Chase bank and procedures for xchange

[dejavu]

I called Chase bank about their procedures for foreign currency, since we seem to be getting closer from all the stuff going on in iraq. The manager i spoke with told me, that when we deposit the dinar, they will immediately credit our account, pending not available, then they will send it out to their texas branch for authentication, at that point, if any notes are fake, they will basically deduct from the credited amount pending (no recourse or questions asked basically), i asked, how long till money goes from pending to available, he said 2 days 3 days tops. This convo made me feel much better, i was nervous about the possibility of fake notes, and the time frame is much shorter than i figured, i thought at least a week:huge:

[dinarmad]

Was this Chase in Michigan?Just wondering Im in Ohio..Also did you ask if they was already accepting it,like the ones in tex,and okl..Just curious..Thanks !!I think Monday I'm going to do some calling around my area...

[ozizoz]

I made photo copies of ALL my notes . . .that way if they try to say I had a "fake" note, atleast I will have a record. My biggest fear is this . . .tons of dinar cashing in, my bills getting mixed in with some other bozo (my word of the day) and me getting screwed out of $$$ because of someone elses mistake.

I have personally checked each of my bills, went so far as to buy a UV light. Each one is good . .. or they are all masterpiece counterfiets. Hopefully the banks will have a procedure to secure against these things . . .but once my dinar are out of my hands . . .I'll be worried until the balance becomes available.

[dejavu]

i called because i couldn find any in michigan, i'm orignally from az so i called knowing there were az branches, he told me he hear nothing yet, i basically just wanted procedural answers, because i've been a nervour wreck, lol, he did though tell me there are branches in michigan as well as bank ones which merged with chase, and that all branches will handle xchanges the same way.

You could check around now, they are open till 1 p.m.:huge:

[cory]

I called Chase bank about their procedures for foreign currency, since we seem to be getting closer from all the stuff going on in iraq. The manager i spoke with told me, that when we deposit the dinar, they will immediately credit our account, pending not available, then they will send it out to their texas branch for authentication, at that point, if any notes are fake, they will basically deduct from the credited amount pending (no recourse or questions asked basically), i asked, how long till money goes from pending to available, he said 2 days 3 days tops. This convo made me feel much better, i was nervous about the possibility of fake notes, and the time frame is much shorter than i figured, i thought at least a week:huge:
WONDER if we could fly to a branch that does that on the spot something about send them out bothers me. like is there a major exchange in las vegas or in the los angels branches.

[dejavu]

I made photo copies of ALL my notes . . .that way if they try to say I had a "fake" note, atleast I will have a record. My biggest fear is this . . .tons of dinar cashing in, my bills getting mixed in with some other bozo (my word of the day) and me getting screwed out of $$$ because of someone elses mistake.

I have personally checked each of my bills, went so far as to buy a UV light. Each one is good . .. or they are all masterpiece counterfiets. Hopefully the banks will have a procedure to secure against these things . . .but once my dinar are out of my hands . . .I'll be worried until the balance becomes available.

Me too! we scanned them and put them in puter and on floppy, lol

[WAYNE T]

I have a question. When and if the value changes to , say
0.93 Euro, and I have 45 million dollars coming, what and how do I secure this amount. I'm sure Uncle will get his 15-20 percent but that leaves 36 million. Not in any one bank account. No insurance. So the question is, what to do? And I am not speaking of new car, new house, etc....

[WAYNE T]

Can't keep it in checking. buy cars , land, house. So, what to do?
Mod , is it possible to have a thread on this subject. I, might genuinly need this info. So I presume might others. I know it has been hashed to death, but a rehash would help. Besides, hash ain't half bad.

[TerryTate]

Anyone know if a regular joe can purchase one of those De La Rue cash counting machines? Don't those machines have counterfeit detection built in? Wonder how much they cost?

[emile]

Anyone know if a regular joe can purchase one of those De La Rue cash counting machines? Don't those machines have counterfeit detection built in? Wonder how much they cost?

when it's convertable take it to any bank and they will check it for you. it gets counted,checked then it goes into a tamper proof bag and signed. then you get you receipt.

[vipor]

Me too! we scanned them and put them in puter and on floppy, lol
Ditto. I scanned all of mine.

[oldskiier]

Ditto. I scanned all of mine.


and when you show them your sacned copies ..they'll just say sorry those arent the ones you gave us .....sorry dont see how this would work ..I'm not letting mine out of my site till they confrim them to be real !!!!!

[SouthernPrince]

I have a question. When and if the value changes to , say
0.93 Euro, and I have 45 million dollars coming, what and how do I secure this amount. I'm sure Uncle will get his 15-20 percent but that leaves 36 million. Not in any one bank account. No insurance. So the question is, what to do? And I am not speaking of new car, new house, etc....

