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A 3rd Friend's Bank Experience

Babs47

By Babs47,
in Buying and Selling Dinar

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Babs47 Newbie

Babs47

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A gal I got into this currency speculation went into our mutual tiny bank a few days ago and went to the office of the bank manager. Instead of telling her their bank doesn't deal with foreign currency (which is what they've always told her and me), she was brought into the office, the door was shut, and she said that they could set up the proper accounts for her and she could have her new-found wealth wired into them.

Also, yesterday, the middle manager there was really "chatting me up" and treating me with respect, instead of treating me like a fool and telling me that I've gotten the whole island into a scam. I found that behavior change on her part interesting... Today, I'm going to go visit her boss and see about her wealth management strategy for me... We'll see if she thinks it's a waste of time to discuss it, knowing I'm currently broke...or if she sets me up with one of those limitless FDIC-protected interest-free accounts... I'll let you know what happens.

Go RV! God bless us, every one!

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ckh Newbie

ckh

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...or if she sets me up with one of those limitless FDIC-protected interest-free accounts... I'll let you know what happens.

What's a limitless FDIC-protected interest-free account?

I understood that FDIC protects up to $250k per account... my banker said he could set up POD (payable on death) accounts attached to mine.

ie:

#1) my account @$250k

#2) my spouse's account @ $250k

#3) my account with my daughter, payable to her only upon my death @ $250k

#4) my spouse's account with my daughter, payable to her only upon his death @ $250k

This way, there are 4 accounts totaling $100k, all at the same bank, all insured by FDIC. The others named on the account have no access to the funds, in fact I am told they need not even know about it at the time you set it up. (in this example, my daughter)

He told me a story about a couple with a trust in the 8 figures, they set up these accounts with all the kids, grandkids, etc who were beneficiaries of the trust and managed to get all the funds into the same bank and FDIC insured this way.

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Carrello Rising Star

Carrello

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If you have the minimum amount required to open a checking account ($1, $5 or whatever), you can get an FDIC protected account (no maxiumum on the amount covered) if it is an interest free account. Nothing unusual here.

Don't let a bank let you think they are doing you a favor. They are not.

Why would you set up accounts before you know what you have, and why would the bank do that. The type of wealth management you get into, depends upon the amount of wealth that you have. You said you currently have none. If the bankers wants to set up accounts prior to you have anything to put in them, you may want to look for another banker.

Or maybe you will make enough off of pumping that you won't have to worry about it.

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coleman619 Newbie

coleman619

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If you have the minimum amount required to open a checking account ($1, $5 or whatever), you can get an FDIC protected account (no maxiumum on the amount covered) if it is an interest free account. Nothing unusual here.

Don't let a bank let you think they are doing you a favor. They are not.

Why would you set up accounts before you know what you have, and why would the bank do that. The type of wealth management you get into, depends upon the amount of wealth that you have. You said you currently have none. If the bankers wants to set up accounts prior to you have anything to put in them, you may want to look for another banker.

Or maybe you will make enough off of pumping that you won't have to worry about it.

Right on.....

People on this forum believe anything, as long as it's positive.

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pleasantvalleySunday Newbie

pleasantvalleySunday

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A gal I got into this currency speculation went into our mutual tiny bank a few days ago and went to the office of the bank manager. Instead of telling her their bank doesn't deal with foreign currency (which is what they've always told her and me), she was brought into the office, the door was shut, and she said that they could set up the proper accounts for her and she could have her new-found wealth wired into them.

Also, yesterday, the middle manager there was really "chatting me up" and treating me with respect, instead of treating me like a fool and telling me that I've gotten the whole island into a scam. I found that behavior change on her part interesting... Today, I'm going to go visit her boss and see about her wealth management strategy for me... We'll see if she thinks it's a waste of time to discuss it, knowing I'm currently broke...or if she sets me up with one of those limitless FDIC-protected interest-free accounts... I'll let you know what happens.

Go RV! God bless us, every one!

thanks for what may or may not have a darn thing to do with an rv ... who knows, maybe they had a "team marketing meeting".

anyway, my point in responding is that personally I am leery of all "wealth management" situations within the banking sector ... be sure to read all the fine print even if it means getting out a magnifying glass and remember they first and foremost wish to better their bottom line, and may charge you an arm and leg for the ride.

pvS

Due diligence is required for success of any kind.

Right on.....

