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All Dinar Holders Make Sure You Read and Understand This...

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JAMES.CONANT
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Post by Peppermint Patti Thu Mar 08, 2012 5:05 pm

I have posted this in OOM and not OOM2 because it is so important I didn't want anyone to miss it. I know that many of you don't go to 00M2 and not heeding this warning would be a complete disaster... This could cost you from 40% to 60% loss on your Dinar money if everyone does not completely understand this... Next to the RV this could be the most important piece of information you receive. So, please copy and paste it and be SURE to share it with everyone else that has Dinar. After this long, long wait can you imagine paying taxes and then losing another 40% to 60% on top of that. Wouldn't leave much blessing for any of us...

This was sent to me by someone that I both admire and trust to make sure that none of us lose the money we have left. If you don't understand it, ask someone to read it for you and help you along. I have people that will not understand it so I will take them by the hand to protect all of their money possible.

Here it is copied as I received it:

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). All Dinar Holders Make Sure You Read and Understand This... 3079029344

Peppermint Patti...

"Only one life will soon be passed, only what's done for Christ will last..."














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Post by mmaster Thu Mar 08, 2012 5:16 pm

WOW Thanks for such good and important info

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Post by Guest Thu Mar 08, 2012 5:23 pm

I understood most of all of that...but now my head hurts :pale:

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Post by fang2 Thu Mar 08, 2012 5:26 pm

I just want to hear it has RV . If not what else would matter!!!!!!!!!!!!!!!!
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Post by ou812 Thu Mar 08, 2012 5:39 pm

@fang2 wrote:I just want to hear it has RV . If not what else would matter!!!!!!!!!!!!!!!!

I agree 100%, unless the dinar RV's and i make a ton of money any tax implications mean nothing to me.

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Post by PrudenceArt Thu Mar 08, 2012 5:53 pm

I though that I was protected and my account was fine in a non interest bearing account. There are signs all over my bank sayin ully protected no limit. I called my bank I WAS NOT IN A TAG ACCOUNT....TAg account needs a minimum 5k deposit.You can convert your account when it rv and you wire money into your account.

THANK YOU PATTI

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Post by fang2 Thu Mar 08, 2012 6:12 pm

ou18 I don't need to say anything!!!!!!!!!!!!1
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Post by PrudenceArt Thu Mar 08, 2012 6:37 pm

It has nothing to do with taxes it means when you deposit your money and the dollar devalues if you are not in a tag account you loose your money

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Post by Peppermint Patti Thu Mar 08, 2012 6:58 pm

Trust me, when it Rv's is not the time to plan on finding this post. If you do not copy, paste and follow this very important information you may lose 40% to 60% of your blessing. This has noting to do with Taxes like PrudenceArt says. This is in addition to the taxes you will pay... After the RV, this post will probably be long gone and if you don't have this information, oh well..

The Dr. that sent me the E-mail with this information, I thanked him prolifically because without this knowledge I would have lost that money myself. It is unlikely the Banks are going to give you this information and it is just as likely that most of the Banks do not know about it at this point.

Yes the RV is important ad the #1 important issue, but right up there sitting along side the RV is this information. I would have been devastated if I would have lost up to 80% of my investment to taxes and not having been in the correct protected account. How many of you are planning on using only 20% of your investment and then being broke? I am afraid this could have to many who just don't realize than thinking ahead is what we must do. Preparations are very important for this event...

Let's hope we are just waiting for the number to show up !

Peppermint Patti...

"Only one life will soon be passed, only what's done for Christ will last.."
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Post by Guest Thu Mar 08, 2012 7:29 pm

Thanks peppermint patti.

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Post by magnificent Thu Mar 08, 2012 8:06 pm

I can't find words enough for your most informative post about "TAG". WOW, I have been concerned for a long time what this was all about.

THANK YOU!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!

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Post by Blexum Thu Mar 08, 2012 8:25 pm

Good Stuff Patti. Thanks a lot for the info.
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Post by Herb Lady Thu Mar 08, 2012 9:09 pm

Thanks Peppermint Patti!!! That answered all of the questions that my friend and I had the other day, we couldn't quite put our finger on how this was going to convert over or how this line was distinquished, but knew that there had to be something more to this.
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Post by blinkster Thu Mar 08, 2012 9:12 pm

Very good info, THANK YOU. One thing I'm unclear about- okay so we put our Dinar into a TAG acct. (right now it appears the coverage is still federally mandated until 12/31/12 by the Dodd-Frank act with these non-interest bearing accounts.)

