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Cashing in through DinarBanker - Q&A

Hey All,

Most of you who've been reading my news know that I feel that the best way to keep the greatest quantity of your IQD cashin return is to do cashin through a Broker. Assuming DinarTrade does NOT reopen, Ty of DinarBanker may be a good option through one of his locations. There is a possibility that he may open locations in many of the International Airports around the country. Why, well these are all heavily guarded by TSA personel and such airports are also considered federal territory so to speak. We just won't know until after the RV goes completely public.

I know I mentioned a rumor that we would only have maybe 45 days to cash in but I think now that was false or has changed to something much more relaxed, perhaps no deadline at all.  Remember that cashing in your Dinar one Year and one day after the date you originally received your dinar would be considered "Long Term Capital Gain" at about 15% tax rate vs. less than a year at 35%, Short Term Capital Gain. Don't take my word for it, see your Tax guy to be sure, I'm just passing on what I've heard for entertainment purposes only...LoL

Additionally, many are saying that the best way to take payment is to simply get a Corporate Check from DinarBanker and take it to your bank to deposit, taking care to have preemptively contacted your bank Manager to let them know what you are doing and why so as not to get anyone too excited about what you are doing. I suspect, due to much liability, that only big banks in big cities will be taking appointments for cashin leaving most small banks wondering what to do.

My Credit Union, for instance, has already told me that I would have to deliver the Dinar to them and they would have to ship it off to a big bank for authentication and fulfilment back to my Credit Union, taking a total of about 7 working days... Hmm, do I like that or not?... Nah, I will probably go through the broker if I can...

OMG, this is so cool if it is for real!  Sher

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May 26th, 2011 06:43 pm · Posted in
CHATS & POSTS (Iraqi Dinar Info)

Questions and Answers for Ty of Dinar Banker from The G.E.T Team Conference Call

Questions for Ty

1. If our bank account is with Wells Fargo can we request cashier’s checks be drawn on a Wells Fargo Account?

Answer:

We have accounts at numerous banks; however, we currently plan to only make payments from our transactional account at Mercantile Bank out of Quincy Illinois. The main reason for this is that we have established an integrated relationship with this bank that we fill will allow us to exchange and conduct business efficiently, seamlessly, and unencumbered.

2. Is there still the opportunity to receive $10k in Cash or does this have to be in the form of a cashier’s check?

Answer:

A customer doesn’t have to exchange all of their dinar at one time. If a customer needs initial funds for any reason, they can initially exchange just a small amount of their dinar. They can exchange the bulk of their dinar at a later time. We will primarily be making payments via company checks, wire transfers, or cashier checks if requested in advance. Although not recommended, we can provide up to $10,000 cash at exchange, but this must be pre-coordinated. Due to regulatory requirements and security requirements, this option may disappear in the future.

3. Will we be able to receive the total of all our funds in 3 cashier’s checks if we do not want a wire?

Answer:

Yes, we expect to be able to break-up payments as request in advance.

4. Will St. Louis airport still be a cashin option?

Answer:

At the request of regulators, we are not publishing future exchange locations or procedures. However, we plan to open future exchange locations and expand operations as demand dictates and operations allow. Based on sales and customer requests, we have a good idea where we expect demand, but will not announce specific locations until we have the demand and are in the process of opening new exchange locations.

5. Do we need to complete the fincen 104 form or will Ty do that?

Answer:

We will provide and fill out any forms required for exchange.

6. Will taxes be taken off the top if so, will he give us proof they are paid?

Answer

No. We have no requirement to take any taxes and will not take any taxes.

7. Are cash out fees still $150 per transaction if not, what are they?

Answer:

We will NOT be adding any spread onto the rate at which we exchange dinar. We will be exchanging dinar for customers at the same rate we can exchange. We expect to exchange at $150 per transaction or less. If a customer has multiple or complicated requests, we will pass on those fees to the customer—we expect the fees to be nominal.

8. If the dong does not RV can we purchase when cashing out dinar?

Answer:

Yes.

9. Can we pay off layaway with dinars in hand that we own?

Answer:

Yes

10. How long will we have to get trust set up if we get $10k advance and bulk in escrow?

Answer:

In order to prevent us from being perceived or regulated as a depository, we recommend customers hold their dinar and exchange only when ready. For security reasons, we do not recommend relinquishing the control of your dinar to any third party, including us. A customer doesn’t have to exchange all of their dinar at one time. If a customer needs initial funds for any reason, they can initially exchange just a small amount of their dinar for a wire transfer of funds or a check. They can exchange the bulk of their dinar at a later time. No matter what value the dinar moves to, we expect it to continue to be stable and the value controlled as it has been over the last 7 years.

