COMMON BANK QUESTIONS & ANSWERS - Regarding large transactions, exchanges, conversions, and private banking. We get these questions from listeners of the various phone calls, emails, and know-it-alls. Below we listed many of the common statements and questions, followed by our responses. Keep in mind that we do money transfers and international banking and the currency transaction reports reports almost every day since 1969. Things change, and are certainly getting less private and more restrictive, but basically the banks tell you how (or if) they can do business with you. You will probably not be successful if you try to tell them how it MUST be done. ===================================================================== Answers below... Q:Are cashiers checks required? A:...Master pay list can be paid by a standard check from the new trust account you set up. Q:When at the bank use the following statement: "I'm here to do a IQN / VNN Currency Exchange." A:...No. You simply open a new account in the trust name and make a deposit. Q:DO NOT at any time refer to your currency as either Iraqi Dinar also referred to as IQD or Vietnamese Dong VND. Be sure to use the "new" code symbols IQN / VNN. "N" stands for new. DO NOT say you want to do a cash out. Or if asked if you want to cash out, say "No." A:...OK Q:Say: I'm here to do a CURRENCY EXCHANGE for my "VNN" Vietnamese Currency. A:...NO Q:You want to do your exchange at a bank with ABSOLUTE REAL-TIME, ON-SITE VERIFICATION of the currency you are bringing in, where all currency exchanges are instantly credited to your accounts without additional review or unnecessary delay, that they have a wealth management division capable of serving your banking and investment needs. A:...Good luck. Never seen it, no reason to believe the bank will agree to this. The bank will use their own procedures and will decline your demands. Q:Set up your questions in advance along with your NDA and PA - privacy agreement (you can find these on line and run by your attorney or have your attorney make them for you). A:...NDA is unheard of in these situations, but anything is possible. Q:Decided how much Dinar you will be exchanging at this one bank or institution, and have all your purchase receipts and passport ID in a 3 ring binder note book. I plan on the bank person signing his/her name/date/name of bank on each receipt at time of deposit to keep for tax records along with proof of deposit. A:...OK Q:Setup new "holding" accounts to accept either an on-site CURRENCY EXCHANGE or to accept wires from reserve dealers.... or both. A:...OK Q: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. A:...This is false. A lie. Q:Each foreign currency gets deposited into it's own "new" clean account. A:...OK Q: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. A:...No. This is MONEY LAUNDERING and will get you in trouble. Q: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. A:...Privacy does not exist. Reports will be made or trouble results. We can turn in all reports in a legal manner, or you can. The bank will too. Q:The bank is NOT required to report intra-bank transfers between accounts. A:...But the record exists. Q: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. A:...No. Q:For additional privacy/security flag all accounts as "access restricted to non-essential bank personnel" and tagged as "Non-test/Non-Training" Accounts to prevent banks from using your accounts for new staff's training purposes where funds can get lost. A:...New to me? But, OK, if they know of such things and agree. Q:Next, open up a 3rd account for each currency and sweep 55% (projected state and fed tax) into new tax escrow account. Pay state taxes to get the fed tax deduction for 2013 and 11% of fed tax. We don't know what the tax on the dinar will be yet as supposedly there is a bill in congress to make the tax for the dinar 11%. Under current 2013 tax law anything in excess of $200 from a foreign currency exchange is considered Capital Gains tax. 43.4% for short term and 23.8% for long term. Talk to a good tax attorney first to work out how much taxes to pay as there are tax-free investments available to help defer taxes owed (i.e. tax-free annuities, T-Bills, muni-bonds). A:...OK Q:Alaska, Washington, Florida, Texas, Wyoming, Tennessee and Nevada have no state income tax. A:...OK Q:Add a P.O.D. (pay on death) clause to each account and signature card. You will need to name/designate a person that can access that money if your dead without the state probate interference. This is considered a "poor man's" trust where you can list your beneficiaries on the account and upon your death funds go directly to your beneficiaries without having to go through probate. A:...The trust already has this covered. Q:Use cashier checks from