Here is the solution to your problem. Certificate of Deposit Account Registry Service or CDARS, pronounced cedars

CDARS (http://www.bankrate.com/brm/news/sav/20030820a1.asp)

[vipor]

and when you show them your sacned copies ..they'll just say sorry those arent the ones you gave us .....sorry dont see how this would work ..I'm not letting mine out of my site till they confrim them to be real !!!!!
I thought I read that the notes had to be shipped out to NY or somewhere to be verified for authenticity. Good luck getting on the bank transport along with the notes wherever they head. :lmao:

Scans may help when you go to the bank with a signed bill-of-laden identifying the notes attached to scanned copies of said notes.

[Stout Hearted Man]

"when it's convertable take it to any bank and they will check it for you. it gets counted, checked then it goes into a tamper proof bag and signed. then you get you receipt."


When the dinar is accepted by banks universaly there wont be any off site verification. It will all be handled at whatever bank we're using.

I think after the reval there will be a rush to cash in the dinar. Give the banks time to adjust and feel comfortable in cashing large amounts of dinar. I think it would be better to wait for the fervor to die down before we head to the bank.

[IraqiFreedom]

Don't know if a bank would do this, but you could initial each note, have the bank representative sign the deposit reciept indicating that each note was verified to be initialed, and then request that any fake notes be returned to you.

If the note does not have your initials, it was switched. Simple, but probably not standard operating procedure.

[dejavu]

"when it's convertable take it to any bank and they will check it for you. it gets counted, checked then it goes into a tamper proof bag and signed. then you get you receipt."


When the dinar is accepted by banks universaly there wont be any off site verification. It will all be handled at whatever bank we're using.

I think after the reval there will be a rush to cash in the dinar. Give the banks time to adjust and feel comfortable in cashing large amounts of dinar. I think it would be better to wait for the fervor to die down before we head to the bank.


I can tell you chase does send to their main office, they don't authenticate on site, if you'd like to check this for yourself i'd be happy to give you the phone number and name of branch manager i spoke with this morning in phx.....

[dejavu]

I thought I read that the notes had to be shipped out to NY or somewhere to be verified for authenticity. Good luck getting on the bank transport along with the notes wherever they head. :lmao:

Scans may help when you go to the bank with a signed bill-of-laden identifying the notes attached to scanned copies of said notes.


actually my paranoaia caused me to have the urge to scan, lol i thought, hmm what if an unscrupulous bankster tries to switch my good bills with fake ones, i have copies of all serial numbers, i would demand to see the so called fakes and compare them to my list, lol....over kill i know, but this whole ride has me nutso.

[lglwzrd]

please post how much chase charges to exchange. thank you-this is useful info.

[dejavu]

so sorry i forgot to ask that, but i can call again monday, or anyone actually could call, there are tons of chase branches.

[dreamer7]

I don't understand how banks can be selling IQD when it isn't an internationally recognized currency. How are they getting their dinar out of iraq as a banking institution?

[Luminous]

Does anyone know how much exchange fees would be? and why if it would be even or greater than the dollar

[noodlesdad]

I thought I read that the notes had to be shipped out to NY or somewhere to be verified for authenticity. Good luck getting on the bank transport along with the notes wherever they head. :lmao:

Scans may help when you go to the bank with a signed bill-of-laden identifying the notes attached to scanned copies of said notes.

Great post and thread as it made me just imagine how many casual temp laborers the Banks, like Chase and Wells Fargo may have to hire to count, verify, confirm, authenticate, reject and return your cash (or your rejected Dinars). I wonder if they can really guarantee a 24-48 hour turnaround, especially if there is a revalue at .93 euro or higher. They will be utterly buried with work. And we had better be hoping and praying that these banks will have very strong managers overseeing the work of these TEMPORARY CASUAL LABORERS.

This will be like high volume retail stores during Christmas...where they have no choice but to hire temps... and some of them may have fake credentials & may have snuck(sneaked) across the border....

My point being, take every precaution possible to do what you can to prove the dinar you send in for USD are the same dinar they are counting on your behalf. Not trying to cause a panic here but just highlighting that now may be a good time to introduce this as a separate topic to solicit ideas from anyone about the safest way to cash in (like using the bill of lading)... unless that has already been posted and I can't find it.
Here's hoping that we can send those dinars in for verification very soon!
:)
ND

BTW..any bank employees out there who might be privy to when the Big banks start hiring and training large numbers of Temp workers..?

[floydsboys]

Can't keep it in checking. buy cars , land, house. So, what to do?
Mod , is it possible to have a thread on this subject. I, might genuinly need this info. So I presume might others. I know it has been hashed to death, but a rehash would help. Besides, hash ain't half bad.

Put it in T-bills or notes.

Cash them as you find other uses for your money.

[future millionaire?]

