the legal tender notes in this currency. First of all let me say each one should check out the rates in places they might want to cash in at. Bank rates v.s. Dinar trader, Dinar Banker and any other site is of personal preference. I don't know what each one's thoughts are about when and where to make their cash in and i am not permoting 5/3 in this statement, this is only food for thought. Several conversations i have had with 5/3 foreign currency dept. in Brentwood Tn. hasn't changed as for their bank branch policy toward foreign currency cash in, so let me state it this way and maybe it will help someone who is still in question. 1. 5/3 requires no account to cash in, they take your currency run it thru De La Rue machine which counts, verifies, check for authenticity. 2. You do not need papers where currency was bought or what date it was purchased. 3.They do not require you to have an account at their bank all tho they said it would be easier to wire moneys into account with their bank from main and i might also say that they have lots of investment opportunities there as well. 4. If you do not wish to establish an account with them, money will be wire transfered to any account to any bank if deposite slip is presented. 5. As of right now no spread fee is known or if there will be one because this event has never been this hugh for cashing in a foreign currency. 6.Now let me say this for all who plan on a cash in and walking out with tons of money, 5/3 will only allow a certain amount of cash per customer because of cash reserves. 7. A few signatures will be required at cash in. 8. Cash in will be completed and signed off on while you are standing there to verify. I also might add that different branches of banks may have different ways of doing business. Like i said i am not permoting 5/3, this is only intended to give info or ease the minds for those who still have questions about cash in time. I do hope this helps. GOOOOOOOOOORVVVVVV Edited March 23, 2011 by Heavyduty053 6 Link to comment Share on other sites More sharing options...
Roadrunner Posted March 23, 2011 Report Share Posted March 23, 2011 Thanks HD. That is good news for those of us that have not bought through a dealer. I was starting to get a little concerned with all the posts saying receipt or proof of purchase. There is a branch in Knoxville at Walker Springs. I may go by there and talk to them. Link to comment Share on other sites More sharing options...
Islandgirl7 Posted March 23, 2011 Report Share Posted March 23, 2011 I also deal with 5/3 in Florida...the above info is correct with the exception of one thing..You do have to have an account to do a wire transfer..they have to deposit the money first before it can be wired out. I will double check this information again but that's what I was told. By the way its only $50.00 to open an account. 1 Link to comment Share on other sites More sharing options...
caleb08 Posted March 23, 2011 Report Share Posted March 23, 2011 I don't think there is a 5/3 located in New Orleans. I wish there was. Link to comment Share on other sites More sharing options...
Heavyduty053 Posted March 23, 2011 Author Report Share Posted March 23, 2011 I also deal with 5/3 in Florida...the above info is correct with the exception of one thing..You do have to have an account to do a wire transfer..they have to deposit the money first before it can be wired out. I will double check this information again but that's what I was told. By the way its only $50.00 to open an account. Yes, the 50.00 amount is all it takes to open an account and it will be must easier to have an account there even if you an account somewhere else until this is over with. I have two accounts, one at 5/3 for the cash in, and my main acccount is in Alabama. To me opening an account would be less hassle with the enormous amout of money we are talking about even if you don't plan on keeping the account open. But i look at it this way, i will need places to hold and invest my money when this happens so for me 5/3 is another keeper. They have been very polite, they know me by name and very helpful. I will invest some with them and many others. 1 Link to comment Share on other sites More sharing options...
Roadrunner Posted March 23, 2011 Report Share Posted March 23, 2011 (edited) Thanks Islandgirl7. If I use them I will open an account anyway. Banking is not quite my forte. I didn't even know til last week that I could open an account in foreign currency here in the states. I just assumed you had to convert it and your account would be in USD. By the way, it nearly broke my heart when you changed avatars. I was going to ask for an 8x10 of the old one. Edited March 23, 2011 by Roadrunner Link to comment Share on other sites More sharing options...
Islandgirl7 Posted March 23, 2011 Report Share Posted March 23, 2011 Thanks Islandgirl7. If I use them I will open an account anyway. Banking is not quite my forte. I didn't even know til last week that I could open an account in foreign currency here in the states. I just assumed you had to convert it and your account would be in USD. By the way, it nearly broke my heart when you changed avatars. I was going to ask for an 8x10 of the old one. Like I said "mods" suggested changing it before I was reported.. Link to comment Share on other sites More sharing options...
