[laurelei] Great quote of the day: The person who says it cannot be done should not interrupt the person who is doing it. Chinese proverb
daniandquin] Don't judge each day by the harvest you reap but by the seeds that you plant. Robert Louis Stevenson
[Mitzi] Question please for anybody who might know................does the bank give the non-interest bearing accounts a special name? I know its NOT the FrankDodd Accounts
[sunny] Princess M Under Frank Dodd all non-interest bearing accounts are insured for an unlimited amount until the end of this or next year.
[Princess M] Mitzi I was told just a non interest bearing checking account
[zbesta] Mitzi - it is simply an account that does not accrue interest. My basic checking account at BOA is non-interest bearing which means i don't earn interest on it.
[Mitzi] Princess M thank you
[jimmybuffett] Mitzi its a Non-Interest Bearing Transaction Account. At Well Fargo their Value Checking Account will work
Read More Link on Right
sunny] HELP Anybody: What is it the non-interest bearing accounts will be backed by? UST Notes or something better? Someone has said GOLD. Is that correct?
hollyberry] Sunny I saw your question and if I may...yesterday I got an answer from Jonny regarding that I believe. First though the non interest bearing Frank Dodd accounts mean all your money is insured vs the interest bearing at 1% and good for up to $250K FDIC. But here's what we all need to realize. The powers that be own all those four banks. Jonny suggested that we put our money in there but turn around and exchange it for other foreign currency so it's not just sitting there.
4/25/12 AngelQuest TexasT I AM EXPECTING THIS ANY MINUTE, AS ANYTHING NOTHING GOES SMOOTH. BUT IT WILL BE IRONED OUT... I AM UNDERSTANDING WITHIN THE NEXT FEW HOURS TILL TOMORROW... SO HAVE THE FAITH
shalala] Guys, this is just my 2 cents...but one thing to keep in mind is that the teller and personal banker will not be able to help you. The private bankers, brokers, and wealth managers are generally NOT in the bank. They have clients and rotate branches by appt/day. So appointment with one first is good idea.
shalala] Or get branch manager to help with cashin and follow with appt. with WM/PB
shalala] It isnt as easy as "ask for WM or PB" and have them help you cash out. Branch Mgr will have ability to negotiate rate.
halala] I would also quietly and with discretion...walk in and ask to speak to the Branch Manager. Ask them if you can speak in private. Only once door closed do you discuss why you are there and your needs, questions, demands. Dont pull out the dinar with the blinds/windows open. Ask for private back room.
shalala] once they have your license, you will be granted access for that kind of money
shalala] Just another tidbit. When I was a Private Banker, I had authority to do several things. However, for currency rates and special deals on any rates, I did not. Had to go back through Branch Manager as first line approval level and then higher to Corporate if beyond that power. Branch Managers are
shalala] hootie123 In terms of cash out...there were some good classes on this that might be in the forum...but for starters, I will tell you a few things I consider my "list":
[shalala] (1) I have a list of the 6 banks I will call, with their direct phone # and address, and their currency dept 800# to discuss base rates and ask about negotiation ability above $1M. I will call all to get a good idea of what I am dealing with before I walk in to my chosen bank
[shalala] (2) I have my paperwork, dinar, and copies of my dinar with serial #s I will have initialled and signed by bank to verify they received and validated my dinar
[shalala] (3) I have a list of things I would like to discuss in order to "keep" my money there, with rate being the most important factor and will tell my banker that (account password to hide largest one from tellers, rates on CDs and loans such as Prime+1 or Prime-1, fee waivers on all accounts, etc.)
[shalala] (4) I will have a list of questions for a 2nd meeting with Private Banker TEAM of PB, Brokerage Mgr, Wealth Manager to discuss my risk tolerance, what kinds of investments I am interested in, what services they provide, what attorneys they work with, etc.
[glory37] I am new to this investment. I went to Chase and opened up a non-intererst bearing checking account. PB pulled up somehting on his computer showing me Dodd Frank. Asked him to print out and he said he couldn't. Should I have done something else>? is this the same as a Tag acct?
[misskitty05] glory37 the Tag accounts were replaced by the Dodd Frank account. You need a non-interest bearing account which is covered by Dodd Frank
KingdomBuilder] Suddenly, go to WF if you have not already, ask for non interest bearing account, be sure you sign form DSG7322(4-12-FO) titled Agreement to Terminate Interest
[misskitty05] As long as it is a non interest bearing account with no perks attached (i.e you don't get money back for opening the account or any other benefit) it should be covered by Dodd Frank. My understanding is that every bank participates. It is mandatory whether bank employees recognize the name or not.
jmmyg] Mitzi ask for a NON INTEREST BEARING account....same thing
[generals64] Wells Fargo has Wealth management people there at the cash in....they will help you negotiate the wealth package all the way through and they will make sure you are taken care of safely.
sunny] generals64 rustyz Is a non-interest bearing account automatically a TAG account? If not backed by Federal Reserve notes what are they backed by? If gold, why do some expect gold to drop following RV?
[generals64] sunny :...I don't know....I do know this...When I cash out I will be sitting in my Tax Attorneys office writing him checks and Not the IRS
generals64] Gracious :...no one knows at all on date an rate...ANYONE who tells you they do is "blowing Smoke" and he can get mad at me anytime he wants to. The leaders need to be leaders and not story tellers...
strattdog] generals64 Will Wells Fargo have referrals for Tax attorney?
generals64] strattdog :...they can't refer you to a tax attonery...not ethical...they will recommend you have one though. if you are in Oklahoma I'll give you a name of one once this happens...
[generals64] you guys....gotta go but listen if Studley says anything today.....and if kcmana comes in here with something take note to it....We really did get some pretty good calls last night even though they were LATE...