Great post and thread as it made me just imagine how many casual temp laborers the Banks, like Chase and Wells Fargo may have to hire to count, verify, confirm, authenticate, reject and return your cash (or your rejected Dinars). I wonder if they can really guarantee a 24-48 hour turnaround, especially if there is a revalue at .93 euro or higher. They will be utterly buried with work. And we had better be hoping and praying that these banks will have very strong managers overseeing the work of these TEMPORARY CASUAL LABORERS.

This will be like high volume retail stores during Christmas...where they have no choice but to hire temps... and some of them may have fake credentials & may have snuck(sneaked) across the border....

My point being, take every precaution possible to do what you can to prove the dinar you send in for USD are the same dinar they are counting on your behalf. Not trying to cause a panic here but just highlighting that now may be a good time to introduce this as a separate topic to solicit ideas from anyone about the safest way to cash in (like using the bill of lading)... unless that has already been posted and I can't find it.
Here's hoping that we can send those dinars in for verification very soon!
:)
ND

BTW..any bank employees out there who might be privy to when the Big banks start hiring and training large numbers of Temp workers..?

a immgrant day labor working as a teller @ a bank. your either joking or stupid or a republican.:lmao:

[future millionaire?]

you people are a great source of entertainment. 1st you was bashing everyone & their momma about that fake reval rumor that you bought into. now your paranoid about cashing in your dinars on reval day. there is no pleasing any of you. whoa! i'am scared to think what kind of person you will become AFTER you become rich. my answer-A REALLY TRUE UGLY AMERICAN.:confused:

[shotgunsusie]

I have a question. When and if the value changes to , say
0.93 Euro, and I have 45 million dollars coming, what and how do I secure this amount. I'm sure Uncle will get his 15-20 percent but that leaves 36 million. Not in any one bank account. No insurance. So the question is, what to do? And I am not speaking of new car, new house, etc....

make a ton of deposits all over the place. not more than 200,000 in one bank is insured so dont go over that per bank. it will make for some entertaining travel. lol

[shotgunsusie]

"when it's convertable take it to any bank and they will check it for you. it gets counted, checked then it goes into a tamper proof bag and signed. then you get you receipt."


When the dinar is accepted by banks universaly there wont be any off site verification. It will all be handled at whatever bank we're using.

I think after the reval there will be a rush to cash in the dinar. Give the banks time to adjust and feel comfortable in cashing large amounts of dinar. I think it would be better to wait for the fervor to die down before we head to the bank.

have you verified this information with a bank?? all the banks i have talked to must send the dinar in for verification and will credit the account until verification which takes approx. 48 hours and then you can access it.

expect homeland security to do a looksee at ya from the background too. its a flag to them for you to have millions of dinar im sure.

[shotgunsusie]

I don't understand how banks can be selling IQD when it isn't an internationally recognized currency. How are they getting their dinar out of iraq as a banking institution?
its recognized as iraqs currency, its just not internationally TRADABLE yet.

[Ronbo]

you people are a great source of entertainment. 1st you was bashing everyone & their momma about that fake reval rumor that you bought into. now your paranoid about cashing in your dinars on reval day. there is no pleasing any of you. whoa! i'am scared to think what kind of person you will become AFTER you become rich. my answer-A REALLY TRUE UGLY AMERICAN.:confused:

Judging from your post prior to this one , I gather you are a democrat?
If so, if you people where running the country we would not even have this opportunity because Saddam would still be running Iraq.:no:

[future millionaire?]

Judging from your post prior to this one , I gather you are a democrat?
If so, if you people where running the country we would not even have this opportunity because Saddam would still be running Iraq.:no:

so let me get this straight. attacking the wrong country, 2900 + G.I.'s dead, 100,000 + iraqi innocent dead, making friend out of saddam bath party & al-qeada is a good thing solely because we have a chance to get rich. democrat/republican/redneck/jew whatever, there is nothing pleasureable about war.:(

[sandy burton]

To answer some of you questions, This is what I found out. Chase at a branch that I talked to said if you had an account they would not have a fee, second they send the money the the main headquaters they have a de-la-rue machine there that will count and detect for bad monies. for for some of you that had a question about scanning your monies is that is your copy in case of a foul up. I will tell you at this point in time Wells Fargo will not be doing the exchange, this is per Las Vegas, NV.

I hop this will help some of you with your questions.

GO DINAR

[dejavu]

To answer some of you questions, This is what I found out. Chase at a branch that I talked to said if you had an account they would not have a fee, second they send the money the the main headquaters they have a de-la-rue machine there that will count and detect for bad monies. for for some of you that had a question about scanning your monies is that is your copy in case of a foul up. I will tell you at this point in time Wells Fargo will not be doing the exchange, this is per Las Vegas, NV.

I hop this will help some of you with your questions.

GO DINAR

thankyou! i completely forgot to ask about fees!

[sandy burton]

I sort of made an error. The error is you need to have an account with them so there will not be a fee, If you dont have an account I am not sure what the fee would be or how it would work. SORRY:drunk:

[floydsboys]

"when it's convertable take it to any bank and they will check it for you. it gets counted, checked then it goes into a tamper proof bag and signed. then you get you receipt."


