Addressing Bank Packages & Bank Tellers - 7Doug7 08/15/2012
Do you guys want to know what the bank packages are and what any bank teller can tell you how the purveyors of such will make money?
It is very simple, every teller, at every bank has a screen
If i go to a bank and i want to exchange USD for CAD there are multiple rates. the first will be if i want to exchange 0-1000. After 1000 (1001) there is a better rate. Then there is a better rate at 10001 and so on.
Also there is a screen that says 'adjust rate' (i would send you the exact scan of this screen if there was a way i could pdf it to this email but i cannot)
Read More Link On Right
When you get to this screen there are no less than 4 (four) options for the teller themselves to 'adjust' the rate for the buyer/seller.
Lets take an example from a few days ago: (exactly how screen appears)
Client Has Wants
CAD - EUR
Rates - Suggested Rate 1.274600
Very Competitive 1.266875
Specialized Rate 1.259150
Settle Rate 1.243700
(the 'Other" box is where the teller with permission of manager of course, can enter in the rate themselves, typically this would be for very high level clients, likely in the over 1 million range of assets) Also lets say the bank really screws something up in the past and wants to rectify the problem and retain a client, this is an easy thing they can do.
I am not saying anyone is ripping anyone off on this or any site, what I am saying is YOU can simply go in there and inquire about this at any bank, even right now. Tellers are not supposed to tell you about this, and they likely won't especially if you are asking to exchange s small amount of notes.
However, when it comes to IQD YOU are in the drivers seat, and you can negotiate with them, just think like you are shopping around between chevy and ford. YOU are the one walking in there with a pile of money they can fractionally lend to the end of time and make huge money off of, sure up there reserves, increase profits. They are allowing you to 'cash in' (or exchange your money) YOU and THEY BOTH need each other.
Just think if you walked into a bank right now with 1 million in assets 5 people would fly out of the woodwork to get that money into that bank, all appointments would be cleared... you get the idea.
In the end when this is a trade-able, and acceptable currency, it will be no different if you walked in with some sort of 1 million EURO note and wanted to exchange it.
(And yes in the currency books that the banks use it has the IQD right in there)
Getting back to the rates. If you have ever heard the term 'spread' with big money involved there is a lot to be made there.
So the spread above is around 3 points. Lets say someone had a group of people cashing in 1 billion euros that a lot of points to go around. They 'could' tell you X rate to cash in, then collect the spread between what you get and they get.
Again I am saying 'could' and also I am saying all that 'service' and 'free help' and 'codes' they may be providing you... are not really required.
As far as taxes are concerned, the bank wants your money (perhaps more than the government even) I am sure (since they will bend over backwards for you) and if it is that all these banks are 'ready' they have discussed how to maximize the amount of money that ends up in their vaults (computers) instead of the governments. TELL (That's TELL don't ask) them you will expect help from them in this matter via THEIR lawyers, for doing them the favor of bringing in all the money you are bringing in to them.
Perhaps there is also another 'dealership' down the road who has virtually the same car, but is willing to throw in rims, a new paint job, a better lease, and auto everything, if you get what i am saying.
There you go, take it for what you will, happy RV (soon) ! 7Doug7
ABOUT THE AUTHOR: 7Doug7 was an options trader for about 5 years, and currently works at a bank, as such would prefer to remain anonymous. Although he is not an executive or economist, his experiences in business and personal life, have helped him to understand how things work within the money sectors. He see's the frustration of many within the dinar community, and wishes to help others understand. Below details further contact and information that has helped him gain more perspective, and hope:
QUOTE: I lived in South America for a while, there I met many knowledgeable retired 'people' who know many things. Just one of those things that happened.When you boil it down, the whole 'global dilemma' is simply one check vs the other and they are checkmating each other.
Those that want to print the money and inflate the debt away (ie pay the bondholders of countries etc,) and those very bondholders not wanting to get paid with inflated money (or devalued currency). They are coming to a head. There will be much volatility moving forward, but notions of a market crash or USD crash are useless, specifically that in any crash scenario USD would skyrocket nicely.
At any rate there are other things one must know in order to understand the mess that is going on. Here is a video that I stumbled on that offers more insight: http://www.youtube.com/watch?v=2ssrcD5GdPQ
This video will help, you cannot simply de-dollarize Iraq without finding a new place to dollarize otherwise the gig is up (Libya, Syria etc.) and of course Iraq in the first place. There is more to it, (Baghdad banks as a clearing house for poppy money from afpak etc.) The US owns Iraq.... period, any of these guy saying IRAN is the 'terrorists' holding this up, is smoking up.