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This is a work in progress. I think this is where we are based on all the chatter. Not sure on the need for the Non-Interest Bearing (NIB) Accounts,
There is no longer extended FDIC insurance coverage above $250,000. I think the fact that the NIB may reduce the reporting requirements and no withholding/tax forms are generated as does an interest bearing account, it just may make the initial process "cleaner."
Don't sweat the NDA, those are very common. I use an NDA in my business to assure security and confidentiality of my client's information on my end, and no discussing of my pricing or proposals by the client with my competition on their end.
The NDA will just keep LA riot-style events from happening if this just went full bore to the public. There are just enough dummies in dinar land to set the barn on fire.
Read More Link On Right
EDIT: People are asking how they can get a copy of this. Right-Click on the picture (with your mouse), a menu will pop up called a "contextual menu." In that menu you will see an item called "Save As" or "Save Picture As."
Click that and another box will pop up that will give you the option to re-name the file and to choose where on your computer you want to save it. You can then print it, put it into a document, email it, whatever you want.
* The "one-note exchange" talked about may only be at Wells Fargo banks, and again only for existing WF customers. It may be scrapped, as it may interfere with the new NDA requirements, or it may be allowed. Nobody will know, so ask when you call the 800# for your appointment for guidance. Worst case scenario, they just don't allow it.
EDIT: Tony is saying that he believes all banks will be exchanging not just A note, but any combination of notes UP TO the total sum of 25,000 IQN, total. And that this will be at all banks besides WF. And that this will be a walk-in process, with no appointment necessary.
Just keep your mouth shut. How does a fish get caught?? By opening it's mouth! As Tony said, there are bad people out there, and there is no sense in making their job easier to prey on you!
I would zip it, and put yourself into a voluntary "witness protection program mode" of sorts until you get your privacy and security measures in place. Knowledge is power. People are generally the source of your troubles. Adam and Eve would still be happy in Eden had that third person not showed up. Lay low, be calm, don't stick out like a sore thumb.
If you are one of those "reserve" people, you need to figure out a way to pay those off prior to your appointment. I would ask when calling the 800# for guidance, if they can even offer any to you.
Keep your IQN and VNN separate in different accounts, just in case they will be treated different for taxation purposes, etc.
Since they are talking about running people through the initial exchange visit in "20 minutes" or less (sounds like a pizza delivery) you probably will only be given time to "dump" the IQN into an account and the VNN into an account, get your receipts and paperwork copies, and IF, IF you are lucky, you may be able to walk out with a few cashier's checks in hand.
** Have your list made with your instructions on it for these cashier's checks, just in case they can do it. Explicitly state which account (VNN or IQN) these are to be drafted from, who the Payee is, and the amount.
The purpose here is hopefully you can walk out with a cashier's check made payable in your name, so that you can take it to your existing bank(s) for immediate spending needs and debt pay-off activities.
Make a one page request sheet to hand to someone at the initial exchange, they may be able to have a teller work on that while you are being processed, and with any luck, they will hand them off to you as they shake your hand out the door.
Set up your next appointment with the "Wealth Manager" or "Personal Banker" or whomever is going to be specialized to provide you with the custom services you require for setting up your accounts.
EDIT: Regarding the NIB vs interest bearing accounts, Tony has stated that he intends to place his money in Interest bearing accounts because he wants his to make money. My intention is doing the same when it gets to the 50-25-25 accounts.
You will have to decide what risk is involved with what particular bank and set of circumstances you are dealing with. If they are going to pay you interest, find out what the strings are, what is the "catch" and what risks are involved.
There are better places to put your money with higher rates than what a savings account is going to offer, so don't expect much out of that anyway.
It is at that meeting you will break apart the funds in the initial exchange account and setup Tony's 50-25-25 spread. Set aside AT LEAST 50% in a separate NIB account as a TAX ESCROW account (you might want to put 55% or more just for peace of mind for the next 6 months, or you can chew your fingernails.)
Remember this is for Federal, State, and any Local taxes that you might be liable for. As Tony said, IT WILL RUIN YOUR LIFE if you don't have these funds set aside and immediately available to the department of revenue/IRS for settlement of your tax liability.
Put 25% of each currency into an "Investment" NIB account. Move those funds to whatever investment mechanism you choose so that you are generating a return on your investment. I would think about where you are going to place the interest/windfall from these investments.
I would put them somewhere else other than this "Investment" account, and you should talk to the advisors about that. I would think it would be a good idea to set aside a % of this income into another tax escrow account just to keep your butt out of hot water in the same way you did with the currency exchange.
Take the remaining 25% and place it into a "Working Capital" account for immediate use. Draft your cashier's checks out of here in your name to deposit at your existing bank account(s).
Pay off all your creditors and debts out of those existing accounts and then close them. Start fresh with a new account(s) after that. I would have multiple accounts to spread around the FDIC insurance.
Have a "Petty Cash" regular checking account with a debit card for regular spending such as groceries, etc., nothing out of the ordinary. Keep the balance in here reasonably low, but enough to meet your needs.
WF guarantees their checking accounts with debit cards and online banking 100% from fraud, so check that out. (They have a nice iPad app also that allows you to deposit checks with a photograph, and transfer funds.)
Once each currency is broken down into the 50-25-25 account structure, put your Tax Attorney at work. Figure out what you owe and pay it. Then your funds are free and clear. Figure out what type of entities you will be needing and create them. Disburse your funds accordingly.
Retain the services of a good C.P.A., preferably one who is recommended by the Tax Attorney, if the Tax Attorney isn't a C.P.A. already, and file those returns and get everyone paid, and get your receipt showing your obligations have been discharged.
I would then close those initial tax escrow accounts, especially if you arranged an EFT for tax payment.
Once all that business is concluded you are free and clear to have some fun investing with your money. I don't plan on puting all my eggs in one basket. I don't plan on allowing one or two individuals run my finances.
I would put everyone on a short leash. Give each investment advisor a fixed amount to work with, see who performs the best. Fire them if they can't live up to your needs.
Check into trusts for land and vehicle ownership, LLC's for properties that could generate revenue such as rental homes. Put your vehicles into separate trusts. Remember when Ted Kennedy was sued in that terrible accident where that girl died? They couldn't get to his fortune because the car was in its own trust, and the money was diversified in other trusts, all separate and non-extensible from the accident.
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Anyway, here we are. This is a work in progress, we can change this together with shared knowledge. We all have to pass more or less through the same doorway, as the process to get exchanged should be rather similar for all of us.
It's the other side of the mountain that is all easygoing downhill. From there everyone's goals and needs are diverse, and hopefully good fortune and opportunity will emerge out of this TNT dinar community by working together.
Remember that all of this is IMHO, and should not be construed as legal advice. You should speak to a good licensed Tax Attorney, C.P.A., and Trust Attorney for what you should do.
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