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Tell Your Banker, "Let's Talk"

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Tell Your Banker, "Let's Talk"

Post by MichaelG on Sat Oct 29, 2011 9:12 am

Some things to consider about banks. These are 1shoe's ideas and are sound.

Lets talk about things you can and should know if you are going to try and negotiate a deal with a bank. First and foremost, we all need to learn that money talks and has considerable power. You need to walk into a bank and tell them what you expect if you choose to exchange your dinar there. You expect no fees, the highest rate possible (make sure you tell them the rates you can get elsewhere), immediate access to your money, an appointment with a private banker and an appointment with a wealth mgmt. consultant.

A private or personal banker is your personal banker and they are there for you. This is your go to person for normal banking issues and transactions. They should be the only one to handle your account and you should keep their number on speed dial. Your private banker is always there for you and defers to your decisions.

Make sure and feel comfortable with whom your private banker and wealth mgmt. advisor is and feel free to ask for a new one if needed. Always ask for referals, successful bankers do not mind providing this information. Then check on those referals..ask questions such as…is the banker available when needed, do they return calls in a timely manner, what is your track record with them. Do they follow your agenda or push their own? Since you are going to become very close to these people….you need to assure yourself that you have like personalities and are comfortable dealing with them.

Banks are well aware of how to verify and deposit foreign currency as they do this every day. It is not critical that your branch have a De LaRue machine. Your dinar will be sight verified in front of you and deposited into your account. This acts as any other deposit in that most funds will be available overnight. Our bank has stated more than once that this is not a complicated ordeal for banks…only dinar holders have made this complex. They know foreign currency inside and out as this is their daily business.

Banks are well aware they have competition for our business from other banks, dealers and exchange centers. They are also aware that dealers state they will be giving the CBI rate. Banks know in order to get and keep our business they need to be competitive. Banking was explained to us in finite detail and the money they make is really on the back end and thus they want to retain our business long term. They are aware to do this they need to make us happy short term.

Heres to short and long term happiness for all

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Re: Tell Your Banker, "Let's Talk"

Post by rod-1097 on Sat Oct 29, 2011 10:54 am

Michael-
Is it possible we will have to pay the bank a certain percentage rate just for exchange of our dinar?

Thanks 4 the updates-
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Re: Tell Your Banker, "Let's Talk"

Post by MichaelG on Sat Oct 29, 2011 11:23 am

It is possible there may be some fees, which they call a spread. Any spread from the exchange, and your personal cost from the investment will be tax deductable as your basis. I don't see the spread being a large amount because these banks want us to invest with them. That is why it is important to have your accounts set up.

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Re: Tell Your Banker, "Let's Talk"

Post by rod-1097 on Sat Oct 29, 2011 4:48 pm

Thank You
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