_This is a personal WF experience. I'm sharing it with you folks as there is a lot of discussion about banks, cashiing in, and validation of the dinar. Below is what we were told by our Personal Banker from WF.
Last summer we created an LLC and chose WF as our bank of choice. At that time, we opened 2 accounts - a checking and a savings because of direction from our attorneys and WF. We chose WF due to the fact that our attorneys told us that we should choose from the Big 4 and that based on their experience WF and BOA would best suit our needs.
At the time, we were assigned a personal banker who set up our account and who was friendly, but not very knowledgeable about the Dinar. She did have respect for it it and apparently had several customers who had dinar, but really was relying upon us to provide her information about the dinar.
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_Quite SURPRISINGLY, we received a phone call at home from WF one evening about a month ago.. On the other end of the line, was a new personal banker that had been assigned to us. He introduced himself and told us that he would be working with us through the cash-in process.
He was VERY FAMILIAR with the dinar and told us that they were preparing for the event. He informed me that he, at this time, was our personal banker, but on revaluation of the dinar we would be assigned an Private Banker within 24 hours who would be taking over our accounts at that point.
He told us (he is located in Las Vegas and we are in TN) that he would be locating someone close to us so that they would be convenient to us for our needs. At the time, I asked him to please explain to me the difference between him and a Private Banker.
He told me that as a Personal Banker, he had approximately 500 accounts that he was responsible for and that a Private Banker (with WF) only had 20-25 customers. Private Bankers have much fewer customers so that they can be at the beck and call of their clients...24 hours a day, 7 days a week.
He clarified for us WF's position on the Dinar at this point. He told us that they do not currently trade it due to the fact that at its current rate IT WAS NOT PROFITABLE FOR THEM TO DO SO. But, as soon as it reached a reasonable rate that they would be all in...and FAST.
They are fully trained on the RV scenario and like us are waiting for the event to occur. He referenced the fact that prior to the Kuwaiti Dinar RV they did not deal with it, but that now they dealt with it just like any currency...because it is profitable to do so. And, that they fully expected it to at least match the KWD.
I asked him about how WF would be validating the authenticity of the Dinar and was there any way he could tell me which branch near us had a DeLarue machine. He told me that none of their branches had DeLarue machines.
However, he explained that this would not be a problem for us, as they would validate it at the bank on cash-in through standard visual processes and that after that it would go to a non-public central location where a DeLarue machine is kept for final validation.
He further expained that this would not be a problem for us as our funds would be deposited IMMEDIATELY upon verification at our LOCAL branch. It would only become an issue if it was determined after going through the DeLarue machine that it was couterfeit.
He emphasized that our funds would be available immediately upon validation and deposit at the local branch.
Finally, he suggested to us, and we acted upon it, that we might consider opening up secondary accounts (checking and savings) to back up our other accounts. He called these accounts "Operational Accounts" and that they would ultimately wind up being the primary accounts for our LLCs.
The reason he said that this was a good idea was to prevent retraction of the deposit(s) from our primary accounts if we should elect to go through someone other than them for redemption as those people would have access to our account information and could immediately go in and retract the deposits.
Additionally, he strongly advised, as did our attorney, that we should move them to the secondary accounts in an effort to protect our ultimate anonymity. We had heard this before, but had not taken any action on this.
As a result of his advice, we now have the secondary accounts open and are waiting for the big event and are confident that our legal team and our bank are doing as much as they can to prepare us for the RV, and protect us post-RV.
Finally, it is important to know that this conversation was completely unprovoked by us and took us completely by surprise...AND, it made us feel very good about our decision to go with WF. We feel, at this point, that they are prepared (like us) for the RV and are anxiously awaiting it!!!! Hope you find this message helpful...