11. Exactly what information will we need when we call to make the appointment?

Answer:

The requirements now may change in the future based on regulations that are why we don’t publish much detail on exchange procedures at this time. If there is a significant change in value and demand for exchange, we will immediately publish all known requirements—we will adjust these as necessary based on feedback from regulators. Currently, for exchanges valued over $10,000 USD, we are asking for:

Name (for payment)/Business/Trust

Address

Phone number

Email address

Driver’s license/passport/Government ID

SSAN/EIN/TIN

DOB

Nature of Occupation (required on some official forms)

Amount of dinar being exchanged

Preferred payment method/methods

Location

Preferred exchange time

Banking information if requesting wire

Origin of purchase (may not be relevant or required)

12. If we are doing a group appointment can we give all information in one call or does each person have to call?

Answer:

Group Appointments and information are welcome.

13. Is there a limit to the number of cashier’s checks we can get and if so what is the limit?

Answer:

No limit, but each check is considered a transaction and will have an additional fee.

14. What is the maximum amount a cashier’s check can be written for?

Answer:

We are not aware of any limits on checks. Large checks may require more clearing/hold time from the bank in which you deposit the check.

15. When we do a group, do all the people in the group have to be on the get team list?

Answer:

No. We exchange all our customers on a first come, first serve basis. Being a member of a forum or organization may be helpful in staying informed and resolving issues.

16. I only need to find out if my passport stamp will do for proof of when purchased my dinar in Kuwait?

Answer:

Military orders, civilian contracts, or proof of travel will suffice as proof/origin of purchase. This requirement may not be necessary at the time of exchange, but is recommended.

17. If we bought from Ali, do we have to have proof of purchase in order to cash with Ty?

Answer:

This requirement may not be necessary at the time of exchange, but is recommended.

18. Do we need RECEIPTS for all the Dinars bought? Some were bought in 2004 and I do not have receipts?

Answer:

This requirement may not be necessary at the time of exchange, but is recommended. A cancelled check or bank statement would also work.

19. Is San Antonio, Texas still a purposed location?

Answer:

At the request of regulators, we are not publishing future exchange locations or procedures. However, we plan to open future exchange locations and expand operations as demand dictates and operations allow. Based on sales and customer requests, we have a good idea where we expect demand, but will not announce specific locations until we have the demand and are in the process of opening new exchange locations.

20. Do all the members of MY GROUP need to be GET Members ( I have 6 in my group)?

Answer

No. We exchange all our customers on a first come, first serve basis. Being a member of a forum or organization will be helpful in staying informed and resolving issues.

21. If the dinar revalues on the same day a layaway is due, do we need to have full payment in his office on that day before the end of closing?

Answer:

No, if the Iraqi Dinar changes significantly in value, you can expect several things to happen: 1) DinarBanker.com would immediately stop taking orders—we would not sell something at a fraction of it’s worth 2) Layaway orders would be locked at the moment of value change based of the Central Bank of Iraqi’s official announcement/published notice 3) Layaway customers would have 14 days to pay the balance of their layaway balance due or their original expiration whichever is longer. DinarBanker.com will work with customers to facilitate pay-off through several methods.

22. I gave dinar to church what do they need to bring with them to cash in?

Answer:

Name (for payment)/Business/Trust

Address

Phone number

Email address

Driver’s license/passport/Government ID

SSAN/EIN/TIN

DOB

Nature of Occupation (required on some official forms)

Amount of dinar being exchanged

Preferred payment method/methods

Location

Preferred exchange time

Banking information if requesting wire

Origin of purchase (may not be relevant or required)

23. Where is his list of cash in places and does he cashes you in if you’ve never bought from him?

Answer:

At the request of regulators, we are not publishing future exchange locations or procedures. However, we plan to open future exchange locations and expand operations as demand dictates and operations allow. Based on sales and customer requests, we have a good idea where we expect demand, but will not announce specific locations until we have the demand and are in the process of opening new exchange locations.

We will cash-in anyone. However if we have difficulty handling demand, we must give priority to customers who have purchased from us in the past. If a customer has bought from us and someone else, they are considered a customer of ours and we will cash all their dinar no matter where they were purchased. The key is to call when you are ready to exchange—if we have an appointment time available and we give an appointment, we will not cancel an appointment for a non-customer to make room for a customer.

24. Do we need an appointment?

Answer:

Absolutely, for security and logistical reasons, we always require appointments for any exchanges. Specific instructions will be posted on our website and emailed as necessary.

25. If you have a layaway and its due the 30th but it RV’s before the 30th how long do you have to pay off the layaway after RV?

