Saturday 20 October 2012
Getting Rid of the Smoke: Update on details -IQD/VND currency exchange
Again I have been asked to write another update to clear up some of the confusion that is running rampant through on-line "dinar" communities, chat rooms and websites. There has been so much smoke recently that the facts have been obscured to fairy-tale land proportions.
First off, there are no "codes". If you are part of a "cash-in" group, you will NOT be receiving a code. This has been a cause of much confusion- even for myself- so I asked point blank and received confirmation that there are no "codes" for the IQD/VND group currency exchange.
Here is how it will go:
If you are a member of one of the official groups, ie: the Studley/General64 group, you will receive an email that will have a 1-800 number to call Wells Fargo to make an appointment. That phone number you receive will identify which group you are part of.
Please note: the Studley/General64 group rate is ONLY for Wells Fargo.
Once you have the 1-800 number, you call to make an appointment. There will be 1,100 Wells Fargo locations that will be part of the currency exchange. You MUST make an appointment to exchange with the group(s). You will not be allowed to saunter into your local WF to exchange for the group rate without an appointment. (unless you go golfing with your bank manager and have enough IQD to make him drool, then maybe you might be able to convince him to slip you in when no one's looking..... but I wouldn't bet on it)
When you show up at WF for your appointment you will be told what the exchange rate is. The rate has been pre-set and you will not be negotiating your rate. Once you have been informed of the rate of exchange, if you accept it, you will then be asked to sign a Non-Disclosure Agreement (NDA).
...Do not even THINK about trying to screw around with the NDA. It is iron clad and NOT negotiable!
Once you have signed your NDA, then you will begin negotiating your bank package.
Wells Fargo will keep a certain percentage of your funds for a set amount of time - most likely 6-12 months. This is part of the negotiating that you will be able to do. You will be able to negotiate the percentage WF will keep on restricted access, how long they will keep it restricted and what interest they will pay you on that total during that time. You will also be able to negotiate the banking package - the perks and fees, setting up trust funds, tax and legal help etc...
IF you choose NOT to do your exchange through a group, you will get the street rate. The street rate (which won't be chump change) will be available through the various IQD dealers and any bank that does foreign currency exchange and has chosen to participate in the IQD/VND exchange process. BoA, Morgan Chase, 5th/3rd, Citibank, etc are NOT part of any official group exchanges that have been pre-negotiated.
As I said at the beginning of this article, smoke is being spewed so thick right now that I'm seriously considering getting a gas mask. 99% of the supposed news out of Iraq is smoke right now. 99% of the news in the mainstream media is smoke right now. The various people in charge of things to do with the new financial system and the elusive "RV" are sending out smoke right now. But the hints are there if you know where to look and how to read between the lines.
....everything is where it's suppose to be, all the papers are signed, all the people are standing around just waiting.