When the dinar is accepted by banks universaly there wont be any off site verification. It will all be handled at whatever bank we're using.

I think after the reval there will be a rush to cash in the dinar. Give the banks time to adjust and feel comfortable in cashing large amounts of dinar. I think it would be better to wait for the fervor to die down before we head to the bank.

Seems like a good idea to me. Let them work the kinks out first.

I would think though that each bank might have a limit to how many Dinars
they would take at any time. This is what has me thinking that the rate will float up slowly.

[F-12]

To answer some of you questions, This is what I found out. Chase at a branch that I talked to said if you had an account they would not have a fee, second they send the money the the main headquaters they have a de-la-rue machine there that will count and detect for bad monies. for for some of you that had a question about scanning your monies is that is your copy in case of a foul up. I will tell you at this point in time Wells Fargo will not be doing the exchange, this is per Las Vegas, NV.

I hop this will help some of you with your questions.

GO DINAR You Are so correct on the wells fargo thing...wells fargo foreign exchange staff are a bunch of worthless jerks....They told me "We don't care if every bank in the U.S. is exchanging this junk money we will never exchange it. Do you have any idea whats going on over there?" Anyway the guy wound up hanging up on me after a mere yelling match..oh well, life goes on...

[sandy burton]

Well a while back I spent many of hours and about 600miles of driving to check into all of this, I went to a Wells Fargo Branch in Las Vegas in a round about way, I talked to the Branch Manager which she was very nice, and she was sort of P.O. about is that there remark her bank made to her. She told me that it was to risky of this venture. She told them that they would loose millions, and there remark to her was ole well. Then they came back to her and asked her why do you want to know and she replied back to them, it is your loss not mine because I have 80 Mil. and she walked out. She also told me from that remark she was going to look for work at another bank that will take care of the costumers no matter what. I know if we do not ask our questions properly and respectfully you may get a nasty moron at the banks or anywhere else in matter of fact. I know I am in customer service, I train people on our detector that look for gold and I also train our Military on the detectors that look for land mines. Everyone of them know the question they want to ask but it may not be the right terminalogy that they are use to so they get frustrated. I hope this helps a little to everyone, please make sure you ask it right so you can get the answer. Even if it is not what you want to hear.

[J007m]

[QUOTE=dejavu;231362]I called Chase bank about their procedures for foreign currency, since we seem to be getting closer from all the stuff going on in iraq. The manager i spoke with told me, that when we deposit the dinar, they will immediately credit our account, pending not available, then they will send it out to their texas branch for authentication, at that point, if any notes are fake, they will basically deduct from the credited amount pending (no recourse or questions asked basically), i asked, how long till money goes from pending to available, he said 2 days 3 days tops. This convo made me feel much better, i was nervous about the possibility of fake notes, and the time frame is much shorter than i figured, i thought at least a week:hug


2 to 3 days for verification of notes. How do you know the your good notes won't be switched out for bad notes and you take the loss?

[deerslayer69]

Capital One Bank Will Be Exchanging Dinar As Well, From What I Was Told All You Have To Do Is Set Up An Account With Them, Savings, Checking, Whatever You Choose. Dont Know About The Fees Either. A Friend Of Mine Called Them He Said They Told Him They Take You In A Room And Count, And Verify Your Money There On The Spot. I Am Going To Call Them Myself Tommorow And Find Out All The Details For Myself, So I Will Know For Sure.

[dejavu]

[QUOTE=dejavu;231362]I called Chase bank about their procedures for foreign currency, since we seem to be getting closer from all the stuff going on in iraq. The manager i spoke with told me, that when we deposit the dinar, they will immediately credit our account, pending not available, then they will send it out to their texas branch for authentication, at that point, if any notes are fake, they will basically deduct from the credited amount pending (no recourse or questions asked basically), i asked, how long till money goes from pending to available, he said 2 days 3 days tops. This convo made me feel much better, i was nervous about the possibility of fake notes, and the time frame is much shorter than i figured, i thought at least a week:hug


2 to 3 days for verification of notes. How do you know the your good notes won't be switched out for bad notes and you take the loss?

I would hope that wouldn't happen, but this is why i scanned mine, to keep records of my serial numbers, some may consider that overboard, but i just feel better to be safe:rolleye03

[TiredOfWork]

make a ton of deposits all over the place. not more than 200,000 in one bank is insured so dont go over that per bank. it will make for some entertaining travel. lol

Are you sure about the $200,000 amount? I can't seem to find verification of that anywhere. Retirement account limits were raised, but proposals to raise regular account limits were not adopted from what I can find.

FDIC insurance now $250,000 on retirement accounts (http://www.bankrate.com/brm/news/bank/20060220a1.asp)

"Coverage for insured savings, or general accounts, which tops out at $100,000, will stay in effect.