We're covered until the EOY. What happens 1/1/13? Is this just a temporary band-aid?

Or what happens if, say, the Fed goes bye-by in June or July? How do we maintain the value of our converted currency?

I guess what I'm saying is, who or what determines that there remains a constant value with our funds converted from Dinar to dollars in these accts after 12/31/12- that the value is upheld for the long-term and they REMAIN un-affected by our own dollar's devaluation? How is that done outside the scope of a current TAG account or is there another type TAG account (with probably an upcharge for this) that supersedes what the Dodd-Frank act provides for temporarily?

Do we obtain additional insurance elsewhere (such as lloyds, etc) or convert the $ into something else for a short term, and then convert back to the new Treasury notes? Maybe I missed something here. Not quibbling, just searching for clarity here. This is new ground for me. Thanks!

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Romans 8:14

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Post by Terbo56 Thu Mar 08, 2012 9:25 pm

Thankyou,Patti- That opened my eyes- Will use that info to keep my investment intact- Nobody wants to lose what they tried so hard to keep-:cheers:
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Post by Guest Thu Mar 08, 2012 9:31 pm

Just copied and pasted to my email Smile

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Post by Blexum Thu Mar 08, 2012 9:35 pm

Wazzup Punisher..........was it you who broke the dinar recaps site?
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Post by prosetian Thu Mar 08, 2012 9:37 pm

@Peppermint Patti wrote:I have posted this in OOM and not OOM2 because it is so important I didn't want anyone to miss it. I know that many of you don't go to 00M2 and not heeding this warning would be a complete disaster... This could cost you from 40% to 60% loss on your Dinar money if everyone does not completely understand this... Next to the RV this could be the most important piece of information you receive. So, please copy and paste it and be SURE to share it with everyone else that has Dinar. After this long, long wait can you imagine paying taxes and then losing another 40% to 60% on top of that. Wouldn't leave much blessing for any of us...

This was sent to me by someone that I both admire and trust to make sure that none of us lose the money we have left. If you don't understand it, ask someone to read it for you and help you along. I have people that will not understand it so I will take them by the hand to protect all of their money possible.

Here it is copied as I received it:

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”


Thanks for post PP, but let's address a couple of things.

First, there are no more TAG accounts, the TAG provision ended Dec. 31, 2010 and was not extended. The Dodd Frank Act then took over the unlimited insurance on ALL non-interest bearing transaction accounts (not TAG accounts) at FDIC insured institutions and will last until Dec. 31. 2012

See Question 1 of the FDIC FAQs that yoyu posted the link for. The only rules for a Dodd Frank insured account are that it be on a non-interest bearing transaction account at an FDIC insured institution. FDIC insured institutions that offer non-interest bearing transaction accounts are automatically covered. FDIC insured institutions are not required to offer non-interest bearing account, however, if they do offer them they are automatically covered under the Dodd Frank Act unlimited insurance.

Second, what gives anyone the idea that these non-interest bearing accounts are held in some, apparently mythical, metal based UST currency? If someone has seen any OFFICIAL writing about this alleged currency and that non-interest bearing accounts are somehow held in this currency, please send me the link, I would be very interested in reading all about it. I have done some searching and have found no mention of it. The post that I have from you doesn't seem to have a picture or a link to a picture of these UST notes. If you have that, could you please repost it?

And last, if there were such metal based UST Notes and the dollar devalued 40% and you exchanged $100 FRN and got $60 of this new currency, the purchasing power of the UST $60 would be equal to the devalued $100 FRN, so no difference. But, why would you be exchanging FRNs, wouldn't you just go to the bank and withdraw UST notes? And since your account has a deposit amount listed, they would have to give you UST Notes that were the same as the deposit amount, assuming you withdrew all of it.