Rich in TX Posted March 23, 2011 Report Share Posted March 23, 2011 Thanks HD. That is good news for those of us that have not bought through a dealer. I was starting to get a little concerned with all the posts saying receipt or proof of purchase. There is a branch in Knoxville at Walker Springs. I may go by there and talk to them. Both ALI and Ty have stated on Conference calls that they will take dinar regardless of where you bought it (ebay, etc), and no matter if it is circulated or uncirculated bills. They dont care what denomination. Also they said they do NOT require proof of purchase or receipts. Ali was very clear on the matter. He stated repeatedly that it is a CURRENCY of a nation; whoever carries it is the owner. So long as the currency is real, (it must be validated with the DeLa Rue machine), then he will take it in exchange. Rich in TX Link to comment Share on other sites More sharing options...
Heavyduty053 Posted March 23, 2011 Author Report Share Posted March 23, 2011 Both ALI and Ty have stated on Conference calls that they will take dinar regardless of where you bought it (ebay, etc), and no matter if it is circulated or uncirculated bills. They dont care what denomination. Also they said they do NOT require proof of purchase or receipts. Ali was very clear on the matter. He stated repeatedly that it is a CURRENCY of a nation; whoever carries it is the owner. So long as the currency is real, (it must be validated with the DeLa Rue machine), then he will take it in exchange. Rich in TX Thanks Rich for adding to my post. This gives people ample info to ease their minds for their cash in. 1 Link to comment Share on other sites More sharing options...
Roadrunner Posted March 23, 2011 Report Share Posted March 23, 2011 I never really believed the "Proof of Purchase" rumors. Still every time I would read one I would get that uneasy feeling. Thanks everyone for putting my mind at ease. Link to comment Share on other sites More sharing options...
creditor63 Posted March 23, 2011 Report Share Posted March 23, 2011 Good post. It would be safe to say that once one large bank does something, the others will do close to the same shortly thereafter. Definitely check rates, but I would spread it among several banks right from the beginning. Even if you cash in at only one bank, I would spread it to several others until you find a more productive home for it. Assuming the dollar will increase in value when this happens, you may want to be watching the metals prices and gather some of that. 1 Link to comment Share on other sites More sharing options...
ronpriv Posted March 23, 2011 Report Share Posted March 23, 2011 Thanks to HEAVYDUTY053 and Islandgirl17 for the info. I live in Florida and have my account with BB&T. I will have to check with them unless anyone has already checked with BB&T. This was a very informative post and very much appreciated. Link to comment Share on other sites More sharing options...
rhinoceros Posted March 23, 2011 Report Share Posted March 23, 2011 Thanks HD. That is good news for those of us that have not bought through a dealer. I was starting to get a little concerned with all the posts saying receipt or proof of purchase. There is a branch in Knoxville at Walker Springs. I may go by there and talk to them. Roadrunner, this is Rhinoceros. I'm close to Knoxville, when you check out the situation at 5/3 would you send me an update? jackp@charter.net. Thanks. Link to comment Share on other sites More sharing options...
jimpickles Posted March 23, 2011 Report Share Posted March 23, 2011 GREAT POST...i deal with 5th/3rd in Murfreesboro...really nice folks there too...hope your post puts people at ease.... Link to comment Share on other sites More sharing options...
Roadrunner Posted March 23, 2011 Report Share Posted March 23, 2011 Will do Rhiniserus. Post it on my profile so I don't forget it. I always look on there first when I log in. Link to comment Share on other sites More sharing options...
gsears Posted March 24, 2011 Report Share Posted March 24, 2011 Thanks so much for your post HD ! I am a newbie that has not bought through a dealer and your post has set my mind at ease in so many ways. I look forward to continued read and learning about our dinar investment as well joining others in our wait. Link to comment Share on other sites More sharing options...
cautiouslyhopeful Posted March 24, 2011 Report Share Posted March 24, 2011 Thank you for your research! Very helpful. .We don't have 5/3 banks here in Austin. I imagine other banks may have similar policies...I just figured I would wait til the RV happened then figure it out from there!! Thanks again...and GO RV!!!!!!!!! Link to comment Share on other sites More sharing options...
Darthman X Posted March 26, 2011 Report Share Posted March 26, 2011 First time poster here. I've contacted the 5 branches of 5/3 that are closest to me (Knoxville branches included) and they told me that they are no longer selling Dinar. What's up with that? Link to comment Share on other sites More sharing options...
