[hummingbird] (*)3-29-14 Alltimer: My father walked in the local BBVA compass branch here in my home town. I used to work for this bank about 6 years ago and we never accepted foreign currency. Until yesterday 03/28/2014.
My dad said that they have set up a table with all kinds of signs and flyers that now they are accepting foreign currency for exchange... he thought it was very strange.
BBVA compass is a Spanish based bank well BBVA is compass is the umbrella bank for them. My dad asked the branch manager do they exchange and buy foreign currency he said yes they do but they do not process it in the branch they ship it off to their back office, he then also said that as far as he knows only WELLS FARGO has the machine to count on site and give immediate credit.
Just some food for your souls. GET READY OUR BLESSING IS AROUND THE CORNER!!!!!!!!!!!! And OH THIS IS IN CA!!!
[daz] OZARK ON NIB'S (Non-Interest Bearing Accounts)
When you create your initial account, the opening of that account gets reported supposedly to the Fed's. Not that you need to hide anything, it's just that your account information goes onto a document, that could, in theory become public knowledge in some way.
If funds are wire-transferred into the account, that could be an outside security risk. Sweeping the funds later just assures that security is tight and not assumed. Since it is an intra-bank transfer, the paperwork trail is tighter, and thus more secure because it is not as exposed.
The NIB accounts don't have anything to do with insurance any more. On December 11, 2013 a new provision of a federal regulation "D" goes into effect limiting wire transfers to 6 per month, but applies to interest-bearing savings accounts. I don't know about you, but six times isn't very much with all the money that needs to be wired to investment programs, CDARS, etc., etc., etc.
The NIB may be a workaround for that problem. Depending on how much money you have, this could be a lot of work getting this out of one basket and into many. Remember Brewster's Millions? A lot of work like that. I wouldn't leave it sitting in the NIB account long-term. It is only a temporary holding account.
Also, the NIB account clears you of any backup withholding requirements or other liabilities, tax reporting, etc. In my opinion it is just not going to be there long enough for any benefit in trade of all that nonsense. You wont get a good rate in a savings account like you would if it were diversified elsewhere.
CDARs is good, and I plan to also build my own ladder of CD's outside of that program for better rates than CDARs can offer. Think of the NIB as a plastic grocery bag; it's just to get the food home from the grocery store, you aren't going to keep the food in the bag when you get home
[daz] Here's the skinny on the NIB accounts and sweep process. It was from a previous post that I saved.
"Why deposit into a NIB account? A NIB (non-interest bearing) account should not trigger a taxable event or reporting due to no reportable interest being accrued possibly providing additional time to develop better tax strategies.
It is also the recommended or suggested method to provide a slightly higher level of privacy and security and.... maybe even insurance coverage for those deposits.
Each foreign currency will be deposited into it's own "new" clean account. Next the funds are "Swept" from account #1 to the second "Holding" account...then the 1st account is closed immediately to prevent charge backs, hacking or other frauds...this adds an additional layer of privacy and security.
The other reason you are doing this is that the bank is required to report the opening of Account #1 to the federal government and that information can find its way into the public domain; however, the bank is NOT required to report intra-bank transfers between accounts.
What this does is effectively eliminate your digital trail so that nobody outside of the bank knows how much money you have on deposit and, more importantly, whether or not you are a good target for cyber hijacking of your money." Cheers!
KTFA: More Frank26:
Moneytalks.:HI Frank, Awesome news today. This week starting tomorrow should be very telling.
"Expectations passage of the law of oil and gas during the next parliamentary session. "
Would that be today or tomorrow?
If this gets passed , the RV is right behind it, as you said.
Wow, this will be the best and most exciting week of our investment.
Frank26: We have 7 strong reasons why April should bring more than ......... Spring Showers.
Shade :Your opinions please.
I was just thinking about the "float" theory and those that believe the iqd will open low and let the economy drive up the value. They base their opinions on the articles that say it will be a "gradual" process.
Could it be that the "gradual" part of this process is the process we've been watching all along? That is, getting the banks and laws inline "gradually" to the point where they can come out with an ri/rv?
I guess we'll find out sooner or later.
Frank26: Hmmm...... Who are You that knows of our study files?
Well done Shades........... I will talk much on this on Monday's CC. But IMO........ YOU should talk all You want until then. Hmmm......indeed....... Well done.
Shade: Thanks Frank. I think it only makes sense because coming out at 1166 or even a few pennies does not make sense. I can possibly see a sucker rate of less than a buck but .... what do I know anyway.