The legislators' decision to not raise the coverage limit for general accounts, from the current $100,000, was a foregone conclusion, says banking industry analyst Bert Ely of Ely & Co., in Alexandria, Va. "

[aqcroce2010]

FDIC insures up to 100,000 i thought....

[deerslayer69]

Here's Another Idea, Depending On How Far The Main Branch Is That Does The Final Authenticating Of Your Money, It May Well Be Worth It To Hand Deliver It Yourself, Have Them Authenticate It In Front Of You. Even If You Have To Fly Half Way Across The Country. Capital One's Branch That Authenticates Foriegn Currency Is In New Orleans, About A Six Hour Drive For Me. Sounds Like I'm Gonna Be Taking A Little Road Trip. Lol !!!

[Taralon]

I talked to a branch manager in Naperville (a suburb) and he said that they would have to send the currency out to the main Chicago Branch for verification. It could take up to 3 days for it to be credited. My advice is to avoid the middleman and take it to the main branch, where they most likely have a foreign exchange desk.:)

[Lady D]

I have a question. When and if the value changes to , say
0.93 Euro, and I have 45 million dollars coming, what and how do I secure this amount. I'm sure Uncle will get his 15-20 percent but that leaves 36 million. Not in any one bank account. No insurance. So the question is, what to do? And I am not speaking of new car, new house, etc....
I spoke to the bank about this. Each individual account is FDIC insured to the max for the number of people on the acccount. What is it $100.000 ?
They told me if a couple have a joint account they both have the protection upto the max so it would be insured to $200,000 per account.

I would open up enough $200,000 accounts to spread it out, to be sure it was all FDIC insured. That is until I reinvest most of it into secure interest paying investment.
Lady D

[taxmama]

I spoke to the bank about this. Each individual account is FDIC insured to the max for the number of people on the acccount. What is it $100.000 ?
They told me if a couple have a joint account they both have the protection upto the max so it would be insured to $200,000 per account.

I would open up enough $200,000 accounts to spread it out, to be sure it was all FDIC insured. That is until I reinvest most of it into secure interest paying investment.
Lady D

I met with an officer of the Private Banking department at Bank of America. You open an account with them - a minimum of $5mil. USD. They handle your money, grow it for you, get you football tickets, have access to just about anything you need. For this you pay them .65 basis points per year. But they'll probably be growing your money at about 8% of so. Here's the deal on insurance - they have supplementary insurance through Lloyds of London. No matter how many kazillions you have with them, it is ALL fully insured.

[oldskiier]

I met with an officer of the Private Banking department at Bank of America. You open an account with them - a minimum of $5mil. USD. They handle your money, grow it for you, get you football tickets, have access to just about anything you need. For this you pay them .65 basis points per year. But they'll probably be growing your money at about 8% of so. Here's the deal on insurance - they have supplementary insurance through Lloyds of London. No matter how many kazillions you have with them, it is ALL fully insured.

Wow thats great news ...thanks for the info :wave:

[Soliel]

Future Millionaire

Conservatives do not think war is "pleasurable" either...they just know that in a world when there are parties who will not negotiate or commit atrocities and will not stop, there is often no other choice.

Do you think it was wrong to go to WAR in WW2? If we hadn't, Hitler probably would have taken over all of Europe. Also, if we hadn't invaded Iraq, millions more would have died and been tortured under Saddam's regime. You choose....3,000 of our dead or tens of thousands more innocents, including the Kurdish under Saddam's? Which do you prefer?





so let me get this straight. attacking the wrong country, 2900 + G.I.'s dead, 100,000 + iraqi innocent dead, making friend out of saddam bath party & al-qeada is a good thing solely because we have a chance to get rich. democrat/republican/redneck/jew whatever, there is nothing pleasureable about war.:(

[Dinarstars]

Here's Another Idea, Depending On How Far The Main Branch Is That Does The Final Authenticating Of Your Money, It May Well Be Worth It To Hand Deliver It Yourself, Have Them Authenticate It In Front Of You. Even If You Have To Fly Half Way Across The Country. Capital One's Branch That Authenticates Foriegn Currency Is In New Orleans, About A Six Hour Drive For Me. Sounds Like I'm Gonna Be Taking A Little Road Trip. Lol !!!

First I'll state I am a long time lurker here, I like to read as much as possible here from all the very knowledgeable people here...

I am a General Manager in a restaurant that does cash deposits in the thousands of dollars EVERY day. From my experience, most of the major banks (BoA, Chase, WF, ect) do not even count "commercial" cash deposits anymore. They are sent to "reginal" centers and counted by machines. These buildings count millions of dollars every day, and the security is very tight. I used to eat at a restaurant that was located by one of these "facilities", it looked like a 200,000 sq ft windowless office building (4-5 stories high) with as much razor/barb wire as a state prison.

