Hot Money How Would We Know?

[saramiller]

Hot Money is my concern as you will remember back to all those reports of multiple, big bank robberies...especially the nearly, a half a billion dinars in 10,000 Dinar bills taken from the Central Bank...

that was one reason I never bought any 10,000 Dinar bills - as I figured that they might be harder (take longer) to cash in - as the banks would need to verify the serial numbers on the bills...

Might this not be a problem that could delay us all?

How would we know if our dinars were not stolen...as most dinars came out of Iraq stashed in suitcases, stoved in trunks in the back of trucks driving into Jordan...Many of our dinars came originally from a shadow-like black market...

YES, I understand if I bought them from a Treasury Department register dealer I have a money back option BUT, READ THAT AGREEMENT CLOSELY, it will refund my actual investment not what they are now worth...kind of scarry to think about!?!

I am really starting to rethink some of those real bargin prices that were around...and, I don't even want to think about E-Bay....

Even those who bought from a bank...how do we know that they were checking or even recording the serial numbers of each bill sold?

WYT

Sara

Also, how many of us have recorded the serial numbers on our bills so that we will not be short changed by a quickhanded Teller...I was at X-Mas time No less...and when I complained, they treated my like a bank robber...

[PegBundy]

Sara, I think you are thinking 13 steps ahead of yourself right now. I see what you are concerned about. This is the one thing that people do not seem to understand about currency exchange.

When making an exchange, it is an instantaneous transaction. There is no layover period for the bank to inspect. It is their due diligence to make sure whatever is exchanged is legit.

I would lax on the worrying and try to enjoy the ride.

[cowpoke]

Sara, I think you are thinking 13 steps ahead of yourself right now. I see what you are concerned about. This is the one thing that people do not seem to understand about currency exchange.

When making an exchange, it is an instantaneous transaction. There is no layover period for the bank to inspect. It is their due diligence to make sure whatever is exchanged is legit.

I would lax on the worrying and try to enjoy the ride.

Are you sure about that?

[Crow]

Hot Money is my concern as you will remember back to all those reports of multiple, big bank robberies...especially the nearly, a half a billion dinars in 10,000 Dinar bills taken from the Central Bank...

that was one reason I never bought any 10,000 Dinar bills - as I figured that they might be harder (take longer) to cash in - as the banks would need to verify the serial numbers on the bills...

Might this not be a problem that could delay us all?

How would we know if our dinars were not stolen...as most dinars came out of Iraq stashed in suitcases, stoved in trunks in the back of trucks driving into Jordan...Many of our dinars came originally from a shadow-like black market...

YES, I understand if I bought them from a Treasury Department register dealer I have a money back option BUT, READ THAT AGREEMENT CLOSELY, it will refund my actual investment not what they are now worth...kind of scarry to think about!?!

I am really starting to rethink some of those real bargin prices that were around...and, I don't even want to think about E-Bay....

Even those who bought from a bank...how do we know that they were checking or even recording the serial numbers of each bill sold?

WYT

Sara

Also, how many of us have recorded the serial numbers on our bills so that we will not be short changed by a quickhanded Teller...I was at X-Mas time No less...and when I complained, they treated my like a bank robber...
Yes that is a concern,plus the U.S has given out a ton of dinars to any group who would help us,bags of it,and some of them are you know, rough.Plus add in the who knows how much is floating around the world in speculators hands,yeah, I would kinda think about it.CROW

[irons]

Are you sure about that?
A good question is are any dollars possibly stolen or used in the drug trade still legit?
Is 99% of the $100 dollar bills that come back from south america not honord?OK even better,are all US bills that have traces of drugs on them not taken by a bank or merchent?
I really think this is a non issue.cash is cash,its all good or it all is not. JMO

[saramiller]

If this was true then how did they track & arrest bank robbers by serial numbers...

