Iolta vs tag accounts?

I found this information on web..are IOLTA accounts an option???

What you need to know about FDIC and unlimited coverage.

IOLTA Accounts Have Unlimited Insurance until December 31, 2012

IOLTA accounts will be fully guaranteed by FDIC insurance, without limit at all banks starting on January 1, 2011.
On December 29, 2010, President Obama signed HR 6398 which corrected an oversight in the Dodd-Frank Wall Street Reform and Consumer Protection Act (“Dodd-Frank Act”) which inadvertently excluded IOLTA accounts from the unlimited FDIC insurance program that extended the Transaction Account Guarantee (TAG) Program put into place in 2008 to help stabilize the banking industry.
The Dodd-Frank Act (signed into law on July 21, 2010) also permanently raises the standard maximum deposit insurance amount to $250,000.
While the TAG Program allowed financial institutions to opt-out, Dodd-Frank does not. Therefore, an IOLTA account held at any FDIC member bank will have unlimited coverage until December 31, 2012.
IOLTA accounts were included under the unlimited insurance provision of the 2008 TAG Program because “… the interest on IOLTAs does not inure to the benefit of either the law firm or the clients. Thus, from the perspective of the law firm and the clients, the account produces the same economic result as a noninterest-bearing transaction account.” (FEDERAL DEPOSIT INSURANCE CORPORATION, 12 CFR Part 370, RIN 3064-AD37, Temporary Liquidity Guarantee Program, p.44)

Ummm, what would this have to do with anyone here and what does it have to do with RV funds? I think perhaps you don't know what an IOLTA account is and who has them. IOLTA stands for Interest On Lawyer Trust Accounts and is a program where interest paid on accounts that lawyers use to temporarily hold funds collected from clients in the normal course of a legal practice, the interest is collected by the IOLTA board and used for charitable purposes.

I am hearing a lot about different accounts that we should deposit into after we cashout. Can anyone give me a clear cut explanation of a TAG account and how the Dodd-Frank Act benefits us. Where is the safest place to put our funds after we cashout.

Thanks

More to the TAG accounts than meets the eye. TAG: “Transaction Account Guarantee"




<BLOCKQUOTE class="yiv1226413253postcontent yiv1226413253restore " _yuid="yui_3_1_1_3_133147278577769">OK for circulation. (from Dr. Ed in Texas)

A link to the Dodd-Frank bank instructions is further down in this note.
Sample US Treasury bills are also at the bottom.

Friends:
There’s more to the TAG accounts than meets the eye. TAG: “Transaction Account Guarantee”

Superficial chatter says that you should just ask for your Dinar deposits to be placed in a no-interest bearing account. Then your funds will be insured with no upper limit. The FDIC will not be the insurer but because of the Dodd-Frank bill you will be insured fully through the end of this year – or maybe for the 12 months following the Re-valuation date.

But, Heads up:
Unless the bank has actually set up and is compliant with the TAG account instructions, you may be harmed in several ways.

None of my local banks had heard of the rules for becoming compliant with the Dodd-Frank instructions. I printed out copies of the instructions (13 pages) and handed it to the bank VPs which they cheerfully received, promising that their lawyers would read it and get ready to support TAG accounts.

There is a basis for this strange TAG requirement (or suggestion). It may help if you understand the basis for the Dodd-Frank Bill and the TAG account option.

Your Dinar payouts were and are supposed to be in gold or metals-backed currency. That’s especially true for Dinar holders because the Dinar you hold is backed by gold, oil, and minerals.

It’s fool-hardy to convert the world’s most valuable and stable currency into US dollars that sink in value almost every day. Dollars are announced to be DEVALUED another 40% within 30 to 60 days after the RV.

I mentioned Dinar as being stable. Yes. Monthly violence in all of Iraq is far less that that of single US cities like Washington DC or Los Angeles. TV news channels amplify and selectively choose what we are allowed to see or believe.

So where is the US currency that is metals based? New US Treasury bills are expected to be released to the public perhaps 30 or 60 days after the RV. At that time we will have options for converting our old greenback bills into the new Treasury bills. On the samples (far below) note that the Federal Reserve is not mentioned. The new bills will be issued from the US Treasury (we expect). The 99 year agreement between the US Treasury and the Federal Reserve ran out sometime in January 2012 (it is claimed).

IF YOU DEPOSIT YOUR CONVERTED FUNDS INTO A VALID TAG ACCOUNT:
- Your funds will be assumed to be of US Treasury Bill value later, when and if the new Treasury bills are issued. (metals backed just like the Dinar - good)
- You will have full and immediate access to your funds to buy big items or properties – no rationing, no delays on withdrawals. (good)
- You funds will be insured with no upper limit for the next 9 or 12 months in the event of bank failures, closures, holidays.
- You must not gain any interest on the account (Mandatory Requirement) because banks can only pay interest using current debt-based fiat unstable old US currency.
- You cannot take funds from any other source and deposit them into your TAG account. (Maybe DONG payouts are ok – not sure.)

So if you thought you could just deposit Dinar payouts into any old checking account that bears no interest, then you haven’t looked through the compliance standards that the bank has to fulfill in getting ready to give you a TAG account. See the link further below.