So when we deposit our dinars, I am sure they will end up in one of these "central" locations that has the skilled labor (and machines) to verify the bills.

Any by the way, with counterfeit US bills, most banks will not even let you touch the bills after it was deposited. (I was allowed to see the bill only) The bank will usually file a police report and issue a "receipt" for the bad bill(s).

This has been my experience with big banks (the ones which will be doing most exchanges)...of course YOUR mileage may vary...

Dinarstars

[lglwzrd]

the real question is not the fees but the exchange rate.

[Lux]

You Are so correct on the wells fargo thing...wells fargo foreign exchange staff are a bunch of worthless jerks....They told me "We don't care if every bank in the U.S. is exchanging this junk money we will never exchange it. Do you have any idea whats going on over there?" Anyway the guy wound up hanging up on me after a mere yelling match..oh well, life goes on...

There's a bit of history with Wells Fargo.

Turns out there was a rumor that Wells Fargo was exchanging dinar. This was before any bank had gotten into the selling game.

Well to make a long story short, they must have gotten about a thousand phone calls in like three days. The people at Wells were SO TIRED of getting dinar calls that they became hostile.

Maybe the guy you got was there when this happened.

:lmao:

[irons]

i am glad Chase bank is making the inital push on exchangeing dinars,other international banks will have to follow.here in W Michigan [grand rapids]chase will happily sell you a million @ around $800 and buy it back @ around $645.little wonder they got involved.

[makebigbuckswithme]

I went to chase on Friday and bought 800,000 dinars. I had no problems, I also asked would they buy it back, she said yes, I wanted to know what the exchange rate would be and it was the same as what i bought it.

I can't wait, I feel something will happen soon...............Lets stay focus.

[StephanieF]

Chase will buy dinars now.

Here is a branch locator.

Branch Locator (http://www.chase.com/cm/cs?pagename=Chase/Href&urlname=crb/rfs/page/Branch_Locator.jsp)

Buy rate today is $0.76 USD per 1000 IQD

[vipor]

I just went to a Chase branch here in Houston (290/FM1960) during lunch and made a purchase. The teller was fully aware of what I was talking about but accidentally processed it as if I was selling dinar then realized her mistake and corrected herself, thus I made note of their selling price and buy price.

Customer buying dinar = .000763
Customer selling dinar = .00062480

Quite a spread there. Plus, I had to pay a $5 fee for the purchase.

I asked how long they've been selling and she said about 2 weeks. She said before the 2 weeks, people would have to go to the main branch downtown to make the purchase. She said I can pick up my NID tomorrow. One day turnaround, not bad.

[Pooh Bear]

I just went to a Chase branch here in Houston (290/FM1960) during lunch and made a purchase. The teller was fully aware of what I was talking about but accidentally processed it as if I was selling dinar then realized her mistake and corrected herself, thus I made note of their selling price and buy price.

Customer buying dinar = .000763
Customer selling dinar = .00062480

Quite a spread there. Plus, I had to pay a $5 fee for the purchase.

I asked how long they've been selling and she said about 2 weeks. She said before the 2 weeks, people would have to go to the main branch downtown to make the purchase. She said I can pick up my NID tomorrow. One day turnaround, not bad.


That's good info for me Vipor! That's right up the road from my house. I'll have to check them out and I just might start an account with them. From the sounds of this thread, I might not be using BoA for my exchange when/if the big day ever comes.

At the very least, if this ends up being a slow and steady rise, I'll go pick me up some more when we start to see the gradual climb.

[vipor]

You're welcome Pooh. :happy64:

[MEDSOUTH]

Looks like someone on EBAY knows about Chase Bank also.
Wonder which one of our IIF members is Jon from Ebay fame??
eBay Seller: jonniedrum: Information Products, Everything Else items on eBay.com (http://search.ebay.com/_W0QQsassZjonniedrumQQhtZ-1)

[MEDSOUTH]

Looks like someone on EBAY knows about Chase Bank also.
Wonder which one of our IIF members is Jon from Ebay fame??
eBay Seller: jonniedrum: Information Products, Everything Else items on eBay.com (http://search.ebay.com/_W0QQsassZjonniedrumQQhtZ-1)

Come on folks ! Who is going to admit to being the Vasoline King.
You slipery devil. Come Clean!!!

[vipor]

Not I. :no:

[deerslayer69]

I E-mailed CAPITAL ONE today, I sent it to their dept. that handles foreign currency, I asked them all kinds of questions about turnaround time, exchange fees, etc. The Vice President of that dept. E-mailed me back, and said they would only cash dinars that you purchased from them, said they send them to their broker, when their broker pays them, then they pay you , she said nothing about a fee, the problem , is that I didn't purchase my dinar from them, so I guess that rules them out. I wouldn't have thought it mattered whether you purchased from them, or not, as long as they weren't counterfeit dinars you were trying to cash. Does Chase have this same policy? Or any of the other banks, for that matter ? I knew you had to have an account with them, but not the other part, none of the local branches ever told me that. Thats aggravating, I dont see where it matters, as long as they are in good shape, and not counterfeit.