account #2 to diversify funds by spreading deposits equally over a couple, several or many different banks, credit unions and investment vehicles to manage risk. A:...Cashiers checks not required or more respected nowadays. But, OK. Q:Negotiate third-party deposit insurance on all balances at every deposit location and account...maybe the bank will pay the premium? It's an insurance policy premium based of the banks credibility and stability. A:...Good luck. No bank is safe today, no "real" insurance exists. Q:Eventually all holding accounts will likely be in the trust's or LLC’s name (not yours) with you or an appointee as the trustee/manager. A:...NOT EVENTUALLY. Now! Q:Next, invest in property. You can purchase a house(s) to rent or sell for income and still have a tangible asset. If you sell it at 3% interest, carrying the loan you make at least 2% more then what any bank will give you in interest if the money is left (unsecured) in a savings account. In one respect this is better then an annuity (paper) because you have a tangible asset. If you sell the property you have an income with "very low - almost zero" income tax and will be receiving a monthly income for the next 10, 15, 20, 30 years depending upon how you structure the loan repayment mortgage. A:...OK Q:Invest in gold/silver. Given the new banking laws gold dealers in the near future are going to be restricted to how much money they can wire to gold providers outside of the country. A:...OK Q:Subsequently gold from outside of the US (that the US can't confiscate) will become increasing difficult to obtain making the price of gold go up. This is considered a long-term investment. ...OK Q:For liquidity put money into a MCA (multi-currency account) i.e. Canadian dollar, Brazilian real BRL, Singapore dollar, Australian dollar, Swiss franc, Hong Kong dollar, IQN, Great British pound or foreign currency of a country you travel to. You can get a credit card for travel while having currency available where you travel to. HSBC is an international bank that may be a good choice to set up a MCA with. Or get hold of hard currency you can keep in a personal safe along with your gold. A:...OK for a temporary measure, but a banking collapse will take them all down like dominoes. Q:Set up a secret verbal password that only you and your private banker know. You will use this password to do remote banking by phone when needed...like lifting a spending limit on debit cards or secure transfers of funds for purchases or investments. A:...OK Q:Any funds in bank accounts over 250k need to have additional insurance. For example, Lloyds of London does not cover checking accounts but do for other things - Abbott Downing with WF for accounts with over 50M$. Consider immediately insuring funds in your accounts until you transfer them over to other investment vehicles. A:...Insurance may also collapse after banks collapse. Then you would only have food, tools, metals on hand, paid off land, and protective devices as your last worthwhile "assets". Q:I plan to stay out of banks's brokerage accounts but am considering one self-directed account where I have complete control. It will include a few stocks that are making 5-7% interest. These are long-term investments. A:...Gambling is fun. Q:To maintain your privacy/security obtain PA (privacy agreement) & NDA (non-disclosure agreement) forms for people you do business with. Use them with your attorney / CPS, professional contacts.. another one suited to individuals and giftees. A:....Mostly worthless, but OK. Q:Here is a website that is a good start to get annuities quotes based on the dollar amount you want to invest and the type of annuity you are interested in. It is a good place to start but please work with a qualified Financial planning professionals when you are ready to implement a plan. http://www.immediateannuities.com Get info on these: Deferred Annuities Deferred Income Annuities "Fixed" Index Annuities Immediate Annuities Longevity Annuities Secondary Market Annuities ImmediateAnnuities.com is the website of Hersh Stern, founder of one of the nation's leading online annuity brokerage firms. Setup accounts with limits for your protection. Example: $5000 debit card, $25000 credit, A:...OK for the very short term. Unknown risk for the long term. MORE: Q:When you receive your 800 #… http://tntsuperfantastic.com/800-numbers.html You will give your zip code… — tell them “this is Mr. or Mrs. (first initial & last name only)” — they MAY ask for your NEW email — don’t give them your current one if you can avoid it… A:...OK Q: — don’t use this new email for anything else — and they may ask how much you are bringing… have the answer ready… — that may determine how long they make appointment for — you don’t have to tell them the “total” amount - use