People on this forum believe anything, as long as it's positive.

um I believe you're confused about which forum you're on right now!!! laugh.gif

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Ohioguy Newbie

Ohioguy

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Read the fine print on FDIC protection. Yes each account is protected up to $250K. However, in the case of a default, the FDIC have up to 99 years to make you whole on your account. I am not sure I would call that protection.

DaveJen, a new law, which just came into effect a few months ago, gives FDIC protection on any non-interest bearing account on an unlimited amount of deposited money. There is no cap on protection.

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DaveJen Newbie

DaveJen

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Hello Ohio guy, nice to see a fellow Buckeye on here. My comment is not about the protection provision. My comment is how long the FDIC has to make good on the protection/default of the bank to an individual depositor of the bank. I am well aware of the new law granting unlimited protection on deposits of non interest bearing accounts. However, the same law gives the FDIC a 99 year window of opportunity to make the depositor whole. Yes the protection is there, but what good is if your dead and gone in 99 years when they finally get around to it. 99 year windows are the same as no protection at all.

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Babs47 Newbie

Babs47

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So...I went into the bank to try to speak with the manager, as I said I would. She was on the phone. The middle manager asked if I needed help with anything. I said I wanted to speak with the manager, but she was on the phone. She asked me what I wanted to speak with the manager about, and I said, "the Iraqi dinar, believe it or not!", (since she's always treating that topic with scorn + I would've expected her to say something like, "Oh, Brother! Are you still involved in that crazy thing?"). But instead, she said, "Oh! Okay!" And I said I'd wait. Then I got tired of waiting + went to do errands...but I'll try again soon.

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dinarmite Rookie

dinarmite

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So...I went into the bank to try to speak with the manager, as I said I would. She was on the phone. The middle manager asked if I needed help with anything. I said I wanted to speak with the manager, but she was on the phone. She asked me what I wanted to speak with the manager about, and I said, "the Iraqi dinar, believe it or not!", (since she's always treating that topic with scorn + I would've expected her to say something like, "Oh, Brother! Are you still involved in that crazy thing?"). But instead, she said, "Oh! Okay!" And I said I'd wait. Then I got tired of waiting + went to do errands...but I'll try again soon.

You have got to wait for those millions :P

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Mongo Newbie

Mongo

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I went to my 3rd friends 5th bank or was that my friends 5th /3rd bank and they smiledsmile.gif at me. What's up with that. I no more than said dinar,and the president come out and gave me a toaster. we plugged that baby in and had bagels with cream cheese and talked dinar......Imagine that,...... bagels and dinarsdry.gif

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Texas1 Newbie

Texas1

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A gal I got into this currency speculation went into our mutual tiny bank a few days ago and went to the office of the bank manager. Instead of telling her their bank doesn't deal with foreign currency (which is what they've always told her and me), she was brought into the office, the door was shut, and she said that they could set up the proper accounts for her and she could have her new-found wealth wired into them.

Also, yesterday, the middle manager there was really "chatting me up" and treating me with respect, instead of treating me like a fool and telling me that I've gotten the whole island into a scam. I found that behavior change on her part interesting... Today, I'm going to go visit her boss and see about her wealth management strategy for me... We'll see if she thinks it's a waste of time to discuss it, knowing I'm currently broke...or if she sets me up with one of those limitless FDIC-protected interest-free accounts... I'll let you know what happens.

Go RV! God bless us, every one!

Wow, congrats! you certainly have a ton of success getting Banks to open up to you and your friends about the dinar. Werent you the one several months back who had the BofA experience with their Wealth Management Dept's young new employee telling your friend Debs the dinar was about to rv and he wanted to set a meeting up with her the following Tuesday? I guess some folks have more luck than others, cause below is a direct comment from a Chase employee and dinar investor I know personally:

Spoke to the wealth manager here at Chase and she thinks I’m crazy.

She said if there was any indication about the Dinar changing that much she would have been sent details long ago.

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Babs47 Newbie

Babs47

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I guess banks are more pleasant to us gals who are creeping up in age (fifties + sixties + seventies, to cover all 3 bank rumors! I get it that this is not confirmation of anything, to strangers, but my local friends, who know these bankers, are thanking me for the info about the behavioral changes... I went back in, but the manager was at lunch. Now I'm at lunch. I'll let you friendly types know what happens, once I get into her office, if you're interested. (This bank isn't Fifth Third. It's Washington Trust. They don't deal with foreign currency, but they certainly have wealth mgmt folks...)

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