[Waianae]

I E-mailed CAPITAL ONE today, I sent it to their dept. that handles foreign currency, I asked them all kinds of questions about turnaround time, exchange fees, etc. The Vice President of that dept. E-mailed me back, and said they would only cash dinars that you purchased from them, said they send them to their broker, when their broker pays them, then they pay you , she said nothing about a fee, the problem , is that I didn't purchase my dinar from them, so I guess that rules them out. I wouldn't have thought it mattered whether you purchased from them, or not, as long as they weren't counterfeit dinars you were trying to cash. Does Chase have this same policy? Or any of the other banks, for that matter ? I knew you had to have an account with them, but not the other part, none of the local branches ever told me that. Thats aggravating, I dont see where it matters, as long as they are in good shape, and not counterfeit.

You have to do your homework; someone already posted about Chase, read, it was a delightful deal as they can have it all turned around in less then a week. Now for the fat; you have to do your own research, you have to ask the questions, read, get as much information about taxes, receipts of who/when/cost of your investment. If you cannot prove that you purchased your investment or have a letter stating that it was a gift of someone that purchased or exchanged from a FinCEN Form 107 person or business, or a FenCEN 105 person/business, then you will be liable for the full short term investment tax and not the long term! Your tax man/lady will lay that out for you! Now if is small amount and tax not levied, then that is another story; check with your tax adviser/CPA/attorney.

There are money exchangers and banks, some use a brokerage house and the cutting of commissions and "fees" will get you! Do your homework and try to eliminate a much of the "middleman/woman/business" as possible so you can enjoy more of what you have been waiting and praying and begging for, haven't we all, ouch!

It is coming soon folks, goo to give you the fat, now for the skinny!

After you find all the information and have your plan set, you have to do something else! Take your time and record all the bills serial numbers! Best way to do this and if you were fortunate to get brand new bills like they are all in numerical sequence and easy on you, just press them on a copier and have the first and last bills showing their numbers and place the count on a small tab of paper and state, "in sequence", this means that all bills start at one number and go to this and that you are done! Just try your best and when you go to the bank or institution, show them your record! This shows that you know what you have, and they see that you know, etc. If you can get your tax person or CPA involved with a short statement reflecting what you have done, also seals the doors/windows on any "hanky-panky" If you do this one or twice at the same place, they will know you and that you do not play games and they will respect that and keep them honest as well! Not all places would do anything "nasty" but if you are one that say I don't care, oh, that is too much trouble, or ah, they will take care of that, okay, good for you! You know exactly what you are doing and should not have to reread any of this! This is for the old troops on the forum anyway; the careful investor that knows they have something valuable and will check and double check what they have done and are about to do, when it Revalues, come on now, cheer up! We are almost through with the skinnies!

The last thing in the skinny part is waiting for the actual "revaluation" which I believe is already signed and everything, just need some close remarks from the folks that want a good hand clap and a pat on their back! After the RV, it all depends on how much you want to wait, shall it be .02, .06, .08, .10, .12, .31, .33, 1.02, 1.12, 1.22, 1.34, 1.47, 1.62, 1.74, 1.87, 1.92, 2.02, etc, we do not know! Nice eh?

Okay, fat and skinny all done! Good night, one and all!

[fsndirector]

I was told today by three different people from different states, that upon them calling Chase today, They said that they had a coporate meeting this AM and it was decided that Chase was not going to handle the Iraqi Dinar for exchange after all. Everybody needs to recheck with their own local branchs right away.

[PAn8tv]

I talked with Chase in AZ and they said that they will send the dinar to
B of A to be verified. Waiting to hear back from B of A if they will do it locally or send the bills somewhere

[fsndirector]

A friend of mine just called me from the pheniox area, and late yesterday his branch of Chase Bank called him and told him that Chase Corporate did in fact have a meeting and they are NOT going to handle the Iraqi Dinar at all. That pretty much confirms what I said in my previous post on this subject.

[taxmama]

I talked with Chase in AZ and they said that they will send the dinar to
B of A to be verified. Waiting to hear back from B of A if they will do it locally or send the bills somewhere

I just got an email back from my officer in Private Banking at BofA.

He said: Because it will be so difficult to detect counterfit bills, authenticating them could take time. He advised that to beware of any source out there saying they could do it in a few days or even a week.

He also advised that they feel that the daily/hourly currency swings could be so volatile that BofA may not want to get involved. He said that because of the risks, the U.S. Government might only allow certain financial institutions to be involved to create stability in the currency and not a europhic bubble in the Dinar - only for it to crash in the months post valuation.

[AlwaysDreaming]

I thought I would share this: I am in the Phoenix area and just contacted two different branch offices of Chase. They both informed me that I could come in, order the dinars and they would be delivered within 48 hours.

