CBI project called ATM

[keepmwlknfny]

Another sign something will happen with the currency. No way are they going to put 1170 to 1 dinar in a ATM. The machine would have to as big as a house. JMO

Well with them being as poor as they are, who really has millions of dinar in a bank account?? Hell only 9% of the country supposedly has a bank account......

[pocono]

I don't care if they put the machines in 2020.....it will be along time before the Iraqis use them.....on a consistent basis.......head on to your local hood here in the states and tell all the residents they now have acres to a bank no questions asked and see how many go down to the bank....lol....NONE! trust has to be restored first an RV anytime now well definitely be a start!

Having little knowledge of what transpires in the "hood" I'll have to just take your word for it.

[Alex38]

how long do you think?

Damn... I don't know. Sooner then later? Couple weeks? Months???

[Markinsa]

I don't care if they put the machines in 2020.....it will be along time before the Iraqis use them.....on a consistent basis.......head on to your local hood here in the states and tell all the residents they now have acres to a bank no questions asked and see how many go down to the bank....lol....NONE! trust has to be restored first an RV anytime now well definitely be a start!

You need to read up on the SmartCards. They're like loaded Gift Cards on Steroids. You don't need to have a bank account.

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[JWJW11]

You need to read up on the SmartCards. They're like loaded Gift Cards on Steroids. You don't need to have a bank account.

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I'm aware of the smart cards but that doesn't promote the banking system and the Iraqis having faith in the system...

[fastarnie]

Well with them being as poor as they are, who really has millions of dinar in a bank account?? Hell only 9% of the country supposedly has a bank account......

Correct, so what do you think their reasoning is to put ATMs all over the place? Doesn't this article make you go hmmm. It does me.

I don't think banks are in the business of losing money, but I do believe they'll take calculated risks if the return looks very promising.

[YourIntelSux]

I hate to rain on the parade but why wouldn't they be able to load 25K notes (like most of us have) in the ATM's? They have a value of around $21 dollars. Don't we draw $20's out of our ATM's? Just sayin.................

Yup, it Would be the same amount of notes in th ATM machine as we out in ours.

[oneremedy]

Im thinkin'...

...RV their worthless currency, Iraqis have a lil more money in their pocket. Bank offers free Bugs Bunny checks when you open a new account, Iraqis put all their money in the bank and the banks get their money back. Full circle baby.

[Alex38]

Yup, it Would be the same amount of notes in th ATM machine as we out in ours.

Uhhhhh... Maybe because they have been trying to get rid of those notes for a long time now with their auctions... Not to mention, have you seen those articles about the DELETION OF THE 3 ZEROS????

[Carrello]

Good point JWJW, they have only one tool in the tool box to get people to use the banks and the ATM and that is faith in their currency and the banking system. I just looked in my tool box and the RV ain't in there, so its gotta be in theirs......can you tell I'm a Texan....

Stryker and JWJW, I would think that simply making the dinar much more valuable than the dollar (this is not a new idea from me), and associating that increased value with CBI, and therefore, the banks, that psychologically this would turn around most Iraqis, even those that have never used the banks. The banks are giving Iraqis something for nothing - purchasing value. They did not even have to demonstrate for it.

Also, when jobs are created, perhaps part of the plan is to have companies, especially foreign, offer direct deposit (only), and this would encourage bank utilization. Smart Cards, I understand, have been distributed to 25% of the households in Iraq. If you have direct deposit (think of all of the government jobs that would do this - huge), the deposit is available on the Smart Card, and you don't have to carry cash. Cash has been nothing but a pain for years. So, I think this may be not quite as difficult as we may think to get started, although it will take time. I remember when debit cards came out. It took some time to take off. It was an education program, and and the development of trust.

When the Iraqis see changes around them in infrastructure, they have a jobs, food, and electricity, and the money to pay for them, they may associate these changes with the big, bad banks, and dive in.

[Markinsa]

I'm aware of the smart cards but that doesn't promote the banking system and the Iraqis having faith in the system...

Yes it does. How do you think people are going to get their Government checks? They will get them through the SmartCard system. They in turn will then go to ATM Machines to make cash withdrawals.

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[easyrider]

Yes it does. How do you think people are going to get their Government checks? They will get them through the SmartCard system. They in turn will then go to ATM Machines to make cash withdrawals.

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absolutely you are spot on those smart cards will be used thrugh the ATM machines to withdraw money its clear as day what they plan on doing thiss will be a way to monitor and for the citizens to get familar with the new banking system that they have in place. Next stop revalue your dang currency and give it some value would ya?

[watercop]

Yes it does. How do you think people are going to get their Government checks? They will get them through the SmartCard system. They in turn will then go to ATM Machines to make cash withdrawals.

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When it comes to money even small children can figure out how to use the cards. They won't worry about trust the cards will be like a new toy they will figure it out.

[JWJW11]

Yes it does. How do you think people are going to get their Government checks? They will get them through the SmartCard system. They in turn will then go to ATM Machines to make cash withdrawals.

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Dude you are totally missing the point. The banks need customers...you already agreed they don't need bank accts w the smart cards....the banks need accts opened...smart cards does not accomplish that.

[JWJW11]

Yes it does. How do you think people are going to get their Government checks? They will get them through the SmartCard system. They in turn will then go to ATM Machines to make cash withdrawals.

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Have you ever heard of the wellfair card here in the states? Pretty much one in the same as far as I'm concerned....the wellfare card holders don't have bank accts....the smart card really has nothing to do with my point that the banks need acct holders to succeed.....sure they will use their cards but that's has nothing to do with the Iraqi people starting to use banks like we do.....not sure what you aren't getting here Markinsa.....my point about the banking system needing to succeed really has nothing to do with the smartcards.

Stryker and JWJW, I would think that simply making the dinar much more valuable than the dollar (this is not a new idea from me), and associating that increased value with CBI, and therefore, the banks, that psychologically this would turn around most Iraqis, even those that have never used the banks. The banks are giving Iraqis something for nothing - purchasing value. They did not even have to demonstrate for it.

Also, when jobs are created, perhaps part of the plan is to have companies, especially foreign, offer direct deposit (only), and this would encourage bank utilization. Smart Cards, I understand, have been distributed to 25% of the households in Iraq. If you have direct deposit (think of all of the government jobs that would do this - huge), the deposit is available on the Smart Card, and you don't have to carry cash. Cash has been nothing but a pain for years. So, I think this may be not quite as difficult as we may think to get started, although it will take time. I remember when debit cards came out. It took some time to take off. It was an education program, and and the development of trust.

When the Iraqis see changes around them in infrastructure, they have a jobs, food, and electricity, and the money to pay for them, they may associate these changes with the big, bad banks, and dive in.

Very true C...holymackeral I just remembered when ATM cards were introduced here...talk about a battle...trying to figure out whether I should use or not and oh boy the Monday mornings of running to the bank to deposit money...definitely will be a huge learning curve....

[zul]

Dude you are totally missing the point. The banks need customers...you already agreed they don't need bank accts w the smart cards....the banks need accts opened...smart cards does not accomplish that.

JW..I read their 400K troops will be getting their pay via their smart cards. So they need ATM to make withdrawals and overtime, this will encourage them to open bank acct.