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5/3rd Bank

Lori Lee

By Lori Lee,
in Dinar Rumors

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Lori Lee Newbie

Lori Lee

Posted
Posted

This is the first topic I have ever started... My Husband and I live in Michigan, we told a friend of our's about the Dinars a few months ago... He went to 5/3 bank here in our town and bought 1 Million.... Today he's plan was to purchase 1 million more, Well when he got to the bank the teller told him he could not buy any unless he proved he was traveling to Iraq, he then asked the exchange rate and she said she did not have that information at this time..... Dont know what this mean was hoping someone could enlighten me.... I know what I want it to mean BUT.... any answers???

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Dogmatic1 Newbie

Dogmatic1

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Posted

I think the reason for the bank's reply is based on what the US Department of Treasury has outlined in regards to fulfilling orders for foreign currency. I copied and pasted what I found on the webpage;

Currency Conversion And Transfer Policies

The currency of Iraq is the Dinar (IQD - sometimes referred to as the New Iraqi Dinar). The Iraqi authorities confirm that in practice there are no restrictions on current and capital transactions involving currency exchange as long as underlying transactions are supported by valid documentation. However, it is unclear whether currency convertibility is entirely free from exchange restrictions. The National Investment Law contains provisions that, once implemented, would allow investors to bank and transfer capital inside or outside of Iraq.

The Government of Iraq’s monetary policy since 2003 has focused on maintaining price stability and exchange rate predictability. Banks may engage in spot transactions in any currency, but are not allowed to engage in forward transactions in Iraqi Dinar for speculative purposes. The Central Bank of Iraq (CBI) can intervene, when necessary, in order to maintain stability in the foreign exchange market. There are no taxes or subsidies on purchases or sales of foreign exchange. Improved security has allowed for an increased supply of goods and services, which has reduced inflationary pressures as compared to 2006. The Central Bank has implemented effective monetary and exchange rate policies that continue to help temper inflation.

This is the link, I found it on.

http://www.state.gov...2008/100879.htm

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Darin Newbie

Darin

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Posted

I am in Michigan as well and bank at a different bank but I was giving the reason that they cannot sell for speculatory purposes. IMO why do they care why I buy it LOL

If they're refusing to sell you the currency, you could always suggest there are other ways to purchase it. Than, also inform that others have been able to purchase through 5/3 branches or entirely different banks. Suggest that it you can't purchase through them, you may be considering purchasing through a bank that will value your service. I am curious as if they would switch their tone or hold their guns.

It seems that we continue to see a mix of these bank stories. From they sell, to no longer sell it, or will not sell it with a little addition of some bankers claiming it as scam to others claiming they're also invested. No consistency....... Just keeps us all on our toes.. I am sure if I were to look into banks locally and see if any are available, most would look at me with a blank stare and not understand what I am talking about. They would probably direct me to the correct department/branch and it may end up being more work than necessary for myself considering the main benefit would be savings on cost.

Dogmatic! That's an interesting article relating to the IQD via US Treasury. I would never of thought that they would post such information. I wonder what the recent update on that article is from.

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hoosier1470 Newbie

hoosier1470

Posted
Posted

I bank with 5/3, and have found that it all has to do with what location (branch) you go to! Locally, the branch I deal with is still filling orders for Dinar, while 15 miles away at another branch, they do not even offer this service. It is also their policy not to process any order for Iraqi Dinar for Ivestment purposes: as stated above!

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Anon Ymous Newbie

Anon Ymous

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Posted

This is the first topic I have ever started... My Husband and I live in Michigan, we told a friend of our's about the Dinars a few months ago... He went to 5/3 bank here in our town and bought 1 Million.... Today he's plan was to purchase 1 million more, Well when he got to the bank the teller told him he could not buy any unless he proved he was traveling to Iraq, he then asked the exchange rate and she said she did not have that information at this time..... Dont know what this mean was hoping someone could enlighten me.... I know what I want it to mean BUT.... any answers???

I live in Michigan, and so do other invested friends and relatives...and I can tell you from our experiences, this truly depends on the branch. We've had similar situations with the same bank, 5/3, literally 5 miles from each other having 100% different rules or services, on the same day. One will sell, one will not. One says must be travelling, the other doesn't care.