[rags2riches99]

I bet all these banks will be singing a different tune after the currency starts trading openly. It is still essentially a black market now.

[dinarmad]

I called the main branch here in Columbus,Oh and the lady said none of there branches exchange any currency at all..All I said to her was I had a question about exchangeing currency..

[dinaros]

Just talked to the main Chase bank in Houston. They are still buying and selling.As far as she knows they will continue. Rates quoted are the same as quoted earlier by Vipor I think.

Sell .000 7631
Buy .0006248:happy64:

[TiredOfWork]

A friend of mine just called me from the pheniox area, and late yesterday his branch of Chase Bank called him and told him that Chase Corporate did in fact have a meeting and they are NOT going to handle the Iraqi Dinar at all. That pretty much confirms what I said in my previous post on this subject.

His branch called him? Nice customer service! So, you would know which three branches in which three cities gave out this info, right? Because if everyone starts calling their branches like you suggested, it will surely backfire, create hostility on the part of the banks, and send those who believe without confirmation running to the 'dealers' if they decide to buy. Based on a couple of confirmations to the contrary today, I'd say this was nothing more than a scare tactic or a couple of independent branch decisions. If I were a Branch Manager, and I had one dinar sale for every 100 phone calls I had to field, I would probably stop too. Let's not panic and overwhelm the banks, folks.

[vipor]

I just went to a Chase branch here in Houston (290/FM1960) during lunch and made a purchase. The teller was fully aware of what I was talking about but accidentally processed it as if I was selling dinar then realized her mistake and corrected herself, thus I made note of their selling price and buy price.

Customer buying dinar = .000763
Customer selling dinar = .00062480

Quite a spread there. Plus, I had to pay a $5 fee for the purchase.

I asked how long they've been selling and she said about 2 weeks. She said before the 2 weeks, people would have to go to the main branch downtown to make the purchase. She said I can pick up my NID tomorrow. One day turnaround, not bad.
I just went and picked up my NID. All crisp new 25K notes even though I had requested a mixture of denominations. I told the lady I had heard Chase was not going to deal in NID. I asked her if they would be buying back the NID later on and she said as far as she knows they are. She said she had not heard anything about Chase not dealing in it. I do not know her rank within the organization so take this for what it's worth.

[oldskiier]

I bet all these banks will be singing a different tune after the currency starts trading openly. It is still essentially a black market now.

You Hit It Right On The Nose !!!! don't ya think the banks will be lining up when they can make 10's of thousands of dollars cashing dianr in !!!!

[dejavu]

I just got an email back from my officer in Private Banking at BofA.

He said: Because it will be so difficult to detect counterfit bills, authenticating them could take time. He advised that to beware of any source out there saying they could do it in a few days or even a week.

He also advised that they feel that the daily/hourly currency swings could be so volatile that BofA may not want to get involved. He said that because of the risks, the U.S. Government might only allow certain financial institutions to be involved to create stability in the currency and not a europhic bubble in the Dinar - only for it to crash in the months post valuation.

geez, they better look within their walls for such a source, since a chase branch manager told me a couple days......

[harry]

banks are not going to beat you out off any of your dinar banks are not crook your friend are the one to look out for

[trusty]

geez, they better look within their walls for such a source, since a chase branch manager told me a couple days......

I think you are talking Chase...and he is quoting Bank of America.

This
Trusty

[trusty]

geez, they better look within their walls for such a source, since a chase branch manager told me a couple days......




deleted...posted twice
Trusty

[dejavu]

I think you are talking Chase...and he is quoting Bank of America.

This
Trusty

they just merged though

[dreamer7]

where do you buy a uv light to authenticate?

[vipor]

where do you buy a uv light to authenticate?


Dri-Mark® Counterfeit Detection System at Office Depot. (http://www.officedepot.com/ddSKU.do?level=SK&id=223200&Ntt=counterfeit&uniqueSearchFlag=true&An=text)

[C1Jim]

Dri-Mark® Counterfeit Detection System at Office Depot. (http://www.officedepot.com/ddSKU.do?level=SK&id=223200&Ntt=counterfeit&uniqueSearchFlag=true&An=text)



Now I have to go buy one of them.

I like the way everyone is planning to be millionaires. I agree that once it is official, everyone will be cashing them in.

[Roninvestor]

I spoke with a banker at Chase Bank in Fort Worth yesterday and he said last monday, the employees had a meeting regarding Chase Bank transacting foriegn currency NAMELY THE IRAQ DINAR. He said there was much emphasis placed on the Iraq Dinar. He said he did not know why the interest in the Iraq Dinar, but the trainer said to be prepaired. He said the procedure is, to accept the foriegn currency, send it to the main currency processing center for authentication. Credit would be applied approx. two to three days . Just my input on this subject. That is all i could find out.