PROTECTING & SECURING BANK ACCOUNTS DURING/AFTER EXCHANGE & ALWAYS!
Things that you need to do now!
■ Have ALL QUESTIONS written down.
■ Have Your ID. Include PASSPORT, BIRTH CERTIFICATE, UTILITY BILLS with address that help to confirm who you are, your RECEIPTS, if you wish, in a 3-RING BINDER NOTEBOOK. If you 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], have that ready in binder also, along with your DEPOSIT RECEIPT which is your PROOF that your funds from your exchange have been deposited.
■ You will need to familiarize yourself NOW with an NDA, especially if you are going for the CONTRACT Rate. You will need NDA & PA. – PRIVACY AGREEMENTS. Next item will show the reason. You can find them online & even have your Attorney look at it or he may even make one for you.
■ While on the subject think about this. 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, CPA, ALL professional contacts, people that you hire to work for your entity, secretary, mechanic, domestic engineers, etc..
Get yet another form suited to individuals and those whom you gift.
■ Remember to KEEP your IQD. in a SEPARATE BANK ACCOUNT. Why? That has been strongly suggested for several years, as IQD. may be handled differently for tax purposes [if it is taxed].
■ All OTHER CURRENCIES EXCHANGES can be put together in another account unless later we receive other direction.
■ 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.
■ Make sure they have a WEALTH MANAGEMENT DIVISION CAPABLE OF SERVING YOUR BANKING NEEDS.
■ Have DECIDED BEFORE you go to the Bank, HOW MUCH DINAR YOU WILL BE EXCHANGING at this one BANK or INSTITUTION & what rate you want to achieve.
The above can in many cases be taken care BEFORE we exchange so take care of it now.
The following will be accomplished at Exchange and/or at our meeting with our WM. or Private Banker at our second Bank meeting after we manage to calm down & are thinking clearly again.
These are reminders for the PRIVACY/SECURITY of your Bank Accounts . We need to know these so print this out or make your own list & take it with you. Check it off as you get them done.
■ FLAG ALL ACCOUNTS as “ACCESS RESTRICTED TO NON-ESSENTIAL BANK PERSONNEL” & TAGGED as “NON-TEST/NON-TRAINING” ACCOUNTS to prevent Banks from using your accounts for new staff training purposes where funds can get lost!
■ NEVER PUT your ACCOUNT ONLINE! I remember distinctly our DC. telling us several times that he would do his banking the olé fashioned way ~ in person!!! Remember: NOT ONE THING is PRIVATE ONLINE!
■ Emphasize: NO TOUCHING OR TRADING WHATSOEVER until YOU have your MEETING WITH the WEALTH MANAGER [WM] or YOUR PRIVATE BANKER & your Account is FULLY SET-UP!
Remember: THIS will be your SECOND time to visit the Bank. At that time, I personally will GET THAT FIRST & THIRD POINT IN WRITING ~ SIGNED, DATED & DELIVERED with COPIES.
■ Once the WM or Private Banker & YOU have your meeting, emphasize that there is to be:ABSOLUTELY NO THIRD PARTY ACCESS AT ALL ! [You may wish to get that in writing.]
☆ If disabled, your Wealth Manager or Private Banker will come to your home! My Bank has offered that for me.
■ ALL PHONE CALLS + EVERYTHING MUST GO THROUGH MY WM/PRIVATE BANKER ONLY !!! Then ONLY HE will call me.
■ SET UP A SECRET VERBAL PASSWORD THAT ONLY YOU AND YOUR WM/PRIVATE BANKER KNOW. You will use this password to do REMOTE BANKING by phone when needed…like raising a spending limit on DEBIT CARDS or SECURE TRANSFERS of FUNDS for PURCHASES or INVESTMENTS.
■ Add a P.O.D. [pay on death] clause to EACH ACCOUNT and SIGNATURE CARD that you get. You will need to name/designate a person that can access that money if your die without state probate interference. You list your beneficiary[s] on the Account and upon your death, FUNDS GO DIRECTLY TO YOUR BENEFICIARY[s] without having to go through probate. All the beneficiary needs is a copy of your Death Certificate.
■ SETUP ACCOUNTS WITH LIMITS for your PROTECTION. Example: $5000 DEBIT CARD, $25,000 CREDIT CARD, etc. [Or whatever amount you figure is best.] This too is a SAFETY MEASURE and can be modified at will.
■ Check to be POSITIVE THAT YOU HAVE IN YOUR POSSESSION ALL FORMS, DOCUMENTS, RECEIPTS, etc. that have been generated during your Bank visit this day.
I hope this has been helpful for all of you. I pray for our TNT. & our OM family. I hope everyone is successful in going forward, making sure of our own family’s legacy for generations to come & wisely helping others.
FinCEN REPORT HAS CHANGED!
■ FinCEN is: FINANCIAL CRIMES ENFORCEMENT NETWORK & it is a bureau of the United States Department of the Treasury: https://en.m.wikipedia.org/wiki/Financial_Crimes_Enforcement_Network
CURRENCY TRANSACTION REPORTING—OVERVIEW This link we need to receive the explanation about it. That LINK will be at the bottom of this post.
■ A BANK MUST ELECTRONICALLY FILE a CURRENCY TRANSACTION REPORT (CTR) for each transaction in currency (DEPOSIT, WITHDRAWAL, EXCHANGE, OR OTHER PAYMENT OR TRANSFER) of more than $10,000 by, through, or to the Bank.
FILING AND RECORD RETENTION
Here is the important part !
■ FinCEN developed a NEW ELECTRONIC BANK SECRECY ACT CURRENCY TRANSACTION REPORT (BCTR) that REPLACED FinCEN CTR Form 104. The BCTR provides a uniform data collection format that can be used across multiple industries. As of April 1, 2013, the BCTR is MANDATORY and must be filed through FinCEN’s BSA E-Filing System.
■ The BCTR INCLUDES A NUMBER OF ADDITIONAL DATA ELEMENTS pertaining to the financial services involved. CERTAIN FIELDS IN THE BCTR ARE MARKED AS “CRITICAL” FOR TECHNICAL FILING PURPOSES; this means the BSA E-Filing System will NOT ACCEPT filings in WHICH THESE FIELDS ARE LEFT BLANK.
For these items, the Bank must either provide the requested information or CHECK the UNKNOWN BOX that is provided with each critical field.
■ A completed BCTR must be ELECTRONICALLY FILED with FinCEN WITHIN 15 CALENDAR DAYS after the date of the transaction. The bank must retain copies of CTRs for FIVE YEARS FROM THE DATE OF THE REPORT (31 CFR 1010.306(a)(2)). The bank can retain HARD COPIES or COPIES IN ELECTRONIC FORMAT.
PLEASE READ everything VERY CAREFULLY when you are at the Bank. Remember, they can mark it as ‘UNKNOWN’, then, it is NOT BLANK so it will NOT be REJECTED. It is vital to your success.
I hope this is helpful to all. Blessings!
[Dinar Detectives Notice: All posts are for informational/entertainment purposes only and are the opinions of the providers. They are not legal, tax or investment advice. We strongly encourage everyone to do their own due diligence and seek professional tax, legal and investment advice.]