discretion… especially if you have more than a million — they WILL NOT have any other answers for you… — these may be temp people - not bankers - you don’t want them to know much about you — no chatting — all business — short & sweet A:...OK Q:I am told we ONLY have 2min. for this call A:...Really. You believe this? Q:They will ask you if you desire a 10am or 4pm time… — ask for the NEXT available one… — they may ADD extra hours in the evenings… JUST TAKE what they give you A:...OK MORE: Q: === BEFORE YOU GO TO THE BANK === HAVE YOUR ITEMS READY… — NEW P.O. box number — NEW -- A:...OK Q:Purchase a TracPhone cell phone that cannot be traced to you… you will use it only for this account… USE CASH to purchase if possible — Walmart has a “trac phone” for $10… get a “minutes” card and load the phone… but don’t put your name on it… A:...Sounds like STRUCTURING and MONEY LAUNDERING again. Q:You should NOW have a NEW gmail EMAIL account ONLY for THIS currency exchange… don’t use it for anything else A:...OK Q:After you close out the first account bank, you may desire to delete the email account so it can never be used by anyone... A:...Closing out short-term accounts is proof of MONEY LAUNDERING. Q:YOU CAN CREATE NEW EMAILS EACH TIME YOU CHANGE BANKS -- TO BE ONLY USED BY YOUR BANK... A:...OK Q:3 copies of ALL currency -- front & back in a folder — bring any receipts you may have from the purchase of the IQN — bring all of your IQN currency (some with a large amount are going to different places) — 2 government forms of I.D. - (DL) Drivers License & Passport or last month electric bill that has your ADDRESS -- ASK the bank to BLACK OUT your address for identity theft safety... to put your P.O. Box on the account... A:...OK Q:As soon as you find out which bank you have an appointment with, TRY TO OPEN A NEW ACCOUNT ON LINE… do NOT put any $$ in the account — it must remain CLEAN… but at least you will have the paperwork done — print it out — save it — or see if the bank has a copy of your info before you arrive — we are still working this idea out... A:...Probably won't work. Q:You MAY be able to exchange ONE 25K without an appointment === We are being told that you may take a 25k note in without an appointment… A:...True. Q:WAIT for the 800# to tell you WHICH BANKS — You can have a spouse or adult child stand behind you in the line with 25k… — Each person can have a 25k and request a "IQN currency exchange”… A:...Might work. Q:ONLY use these words to answer their questions… — if they ask you if you mean “dinar” or do you want to “cash in”… — just REPEAT “I would like to do an IQN currency exchange for US Dollars" A:...No. Simply make a deposit into your new trust account. Q:Ask what the rate of exchange is… — ask what the bank spread is… (what % they take) — Tell them you want the lowest spread possible and that you know they can't waive the UST part. A:... OK Q:Let them know you would like to open a new non-interest bearing account. — Only open a new NIB (non interest bearing) account… A:...OK, but silly. Q:An interest bearing account can trigger forms to the gov that can cause you a hassle later - it may also be FASTER to open this type of account. A:...Lie. No bearing. Q:You will be moving your money the next week after you get advice from your wealth manager and TAX attorney. A:...Maybe. Q:If the fees or spread is too high (maybe 1% or more) ask for the bank manager to wave it or reduce it… A:...OK. Not likely. Q:Tell them you have more currency to exchange and want to open an account with them — if they won’t deal - be polite — they want your business. They NEED your money and might come after you with a deal. A:...OK, but unlikely that they will care. Q:ASK… "is this an ABSOLUTE REAL-TIME, ON-SITE verification of the currency…” A:...Unlikely Q:ASK… “will this currency exchange be instantly credited to my new account without additional review or delay…?” A:...Unlikely Q:ASK… (if the answers are not positive…) “may I please see your bank manager”… repeat the questions... A:...Get the same answers. Q:AFTER you open your account… Ask for NO MORE than $9,000 certified check… A:...Evidence of STRUCTURING and MONEY LAUNDERING. Q:Ask them if you can go to ANOTHER BRANCH to get your certified check if it would be faster... A:...OK, but could be considered illegal structuring. Q:If you get more than $9,999, it may trigger messages to the government to tag your account… it could become a hassle… A:...Just ASKING is evidence of STRUCTURING and MONEY LAUNDERING. Q:You can take the certified check to your personal bank and get all the cash you want… A:...Evidence of STRUCTURING and MONEY LAUNDERING. Q:You should receive your "black card”. This is like a debit card. Ask bank personal for it if they don't offer it. Black cards are normally offered to holders