Fred A Posted March 26, 2011 Report Share Posted March 26, 2011 (edited) I Have proof of ownership . but its in arabic. i asked for it when i bought my dinar from over there when i was there. that be fine should i still open an 5/3 account?, and i just opened one at Wachovia. plus i got one at BOA. too. but i can do the 5/3 thing too if need. so far this post was the most helpful yet. thank you Edited March 26, 2011 by Fred A Link to comment Share on other sites More sharing options...
wishwell11 Posted March 26, 2011 Report Share Posted March 26, 2011 First time poster here. I've contacted the 5 branches of 5/3 that are closest to me (Knoxville branches included) and they told me that they are no longer selling Dinar. What's up with that? There are many who post their banking experiences in relationship to the dinar. During these experiences, is there a solicitation to open an account. We receive so much incentive solicitation from banks and if the higher ups are abreast of the potential of this investment..wouldn't they have marketing place a focus on customers with personal interests in the area of foreign exchange? This has always been a flag for me to watch their level of interest. Alot of money to be made from spreads. As far as cash out..I don't know the limits of money you can walk out with and I'm sure it varies from branch to branch but I know someone that sold their home and had a down payment in the form of a check. They went to the bank that the check was held on and requested the cash. They were told they would wire the money to their bank. They said no I want cash. The guy was a bit flustered and said she had to sign some papers and she said no because she said it was her business and doesn't have to sign any other time. He allowed her to walk out with over 25k..I know that much..he offered to walk her out to her call but when she got home she had a phone call from him requsting she call back because they were required to have her sign something that ensures she did not receive these funds illegally or relating to laundering. She didn't call back so I don't know if the guy was fired as a result because it was required by law or an aggressive tracking at the attention of bank specifics. With that said, banks will initially advise they will wire the funds to your account, but when push comes to shove dealing with cash, in the scenario above, they did get the cash for them and will also push, for you to sign some documents. That, I don't know, if it is required by law. Personally I don't care about the cash transactions or tracking as I will gladly pay the taxes because that is what our country, military needs out of this investment opportunity. I certainly hope the USA administration knows what they're doing, because I would hate to have to reduce my tax liability by reporting a LOSS. Wishwell11 Link to comment Share on other sites More sharing options...
blueflower_us Posted March 26, 2011 Report Share Posted March 26, 2011 (edited) Hello all, Just wanted to add, I went into 5/3 Friday the 25th in Smyrna,TN to buy dinars. I had no problem at all purchasing them. I was told it will take 2 weeks to get here. My family has all been invested for while, but this is my first buy. I was so nervous I didn't even know how to ask about them... But it all worked out in the end.. Edited March 26, 2011 by blueflower_us 1 Link to comment Share on other sites More sharing options...
genx4me Posted March 26, 2011 Report Share Posted March 26, 2011 Hello all, Just wanted to add, I went into 5/3 Friday the 26th in Smyrna,TN to buy dinars. I had no problem at all purchasing them. I was told it will take 2 weeks to get here. My family has all been invested for while, but this is my first buy. I was so nervous I didn't even know how to ask about them... But it all worked out in the end.. I made a purchase this past Tuesday (3/22/11) at a 5/3 in NC with no problems. And spoke with them the next day to get some info and nothing was said about them not selling anymore. As far as I can see, it's still available through 5/3 in NC. Link to comment Share on other sites More sharing options...
Darthman X Posted March 26, 2011 Report Share Posted March 26, 2011 I made a purchase this past Tuesday (3/22/11) at a 5/3 in NC with no problems. And spoke with them the next day to get some info and nothing was said about them not selling anymore. As far as I can see, it's still available through 5/3 in NC. Banner Elk, NC branch of 5/3 is no longer selling. Link to comment Share on other sites More sharing options...
genx4me Posted March 26, 2011 Report Share Posted March 26, 2011 Banner Elk, NC branch of 5/3 is no longer selling. Wow....mine was outside of Charlotte, NC. May call on Monday and see if there have been any changes. Thanks for the update. Link to comment Share on other sites More sharing options...
dhill45888 Posted March 26, 2011 Report Share Posted March 26, 2011 Heavy does the bank in your area have the delarue machine or do you know a local delarue machine Link to comment Share on other sites More sharing options...
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