Non Interest Bearing Account.......

[Goeers]

Have seen some posts on having a non interest bearing accoiunt to wire the RV funds to. Why not an interest bearing account other than the fact it's not insured over 250k dollars?

[estewart]

Have seen some posts on having a non interest bearing accoiunt to wire the RV funds to. Why not an interest bearing account other than the fact it's not insured over 250k dollars?

HOW does one wire Dinars?

[Goeers]

HOW does one wire Dinars?

Do you understand my question?

[DinarSeeker]

This is a good question to ask a private banker. Non-interest bearing accounts are not reported to the IRS. Therefore not exposed, however, I have read that there are ways to find large account holders. Some banks are better about privacy than others, so you will have to do your own homework.

Find out if your bank operates a cdars account, that will give you the insurance protection for your deposit in just about any amount. Heres an explanation of how it operates, http://banking.about.com/od/cds/a/cdars.htm I do not believe you can have non interest bearing account using cdars.

I can only see the non interest bearing account as a temporary safe. Your not making any money with that type of account, so only use it while you figure out how to disperse your funds. And to be totally honest, you should wait for the Rv first and see what kind of money your working with. Before you do anything....... talk to an attorney and let them set up all of the accounts first, like trusts, foundations, ect, then they will facilitate the wire transfer . Talk to a financial advisor, and a private banker to find out the best investments.

Search and do your homework or you will end up paying way to much in taxes. Just some friendly advice.

[Goeers]

This is a good question to ask a private banker. Non-interest bearing accounts are not reported to the IRS. Therefore not exposed, however, I have read that there are ways to find large account holders. Some banks are better about privacy than others, so you will have to do your own homework.

Find out if your bank operates a cdars account, that will give you the insurance protection for your deposit in just about any amount. Heres an explanation of how it operates, http://banking.about.com/od/cds/a/cdars.htm I do not believe you can have non interest bearing account using cdars.

I can only see the non interest bearing account as a temporary safe. Your not making any money with that type of account, so only use it while you figure out how to disperse your funds. And to be totally honest, you should wait for the Rv first and see what kind of money your working with. Before you do anything....... talk to an attorney and let them set up all of the accounts first, like trusts, foundations, ect, then they will facilitate the wire transfer . Talk to a financial advisor, and a private banker to find out the best investments.

Search and do your homework or you will end up paying way to much in taxes. Just some friendly advice.

Thanks. Yes you have given good advice. I actually set up a separate savings account just for wiring the RV'ed funds into from the exchange when/if it happens. I put a minimal amount of money in it to open it. Just from some of the things I've read I didn't know if there was something I missed but apparently there are some who will try to hide what they get. I don't plan to do that. I will transfer from that account to others afterward but I plan on paying my fair share of taxes although I will explore ways to legally protect what I can.

[DinarSeeker]

Glad to help out. Really, all we can do now is sit back and wait to see the Rv, however it goes down. just a quick comment about your post rv dispersals . If you know who you are giving money to.... you can gift the worthless dinar via a gift letter and have it notorized, your intentions are pre Rv. You will not be responsible for the post Rv taxes and the person receiving the gift can get around gift taxes, to the IRS. What was the worth of the dinar when they recieved it? nothing, so that is the gift tax. They still have to pay taxes on the revalue of the dinar..... they will not escape that. Just a thought is all. Your on the right track. "If" that is the route your want to go, type in the DV search box... gift letter... that will give you some choices of templates to fill out and bring to a notory of the public to stamp. Its a win win for the benefactor, and the beneficiary.

[MSgt of Marines]

Go RV!

[429]

Why not an interest bearing account other than the fact it's not insured over 250k dollars?

There is your answer. Non-interest bearing accounts, to my understanding, are FDIC insured to an unlimited amount until 12/31/2012. That's why I opened one. If ( ) I ever get a large sum from this investment, my plan is to then move funds into multiple accounts and trusts separate from the original deposit.

[jbbdolphins]

Reminds me that I must review what I will do with my "new fouund" wealth (????) :D