I was not talking about black market money but, rather money that was stolen in robberies like with the 10,000 Dinar notes - where they do have a record of the serial numbers of the money stolen...that was 1/2 billion in one robbery...do you have any 10,000 Dinar bank notes...

do you know the serial numbers...nope? right???

but, I bet as many banks are saying that it will take several days to 10 days to have the money verified...especially in the amounts of exchange that we plan on doing...not cashing in 250 Dinar notes...

I'm sure, that part of the verification on at least the 10,000 Dinar bills will be reporting the serial numbers and your name to Interpol...

Nuff Said...

Sara

[robione]

A good question is are any dollars possibly stolen or used in the drug trade still legit?
Is 99% of the $100 dollar bills that come back from south america not honord?OK even better,are all US bills that have traces of drugs on them not taken by a bank or merchent?
I really think this is a non issue.cash is cash,its all good or it all is not. JMO

Lol This gave me a chuckle cause I read somewhere that nearly every bill has trace amounts on them (because they're run through machines contaminated with powdered drugs... which got there by "dirty" bills).


YES, I understand if I bought them from a Treasury Department register dealer I have a money back option BUT, READ THAT AGREEMENT CLOSELY, it will refund my actual investment not what they are now worth...kind of scarry to think about!?!

Also, how many of us have recorded the serial numbers on our bills so that we will not be short changed by a quickhanded Teller...I was at X-Mas time No less...and when I complained, they treated my like a bank robber...

I'm a registered currency dealer and never noticed this money back option in my research before becoming one. Please elaborate if you can. The concept works well from a marketing stand point but I don't believe it is a requirement. If that dealer didn't put a timeframe or other restriction on that s/he's pretty ... well not intelligent ... as people could ask for their money back if the currency tanks and get the whole thing back leaving the dealer in severe pain.

As for the last part, a similar situation happened to me. I closed my accounts and told all my friends not to use the bank. They somehow misplaced $100 of a $400 cash ATM deposit.... I don't use the ATM to deposit cash anymore.

[geowhiz]

Sara, I think you are thinking 13 steps ahead of yourself right now. I see what you are concerned about. This is the one thing that people do not seem to understand about currency exchange.

When making an exchange, it is an instantaneous transaction. There is no layover period for the bank to inspect. It is their due diligence to make sure whatever is exchanged is legit.

I would lax on the worrying and try to enjoy the ride.


Horsehockey!! In most latin American countries whole series' of serial numbers are simply not accepted for reasons other than risk of being counterfeit. Thats why you always check received bills against lists of unaccepted serial numbers upon exchanging in Cambio de Moneda stations. Im not talking the whole serial number either, the first few letters are enough to get you a "Lo Siento no aceptar". Fact of life. Could easily happen with dinars.

[irons]

If this was true then how did they track & arrest bank robbers by serial numbers...

I was not talking about black market money but, rather money that was stolen in robberies like with the 10,000 Dinar notes - where they do have a record of the serial numbers of the money stolen...that was 1/2 billion in one robbery...do you have any 10,000 Dinar bank notes...

do you know the serial numbers...nope? right???

but, I bet as many banks are saying that it will take several days to 10 days to have the money verified...especially in the amounts of exchange that we plan on doing...not cashing in 250 Dinar notes...

I'm sure, that part of the verification on at least the 10,000 Dinar bills will be reporting the serial numbers and your name to Interpol...

Nuff Said...

Sara
I'm not doubting you Sara,were the bills you are talking about unreleased or not yet issued?Bank robberies happen several times every day in the US and we or anybody else in the world hesitates to take our cash.
I think you may be reading more into this than there is.