of account(s) that have a high balance. DON'T flash that around. You can request the fee's are waived on this card. A:...BLACK is a marketing gimmick sometimes combined with a few perks. Q:Request copies of the balances in the account… ask that the account be marked PRIVATE so only the wealth manager / private banker can see the balance. A:...Probably means nothing. Q:BANK APPOINTMENT === — arrive 15 min early. — Keep eyes open for anyone watching you, be safe but act normal! — avoid going alone… but avoid looking like you have a security force — please wear business casual… nothing sloppy… nothing fancy or flashy… — keep your “team” to you, spouse, child… 3 / 4 MAX. — if your adult child has IQN, they need their OWN appointment… but you can go with them or they can go with you to see how the process works… — STAY CALM… no chatter… NO CARTWHEELS! A:...OK Q:YOU WILL HAVE ONLY 20 MIN… A:...Unbelievable. Q:Never Put any IQN in an old account. CLEAN CURRENCY ACCOUNT A:...OK Q:Some people have OTHER currencies… SEPARATE ACCOUNTS A:...Unnecessary, but OK, or go to different banks with the same trust account but different currencies in each account. Q:The CE Currency Exchange, will be TAXED different from old dollars… hopefully MUCH less… A:...Unlikely. All of the tax preparers say this is bogus. Q:If you have “old dollars” in this account, all of your “new dollars” will be taxed at that higher rate… NOT GOOD… A:...Unlikely. All of the tax preparers say this is bogus. Q:Only the bank check from this NIB can be deposited in your old accounts. A:...Unlikely Q:Ask them to USE your P.O. box NOT your address. A:...OK Q:Ask them NOT to photo copy your DL (drivers license), ask them to use your PassPort. A:...Evidence of wrongdoing or money laundering. Q:Ask them to “mask” to “delete” the street address if they insist on making photocopy… A:...Evidence of wrongdoing or money laundering. Q:Express your concern about identity theft and burglary. — you have to follow bank procedures, but it won’t hurt to ask A:...OK Q:Use your TRAC-phone phone number… NOT your home or cell number that is connected to your street address A:...Evidence of wrongdoing or money laundering. Q:The GOAL is to MASK your street address. A:...Evidence of wrongdoing or money laundering. MORE: Q:SIGNING THE NON-DISCLOSURE AGREEMENT ============ THEY WILL HAVE YOU SIGN A NDA… non disclosure agreement — Take a few minutes to review it if possible — 19 pages long… A:...Wow. 19 pages. Where is it? No one seems to have seen this, but they seem to know it is 19 pages. Silly. Way too long. A joke. Q:Just sign it if you want your money… — ASK for additional copies… at least ONE CLEAN one that you have NOT signed… if possible… DON’T INSIST… — you will need to make copies of it for your wealth manager / family / church officials, etc to sign when you give them money — THEY MAY NOT HAVE TIME TO GIVE YOU A COPY… A:...Bogus. Lies and rumours. Q:You can always reproduce one from YOUR copy… by just whitening out your signature & information… A:...Make copies for the IRS too, even though they will already have it. Q: ====BEFORE YOU HELP SOMEONE ELSE=============== IF you desire to HELP a friend or family member do their CE, simply take YOUR copy of the NDA, make copies with YOUR name deleted or whited out, and MAKE them SIGN IT… — keep a copy of their signed NDA for your files — instruct them that the bank will require them to sign another NDA for the banks records A:...Worthless. Q: ========== BANK WEALTH MANAGER =============== Request an appointment with the bank wealth manager to discuss your deposit and where to invest etc. — you don't have to do what they recommend. — you will ask what kind of accounts they recommend — ask about FEES associated with each account — ask about PERKS… they should have a list... — Let them know you are getting additional advice from your CPA, etc. — be polite, thank them for their advice, then come back and do what you are in agreement with… IT HAS BEEN SUGGESTED… — Open 4 NEW interest bearing accounts — 40-50% of your funds go into account #1 for reserves to pay your taxes… we should know the tax rate by Feb. 2014 — 25% of your funds go into account #2 for investing at the advice of your wealth management team — 10% will go into account #3 for SPENDING and paying off debt — 15% minimum will go into account #4 for GIVING / TITHING / MISSIONS / CHARITIES... PIF pay it forward!!! A:...OK Q:CLOSE the original account A:...NO! Evidence of wrongdoing or money laundering. MORE: =========== ADDITIONAL INFO ============ Q:You should have 7 days to do this CE - currency exchange. A:...Maybe Q:Some say after that the rate could start going down. So don't wait. A:...Maybe Q:You have a MAX of 30 days! A:...Probably. Q:People may be watching you! A:...Maybe.... Absolutely!