The legal rules a bank must follow are quite dense and heavy. Details galore. The bank must even have a small sign of a certain size on the wall in the lobby stating with certain words that they provide TAG account services.

Most of you probably envision cashing in at a bank, then wiring some funds from there to other local banks or credit unions. These secondary receiving banks will have to have legitimate TAG accounts if you want the TAG benefits. Upon receiving the incoming bank wire, the bank will have to ask about your source of funds. Your receipt from your original dinar conversion event will be needed in this situation.

So what happens if you just ignore the TAG option. Maybe you were only going to cash in one 25,000 Dinar note. At the rumored rate of $12.36 that single note will produce a deposit of $309,000 – which is just a little over the $250,000 normal FDIC insurance.

Is that anything to worry about? (What? Me worry?)

WORRY DEFINED:
Later when we all line up at banks to trade in our crumpled greenbacks to get our fresh Metals-based US Treasury notes, we have hints, rumors, and whispers that there will be a 40% to 60% loss of greenback value for everyone around the world that holds greenbacks. US dollars will be devalued – announced and not a theory.

When the new Treasury bills are issued,
You will possibly trade in $100 old bills and receive back $60 in new Treasury bills. (40% devaluation of US dollars) Or,
You will possibly trade in $100 old bills and receive back $40 in new Treasury bills. (60% devaluation of US dollars).

IF your Dinar deposits are NOT PLACED IN A TAG ACCOUNT, your old $1 million greenback dollars will be converted (in the bank) to $600,000 Treasury Bills (for example) at the 40% devaluation rate – when the new bills are released.

IS THIS SCARY EXAMPLE CLEAR? You cashed in top-value DINAR which was already gold-based, and through negligence (in this example) you lost 40% of your value because you didn’t mandate that your bank set up a TAG account to receive it.

We have been kept in the dark about many things, but Congress saw this situation about to arise. For once, in your favor, the Dodd-Frank bill designed a method by which your Dinar (and possibly Dong) deposits would be treated AS ACTUAL METALS-BASED CURRENCY even though the new Treasury bills won’t be issued until a few months after the RV event. These TAG accounts (if you see the sense of using them) give the US Treasury up to a year to get their Treasury bills distributed.

The trauma of the US and world-wide populations having their old green dollars DEVALUED can be dealt with best a few months AFTER the frantic Dinar conversions.

To appreciate the complexity of the RV happening in 195 nations, consider that the dollar devaluation will affect all those nations WHOSE CURRENCIES ARE ALSO BEING reassigned based on the productivity of each nation.

Summary: To avoid unnecessary diminishment of 40% or more of your funds when the world soon converts to the new US Treasury bills, consider printing out a few copies of the Dodd-Frank instructions and hand carrying a copy to your local bankers who may be unaware.

I found it useful to talk with bank administrators, stating that you are a Dinar holder, and that even though the local bank is not expected to convert your dinar, you intend to wire sizeable funds into your local account AND THAT IT NEEDS TO COME IN TO A Transaction Account Guarantee (TAG) ACCOUNT which must conform with the printed instructions at this government link.

Here’s the official government link for the Dodd-Frank PDF document that defines the bank policies required:
http://www.fdic.gov/deposit/deposits/unlimited/faq.pdf Consider printing a copy for the banker(s).

FYI: Dr. Ed in Texas </BLOCKQUOTE>

I suggest that anyone who thinks there are still TAG accounts, go and read the FAQs on the official FDIC website, apparently there are some who missed it the last time I posted it. here is the link

http://www.fdic.gov/deposit/deposits/unlimited/implementation.html

Implementation of the Dodd-Frank Deposit Insurance Provision 1. How long will the full deposit insurance coverage for noninterest-bearing transaction accounts last? The Dodd-Frank Deposit Insurance Provision is effective from December 31, 2010 through December 31, 2012. Please note that the FDIC did not extend the Transaction Account Guarantee Program (“TAGP”) beyond its sunset date of December 31, 2010. On the same day that the TAGP expired – December 31, 2010 – the Dodd-Frank Deposit Insurance Provision became effective. There was a one-day overlap of the TAGP and the Dodd-Frank Deposit Insurance Provision.

If these accounts are only good until 12/31/12 what good does it do us?

ou812 wrote:If these accounts are only good until 12/31/12 what good does it do us?

Excellent question. Of course, there is that nonsense being put out that these accounts are immune from a devaluation of the dollar because they are allegedly held, or will be held, in the new metal backed UST Notes. Trouble is, there are no metal backed UST Notes and no one I have asked has been able to come up with any official writing that such notes are even planned, much less already printed.

prosetian
These type of accounts are just used as a temporary account until you / we get our monies invested into something that generates a decent interest. We should be living off the interest and not the principle amount.

I hope this helps

Cabo wrote:prosetian
These type of accounts are just used as a temporary account until you / we get our monies invested into something that generates a decent interest. We should be living off the interest and not the principle amount.

I hope this helps

If you are talking about RV funds then i guess you believe there will be an RV way before Dec 31 2012