Frank26 : A member of KTFA took notes at the 4 pm CC I did yesterday.
Please enjoy:CC with Bank
From: zsazsa10 To: Frank26
Following are the notes I took of this CC. These notes regard only the banking portion of the call. I did not include anything that you were going to talk about on last night's call. If you want to post these notes, feel free. If not, that's fine as well. Thank you and Tink for all you do. Great team as well!
Frank’s CC 3 p.m. Monday, July 1, 2013
With VP of First Citizen’s Bank
The identity of the VP will be protected and will not personally be on the call. XO, Frank, and Art will be participating.
XO said during a conversation on Friday, VP said they will be exchanging dinar. The banker said they had been released from Chapter VII and Iraq is a sovereign country.
The fact that they are sovereign and bank will be ready to go. They will have a rate much higher than the CBI rate. He knows the rate will go up and they are prepared to do the exchange.
One thing they are doing right now is making preparation for secured location. They will be exchanging outside the bank where they have a de la rue machine.
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At that point he said he had quite a few meetings to finalize things.
Went over protocols and security location. He would be asking questions.
XO asked banker, from your perspective, where do you think we are? He said it is not a scam and they are more than ready to facilitate transactions.
VP said we are in some type of window of activity right now.
Art said he has connection with a large group of dinarians. They have boots on ground in Iraq. That person told the VP they expect it any moment. Kuwait wants very badly to do business with Iraq. They cannot do that until the dinar rate is equalized.
Frank said there are so many US companies that want to come into Iraq today. (BoA and Citigroup). The whole world is knocking on Iraq’s door. This VP knows this is not a scam and it will happen very soon. What are the things they are going to offer us?
· If you are a customer, there will be no fees.
· If you are a customer, you will have someone to pick up the dinar and take them to a secure location. (Frank says this will not work. The de la rue machine must be at the location. We should not turn our dinar over to anyone. We must keep them with us until we get to the de la rue machine.)
· If you are exchanging a small amount of dinar, that transaction can be facilitated in the bank. (Once again Frank said we should not give them to the bank to be verified later whether it is 1 dinar or 1,000,000 dinar. De la rue machine must be there.)
There must be a non-interest-bearing account set up for the transaction. In reference to the security and timing, the VP said the reason they are doing it that way, they don’t want a bank sitting around with large amounts of dinar.
They will follow a different protocol for large amounts of dinar. (Frank said to the VP it is extremely important to have the de la rue machine; we do not want to be charged one penny for the exchange, we do not want to be insulted.
We don’t want to go to the bank after that first trip, you should come to us; Looking for a bank willing to do banking with me personally because I can supply a lot of customers for you.)
Art said that IQD got scarce and that’s why the banks quit selling it. Frank said there were a lot of individuals selling the dinar on ebay and the dinar were counterfeit. That’s another reason they quit selling it - for their own protection.
Frank asked the VP how they are going to protect non-interest-bearing account (FDIC insurance?) Wealth management teams: we need to know more about your bank. What level of VP are you in your bank?
XO: He also said the rates will be locked-in. He said all locations were secure. There is no limit to the amount you can exchange.
Frank wanted to know if we can do ledger transfers and wire transfers with no problems or complications.
XO: This VP has dinars. Frank said he knows about the meetings in Baghdad. He knows about Kuwait wanting to do business in Iraq.
Frank asked if he knew when it was going to happen. XO said VP said it looks like it is going to happen any moment. VP was knowledgeable about Chapter VII and IMF, etc.
Frank is personally going to talk to VP today or tomorrow.
XO briefly discussed other banks. Frank’s opinion is that whoever has delayed this, it is only giving more time for God’s children to buy dinar. Frank asked the VP if he wants to say something, please do so. Frank wants to talk to him tomorrow at noon.
Bank of America and Citigroup opened a bank in Iraq today.
Frank said that tonight he will discuss the fact that Iraq is not completely out of Chapter VII, but they will be releasing their rate anyway.