Fleming

  In Fleming

Exchange Appointment Cheat sheet:

This information is based on the most recent information available. It is not intended to be the authority on the appointment process, only a guide for yourself and/or those to whom you have gifted Zim and/or currency. Due note that there may be changes once final instructions are received. This information is based on exchanges/redemptions done in the USA.

  1. The Safe Web link will be sent to those who have either: purchased currency online from bank or an online registered dealer like TravelEx, Great American Coin and/or with one of the aggregating sites (Dinar Recaps, Dinar Chronicles et al).
  2. The link will be emailed from one of Tier 1 (large banks): HSBC, WF, Chase, Bank of America possibly Fifth Third.
  3. If you received the email directly, you may forward it to a friend or family member who you gifted currency and/or bonds.
  4. If you were gifted currency/bonds a family or friend may forward you the email.
  5. When you click onto the Web link, you will verify who you are by answering questions based on publicly available information. This process is similar to when you open a bank account or apply for a loan online.
  6. You will be electronically signing a NDA – Non-Disclosure Agreement. Read carefully so you understand what you are agreeing to. Print a copy for your records and for future reference.
  7. You will be issued a unique 800# that can only be used once. It is unique to you.
  8. You will be issued a unique code which will follow you through the process.
  9. When you call the #800 to schedule appointment, you will provide the unique code, the zip code where you wish to exchange and if you have Zim and/or currency to redeem/exchange. Zim is redeemed and Currency is exchanged.
  10. You are not required to exchange in your hometown. It is recommended that if you live in a small town, that you go far enough from home, so you are not recognized. This is for your safety. There are no restrictions that prevent you from going to another state. You cannot go to another country to exchange.
  11. You need to provide what you will be exchanging/redeeming. Start with the Zim Bond and/or then currencies by country. This is because not all locations will have the ability to process Zim bonds. NEVER say how much you have. Legally, they cannot ask you how much you have.
  12. Appointments are expected to last approximately 20 minutes.
  13. What to bring to appt.
  14. 2 picture IDs – driver’s license, passport, government ID or anything with your picture
    b. 2 recent utility bill statements – this verifies your address
    c. Social Security card and/or Birth certificate. These may not be necessary, but bring especially if you have no picture ID.
    d. If you have a bank account with a Tier 1 bank (HSBC, Chase, WF, Bank of America) bring your account number and routing number (a blank check will have that info.)
  15. Have all currencies in order by denomination.
  16. If one was not provided and you have a number of bills, create a tally sheet noting how many of each note you have. This can be done on piece of paper or create a table or spreadsheet.
  17. Put bills facing in same direction and in denomination order – does not matter if large to small or small to large. Place in small plastic bag.
  18. On day of appointment dress professionally. Do not dress to point that you are uncomfortable.
  19. Allow yourself plenty of time. Know where you are going and where to park if in a large city/urban area. Do not use Uber or Lyft type services. You might consider hiring a professional security company for transportation if safety is a concern. Do not share with anyone purpose of your appointment or what you are doing.
  20. Make a list of anything that you need in the next 10 days. Do you have any emergency needs like housing or medical, etc.
  21. If you are redeeming Zim, make a 3-6-month budget. Since it is currently unknown if Zim proceeds will be placed in a structured payout, you need to be able to say this is what I need until first payout is received. Structured payouts take approximately 3 months to set up. This should not include paying off existing debt.
  22. Rates on currencies are based on Street rate, International and Contract rate. Not all currencies have a Contract rate. You can ask if there is one. You will want to know if there are conditions for receiving the contract rate and what they are.
  23. The Redemption Centers will have a default package. This package will include rates, fee, perks, and benefits. If this is agreeable, you simply will follow through on signing all documents. Leave with copies of all signed documents.
  24. It will be in your best interest to create a skeleton trust with the bank, if you do not currently have one. Be prepared to have a unique trust name picked out. Also, who your beneficiaries will be and a successor trustee (person who will take over for you should you not be able to manage duties). Do not use initials or your name for Trust name.
  25. We have heard that rates will be on a screen at Redemption Center so you will see what is being offered.
  26. There may be stations or tables to verify who you are, and a video about banking changes.
  27. When you get to the actual exchange process:
  28. Do not let currency out of your site
    b. Ask that the DeLaRue machine be in the room and watch them run currency/bonds through. Machine verifies authenticity and counts.
  29. If you do not like what is being offered, you can ask if rates are negotiable.
  30. You may be asked what you plan to do with the funds. If you are redeeming Zim, you are expected to have a humanitarian project. There is also a list of possible project areas to choose from. See list at end.
    a. Historically, they have been looking for the following things in projects:
  31. Projects are global in nature – start local and grow outward
    ii. Job creation
    iii. Duration – multigenerational
  32. The best way to talk about your projects is to explain a problem and then how you want to fix it. Example: Homelessness – want to build safe affordable housing.
  33. Your project should be typed up in a 1-3-page format with bullet points. This just makes it easy for them to read. Attached is a cover sheet for your project. A copy of your project write up will be left at Redemption Center.
  34. If you do not like the rate, ask for your request to be reviewed. You may be given a Safe Keeping Receipt (SKR). This is where your currency/Bonds are recorded, and you are given the SKR. You will then work with a Trust company and/ or Wealth Manager to assist with negotiations.
  35. Discuss what fees they are charging for exchange. Do note, that fees may have been calculated in the rates. It is ok to ask about negotiating fees. In many cases, you may be further ahead to just pay the fees. This is something you can ask about. The same is true for perks.
  36. If all is agreeable, sign and get copies. Remember that any agreements can be rescinded withing 72 hours/3 days by law. You may ask if that time can be extended to allow you time to meet with professionals and to come back and renegotiate in your best interests.
  37. You will open a new bank account for each currency and/or bond you are redeeming/exchanging. These will be under Trust account name.
  38. Below are some questions to ask and some may not be necessary under the new QFS:
  39. Do the funds from each currency/bod need to be in separate accounts?
    b. What about fund protection: Does FDIC still apply, or do I need a Lloyds or Cdars Insurance for amounts over $250,000? Is this something they can assist with?
    c. I have been told that these transactions are non-taxable, if not, should that not be true, will you provide in writing that I will have access to the funds to pay taxes.
    d. Ask for a full explanation of what the CAP’s and restrictions are and how they work. How are they scaled and what are the benchmarks for restrictions to be removed?
    e. Read everything they give you including the NDA. If you do not understand, ask until you do. OR if you feel you need help ask if there is an attorney available who can help.
    f. Be respectful – they are not trying to trick you or deceive you.
  40. Discuss Bank Perks – on the private banking side there are perks that you can request. Understand that you will be paying for them. They typically are tiered – so the more AUM (assets under management) you have, the more options you have.
  41. Let them know you are aware that there will be a number of essential tasks to be addressed in the next 10-15 days. Tell them you will be needing help in setting appointments and managing those tasks. Ask if they can provide you with someone to can help. Below is a list of possible tasks.
  42. Establish primary irrevocable trust and any additional trusts or structures
    b. Meet with Security and Risk management team
    c. Wealth Management Team
    d. Attorneys and CPAs
    e. Establishing short- and long-term priorities
    f. Education for self and family – ask what time frame is for completion
    g. When setting up irrevocable trust it should include the following attributes:
    i. Complex
    ii. Non-grantor
    iii. Discretionary
    iv. Spendthrift
    v. Asset Protection