I did not know that a TAG account still existed as per the Dodd-Frank act that replaces it with extended temporary coverage until 12/31/12.. Can you verify that?
Will they continue that after 12/31/12?
In other news, our particular Chase branch DOES verify the currency on-site via a book they use. They know exactly what to look for (I believe you can request a Delarue machine as well).
Overall, Deposit/conversions are credited to the account 100% & immediately on-deposit, no waiting, funds accessible same-day (although they won't 'show' as credited until the next business day) and from there it gets sent to a 'holding house' via BofA (at least for our area) where the UST credits the bank back.
This is as per the local Chase branch Bank Manager and verified. Chase does not charge a spread fee for Chase customers (they do for non-Chase customers though, that just want to cash their currency), but does charge the obligatory UST spread/exchange fee of between 1-1.4% of your total exchanged deposit.
Nobody can waive that UST fee, unfortunately, but it is minimal in the bigger picture.
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ntvtexan Wrote In Reply:
Almost EVERYTHING Blinkster said about CHASE is 180-degrees incorrect. According to 2 of the 3 Chase Big-Branch managers I have talked to, short and sweet they said:
- They cannot, and will not, be verifying LARGE AMOUNTS of dinar on-site, if and when it becomes tradeable again. A few bills is about it.
- LARGE AMOUNTS WILL BE SENT OFF SITE for it to be verified BEFORE any funds are credited to your account !!! But they will give you a receipt before you leave for your Dinar !
- Can I take the Dinar to the Main branch Downtown for an immediate verification and credit? "No, you cannot take the dinar to the main branch yourself. Secure delivery only."
- When I mentioned I would not trust Millions of IQD to them without On-Site verification and a credit to my account, she...manager #2...said instead of cashing in at Chase, I should plan on going to BofA or Wells Fargo if they are going to be giving a verification on site !!! Chase WILL NOT be verifying on site !
W-O-W !!!!! She just told me to go to the competition !?!?!?!?
So, in a nut shell, Chase does not want to play ball...at ALL.
Yes I KNOW...but after it revalues they will !
I absolutely DO NOT get Chase's attitude towards MY CASH that they will want.
How do you, as a bank, NOT spend $100,000 or less for 3 or 4 of the small De La Rue machines with an IQD chip to verify ON SITE for HUNDREDS of Chase customers with IQD to cash in. They would make a KILLING off of that.
Instead, they tell a CURRENT account holder to take the Millions in CASH elsewhere, either BofA or Wells Fargo. Unbelievable !
OK...well then, I guess I'll take my Millions IN CASH to someone else...they'll get my Millions of Dinar, and Chase can just suck the scum off the bottom of my shoes, because apparently that's all I am to them and not worth their time.
If Chase won't do a CASH IN business in a fair way with me, why would I even consider them to handle my finances once this happens.
Chase, you need new management that understands how to build customer base confidence, rather than giving away your customer base to the competition !
Blinkster Replied To ntvtexan:
@ntvtexan... please have a bit of etiquette here. Believe what you want. Maybe you are being told one thing, but you can take your disagreement up with my local Chase branch manager (not in Texas, btw).
I'm not passing heresay, I'm sharing what I was told DIRECTLY, in-person by the local Chase bank mgr. I was told this in two different, formal meetings, the second of which also had four of my associates AND the Chase Area Manager in attendance and in full concurrence; in fact I asked the area manager the exact same questions I did in the first meeting with the Bank Manager.
Both of the meetings lasted roughly 20-30 minutes each. We had a great dialogue and the Chase staff was very excited to work with us when this flies.
My associates went to another branch in the city next to ours to see if there was consistency, and they were told the exact SAME THING. So I'm here to share what I'm being told at our locations.
Perhaps Chase in Texas (or your region in Texas) is handling this differently than in my state and region of the state. I do know that the two main branches in two different cities in our area here are in lock-step and telling me, and my associates with Dinar the VERY SAME THING. Go figure.
Please also understand that Chase's official policy AT THIS TIME (and again, from what my branch manager told me), is to deny anything to do with the Dinar, and again, officially, are NOT accepting Dinar.
They will not even discuss it on the phone, they are told to say "no". But the in-person conversation continues to the point where the Dinar will become an internationally embraced currency post-rv.. as in they are expecting the green light on this.
Also understand that there are Dinarians who have PURCHASED Dinar from or through certain Chase branches- one claimed to be in Texas if I'm not mistaken. (not ours) I'm not about to tell them "no you didn't purchase those there"...
Peace and blessings to ya, and everybody else here, AMEN.
People have a tendency to reference the TAG accounts and the Dodd Frank Act accounts interchangeably. They are not the same but are similar.
The Transaction Account Guarantee was offered to the banks and they were charged a fee for this "service".
It was very expensive for the banks. Some of the banks took advantage of this service and others did not. It was not a requirement that they offer this type account.
I had one at 5/3 Bank and they discontinued it before the Dodd Frank Act appeared on the scene.
When I learned of the Dodd Frank Act, I went to 5/3 and told the private banker that I wanted to set up my account under this act. He said he had never heard of it.
I told him to check into it and that I would come back in a few days. When I went back, he was well versed on the act and he got my account set up.
So, when you go into a bank and ask them if they have TAG accounts and they tell you no, they are telling you the truth. If you ask about the Dodd Frank Act, they may very well tell you the same thing, merely because for a large part, the bank employees on the lower rungs are highly UNTRAINED.
It is my understanding that ALL banks are automatically covered under the Dodd Frank Act but you will have to ask for the non-interest bearing account offered under the Dodd Frank Act.
This act is scheduled to expire at the end of this year, unless extended.
That's my opinion...oughta be yours!