[adventuresome1]

I have heard it mentioned on a couple seperate threads about chase needing time to 'verify authenticity' of currency, and I believe I heard it stated that this could take up to 10 'business' days. I mean, if you think about it, with all of the new banking requirements re: patriot act, etc... in combination with many tellers not knowing what to look for by way of counterfeit dinar/dong, it's not unreasonable to think that this will be one of their requirements, and that if/when reval(s) do occur, that we will not walk out with any amount of cash, large or small, on the day that we enter the bank to do our exchanging. Between this and the tax issues, that's why it's a good thing to hang on to your receipts as to where you actually purchased your currency from. Also, when going to cash in, it's a good idea to have a recorded copy of the serial numbers, as well as a signed receipt of some sort from the bank, as to how much you're cashing in, especially if they make you wait 10 'business' days...also keep in mind, the need for that receipt to clearly state the days exchange rate that they're giving you/going to give you, and the fact that 'business days' in the banking world do not include saturdays, sundays, or many holidays. Good point, Sara! :)

[msmill]

OK, I'm gonna chime in here and tell you about an experience of mine. I have been in the banking business most of my adult life. All banks do banking with other, larger banks. Usually keeping accounts with the larger institutions for purposes of earning interest on deposits ect, ect... Also, to fund the smaller institutions with needed currancy to transact business on a daily basis. Now, I'm from the US, and I'm sure things are different in Iraq. That being said though, this is how it works in the US. When a financial institution purchases cash from another financial institution, all the serial numbers are not recorded. A few are, very few. The only reason those are is for reasons of tracking in case of a robbery. See, when recorded, these bills become what is called "Bait Money". The idea is, when the teller is robbed, the teller must be sure to include these certain bills in with the cash given to the robber, this is the only way the FDIC will refund the amount that has been taken. Now, I was robbed at my bank. I did get the "Bait Money" in with the other money, so my bank was re-imbursed. In conclusion, I've never heard of any financial institutions, here in the US, recording the serial numbers on all the bills taken in. It would take to long, and quite frankly, banks are to chinchy to pay someone to do this. :huge:

[irons]

OK, I'm gonna chime in here and tell you about an experience of mine. I have been in the banking business most of my adult life. All banks do banking with other, larger banks. Usually keeping accounts with the larger institutions for purposes of earning interest on deposits ect, ect... Also, to fund the smaller institutions with needed currancy to transact business on a daily basis. Now, I'm from the US, and I'm sure things are different in Iraq. That being said though, this is how it works in the US. When a financial institution purchases cash from another financial institution, all the serial numbers are not recorded. A few are, very few. The only reason those are is for reasons of tracking in case of a robbery. See, when recorded, these bills become what is called "Bait Money". The idea is, when the teller is robbed, the teller must be sure to include these certain bills in with the cash given to the robber, this is the only way the FDIC will refund the amount that has been taken. Now, I was robbed at my bank. I did get the "Bait Money" in with the other money, so my bank was re-imbursed. In conclusion, I've never heard of any financial institutions, here in the US, recording the serial numbers on all the bills taken in. It would take to long, and quite frankly, banks are to chinchy to pay someone to do this. :huge:
Thank You so much Msmill,once again a forum pal said what I was trying to so much better than I could! :wave:

[msmill]

Thank You so much Msmill,once again a forum pal said what I was trying to so much better than I could! :wave:

Hey, no problem. I'm happy to share my banking knowledge when I have the opportunity. Feels good to add sometimes, instead of just commenting!!! :huge:

[lglwzrd]

well i posed that exact question to safe dinar-they assured me their stash was not hot. i tend to believe them due to their reputation.

[BILLYG]

I have purchased a majority of Dinar from Amer... I feel very confident my Dinar is safe.

[esettles]

I bought my dinar from 20 or so Ebayers and several dealers (in the US and 3 in Amman) including the one that is now not delivering. I have sent it to Warka and it now resides in my Warka account. All was accepted.

[jaudude]

i must admit to some confusion regarding the variety of opinions about the legality of buying dinar from online sources etc versus a bank such as Chase. I saw a post wherein it seemed to conclusively show that it was not "illegal" to buy Dinar for USA residents. So other then perhaps dealing with shady suppliers, why does the issue of buying and selling Dinar being "illegal" in some nebulous way seem to have such a long half life in this forum ?