Answer:

Layaway customers would have 14 days from their layaway expiration to pay the balance of their layaway balance due or their original expiration whichever is longer. DinarBanker.com will work with customers to facilitate pay-off through several methods.

26. If 2 or more people have a reserve when ir RV’s, can they have the payments sent to accounts in the names of those people, or does the distribution have to be only in the name of the person that initiated the reserve?

Answer:

The payment needs to go to the person who’s name is on the layaway order—this prevents fraud and theft. Once the funds are sent to the customer listed on the layaway order, that customer can distribute the funds as they wish.

27. Will they open Canadian offices?

Answer:

We want to, but it is impossible to guarantee it. We will just have to see what relationships we have when demand for exchange exists. That said, we can exchange foreign customers here in the United States. We also have a wealth of knowledge related to safely and legally transporting currency to our US locations for exchange.

28. Please ask Ty if he can confirm or deny the rumor of 45 day time limit to cash in. if true can we exchange for bills without three zeros?

Answer:

I feel this is a false rumor and see no truth to it. We expect no short time limits for exchange. The Iraqi’s are accountable for issued currency and will want to allow plenty of time for exchange. This was seen even with the exchange of the old Saddam currency. Unreasonable time limits would tarnish the view of the Iraqi Economy.

29. Will he cash dinar and dong at the same time as 1 transaction?

Answer:

Yes, we can exchange either currency at the same time, but each exchange is a separate transaction.

30. If I don’t have a receipt for all the dinar I will cash in will Ty still cash all of my dinar in?

Answer:

Currently, a receipt isn’t required, but we highly recommend you find some proof of purchase and origin to include a cancelled check, bank statement, wire transmission, etc.

31. What exactly is the paper work your going to need to wire funds to accounts, be it a Personal or “LLC” or Corporation?

Answer:

Name (for payment)/Business/Trust

Address

Phone number

Email address

Driver’s license/passport/Government ID

SSAN/EIN/TIN

DOB

Nature of Occupation (required on some official forms)

Amount of dinar being exchanged

Preferred payment method/methods

Location

Preferred exchange time

Banking information if requesting wire

Origin of purchase (may not be relevant or required)

32. Is Dinar Banker going to have a location in KC international airport? or will he be opening one location close to there?

Answer:

At the request of regulators, we are not publishing future exchange locations or procedures. However, we plan to open future exchange locations and expand operations as demand dictates and operations allow. Based on sales and customer requests, we have a good idea where we expect demand, but will not announce specific locations until we have the demand and are in the process of opening new exchange locations.

33. What if they do not have a driver’s license or proof of citizenship? I have friends that are immigrants that have been here 20 years, have kids who are born here, that I referred to dinar. They have a bank account, but only Mexican driver’s license. They purchased from Dinar Trade and have receipt?

Answer:

We can exchange for them.

34. Is it true Dinar Banker (ty) would be able to assist Get Team members? also I have proof of purchase for some of my dinar but i have some that were given to me as a gift, so will he be able to assist me at cash in time? (I hold a very sm. amount of dinar)?

Answer:

Being a member of a forum or organization will be helpful in staying informed and resolving issues such as this. When you call to exchange, we can sort it out.

35. Someone on another site said that TY would not give preferential treatment to GET TEAM Members?

Answer:

We have a strong relationship with the GET TEAM and always have. We communicate with several other forums as well. We try to treat all our customers equally. We believe being a member of a forum or organization is helpful in staying informed and resolving issues.

36. It is a good question for Ty exactly what documentation does he need , if they present Dinar, and account number and a full receipt and copy of original cashier’s check?

Answer:

Name (for payment)/Business/Trust

Address

Phone number

Email address

Driver’s license/passport/Government ID

SSAN/EIN/TIN

DOB

Nature of Occupation (required on some official forms)

Amount of dinar being exchanged

Preferred payment method/methods

Location

Preferred exchange time

Banking information if requesting wire

Origin of purchase (may not be relevant or required)

37. Question for Ty…I have Dinars and Dong I’ve purchased from Dinar Trade and Dinar Banker. I’ve gifted a lot to family and friends. Can they cash in with Ty if they are not his customer, but I am? I gave them copies of receipt but it was from Dinar Trade?

Answer:

Yes, this will be acceptable.

38. I bought two reserves from Ty but unfortunately lost both. Would Ty consider me a customer even though I never bought outright?

Answer:

Yes.

39. After we pay for the reserves in one of the three methods Ty has outlined, do we pick them up in person at a cash-in outlet or does he Fed-ex the IQD to us?

Answer:

Whichever you prefer is acceptable.

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