This has also been the case for family and friends in FLA, so it isn't just MI.

Go RV! (soon!!!)

The branch I am refering to is were I have purchased before with no problem.... Just though I would share, just intresting to hear everone's thoughts.... Thanks May Blessing to all...

It has been awhile since I've been to 5/3...so hopefully if this is a new development, it truly is a sign of good things in the works. :) Thanks for sharing.

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shedguy Newbie

shedguy

Posted
Posted

This is the first topic I have ever started... My Husband and I live in Michigan, we told a friend of our's about the Dinars a few months ago... He went to 5/3 bank here in our town and bought 1 Million.... Today he's plan was to purchase 1 million more, Well when he got to the bank the teller told him he could not buy any unless he proved he was traveling to Iraq, he then asked the exchange rate and she said she did not have that information at this time..... Dont know what this mean was hoping someone could enlighten me.... I know what I want it to mean BUT.... any answers???

Wonder why no rate was obtainable, that info should be public, even at the current rate ??

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Iraqi Queen Newbie

Iraqi Queen

Posted
Posted (edited)

This is the first topic I have ever started... My Husband and I live in Michigan, we told a friend of our's about the Dinars a few months ago... He went to 5/3 bank here in our town and bought 1 Million.... Today he's plan was to purchase 1 million more, Well when he got to the bank the teller told him he could not buy any unless he proved he was traveling to Iraq, he then asked the exchange rate and she said she did not have that information at this time..... Dont know what this mean was hoping someone could enlighten me.... I know what I want it to mean BUT.... any answers???

You are absolutely right for MI. My family lives in MI and my sister tried to buy some IQD last week and she got the same answer. Where I live they will sell you IQD but you have to have an existing account with them. They said they have different affiliations in different states.

Edited by Iraqi Queen
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bluejay Newbie

bluejay

Posted
Posted

Lori Lee, I don't know why some nut case gave you a -...So I gave you a +.....Let's hope it means something, and just kidding here but when they said are you going to Iraq I would have said if you tell me it's worth $1-USD to $1-IQD I would be buying a plane ticket...Thanks for reporting what you found...

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Hirsch Newbie

Hirsch

Posted
Posted (edited)

Not being the devil's advocate, but by not selling you dinars for speculation it also covers their arse if someone tries to sue them down the road for selling them a '"knowingly" - 'worthless' currency IF for some reason things didnt change. On the other hand, if you are needing it it for travel to Iraq, it doesnt hold them responsible as you would supposedly be spending it there.

Its odd that the same bank chain would have different 'policies' on the same currency though...

Edited by Hirsch
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SPRAYERDUDE Newbie

SPRAYERDUDE

Posted
Posted

I also live in Michigan and opened an account at a bank for the sole purpose of buying Dinar. Within 24 hours I got a call from the bank manager and was told they no longer sell Dinar? So I purchased through a dinar site twice with the 1180 price and C.O.D. "flawless transactions"

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1lucky1 Newbie

1lucky1

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Posted

I live in Raleigh NC and yesterday and today (4,4-5.2011) bought Dinar at two separate 5/3 banks and had no problem buying them..I even had a discussion with the manager and financial planner at one of the branches for about 30 minutes discussing.....speculation in the Iraqi dinar....there was however a 2000 us dollar limit for any transaction if you do not have an account with them............................... just my story..............GO RV so I can go rv'ing :D

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pleasantvalleySunday Newbie

pleasantvalleySunday

Posted
Posted

I also live in MI (we should have a party!) and know several people who have consistently purchased through 5/3 for a while now (I have not) ... but I did call just a few weeks ago to see what the cost was and they shared the info willingly and without question. Seems sort of strange, that all of the sudden they are out of that business. Things that make you go hmmmmmmmmmmmmmm

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Dogma Newbie

Dogma

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Posted

I live in Raleigh NC and yesterday and today (4,4-5.2011) bought Dinar at two separate 5/3 banks and had no problem buying them..I even had a discussion with the manager and financial planner at one of the branches for about 30 minutes discussing.....speculation in the Iraqi dinar....there was however a 2000 us dollar limit for any transaction if you do not have an account with them............................... just my story..............GO RV so I can go rv'ing :D

same /Tampa,FL.

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