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Post by Blexum Thu Mar 08, 2012 9:41 pm

Hey prosetian, I'm studying something now as well.......my beer...because I have absolutely no idea whats going on (except for Punisher breaking the dinar recaps site) HAHAHAHAHA.
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Post by Kevind53 Thu Mar 08, 2012 10:56 pm

Interesting, but not buying. I don't see the bills attached at the bottom, but the ones that I did see on another site were old bills circa late 1800's through early 1900's (I don't remember the dates, but I did find samples,)that had been photo-shopped to look like new bills. They of course said US Treasury at the top since they predated the federal reserve, (probably why they were chosen,) but they were fake, and if they were fake the article ....

Sorry but that's the way I see it.

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Post by Liftman Thu Mar 08, 2012 11:14 pm

Thank you for this most important information. How long does it take to set up a TAG account? Can a normal non-interest bearing account be converted to a tag? I know you'll probably tell me to sit down and read the outline. Thanks Peppermint for all you do!

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Post by Cardiac99 Fri Mar 09, 2012 1:12 am

Punisher? You broke the Dinar Recaps site? Hows come you to do such a thing? Huh?
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Post by Inquisitive one Fri Mar 09, 2012 1:54 am

I opened a TAG acct a few weeks ago at my bank in Tulsa. It only took $10, not 5k. I was very specific about what I wanted showing the letter to the branch mgr who set it up for me. The only thing he did say was that the non-interest bearing acct had to be opened between Dec 31, 2010 and Dec 31, 2012.

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Post by prosetian Fri Mar 09, 2012 2:03 am

@Liftman wrote:Thank you for this most important information. How long does it take to set up a TAG account? Can a normal non-interest bearing account be converted to a tag? I know you'll probably tell me to sit down and read the outline. Thanks Peppermint for all you do!

Please try to understand this, THERE ARE NO MORE TAG ACCOUNTS, that program expired Dec. 32, 2010. Go to the link PP posted for FDIC FAQs and read number 1. All you need to do is open a non-interest bearing transaction (checking) account at any FDIC insured institution and you will be covered for an unlimited amount until Dec. 31, 2012 when that expires, unless, they extend it. Should take any more time than opening any other checking account. Just make sure the bank offers non-interest bearing accounts as they are not required to have them.

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Post by whoppertwins Fri Mar 09, 2012 3:16 am

interesting but if the dollar devalues that much. i think i will be on a plane outta the US for it will be total havoc here. it might just be safer in iraq if this happens.

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Post by GoodGosh Fri Mar 09, 2012 5:21 am

Thanks for the post Peppermint Patty. Would like to know who it is that authored this piece.
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Post by Liftman Fri Mar 09, 2012 7:06 am

Good mourning! Does anyone know if Dinar Recaps website is going to be back up or is lost at sea? Will we still be able to get package information? If so our worries are minimal and we just need to focus on preperations. We await patiently on the tarmac.

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Post by Shipngold Fri Mar 09, 2012 8:13 am

Goodgosh, this looks like the original. So Dr Fred is the author?





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














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
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Post by SHAMGAR Fri Mar 09, 2012 8:31 am

Can you tell me when Dinar Recaps site will be back up?

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Post by JAMES.CONANT Fri Mar 09, 2012 9:22 am

I TOO WAS A BIT CONFUSED BUT I WILL GET WITH MY DINAR PEEPS AND WE WILL TALK AND MAKE SURE WE DO WHAT IS NECESSARY, THANK YOU SO MUCH FOR THE INFO.All Dinar Holders Make Sure You Read and Understand This... 3079029344

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Post by crawfordcolorado Fri Mar 09, 2012 9:53 am

I looked up that fdic document and now have more questions than ever.

I've copied and pasted one section here from the above referenced document:

2. What types of deposit accounts are included in the definition of a “noninterest-bearing transaction account”?
All funds in noninterest-bearing transaction accounts held at FDIC-insured depository institutions (“IDIs”) will be fully insured under the Dodd-Frank Deposit Insurance Provision.


So this brings up the question: I've opened a non-interest bearing account at Wells Fargo. Wells Fargo is an FDIC-insured depository institution. According to the above paragraph, then, won't my funds be covered under the Dodd-Frank Deposit Insurance Provision?

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Post by GoodGosh Fri Mar 09, 2012 10:38 am

"All funds in noninterest-bearing transaction accounts held at FDIC-insured depository institutions (“IDIs”) will be fully insured under the Dodd-Frank Deposit Insurance Provision."

Transaction Account (TAG) being the operative word.
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Post by prosetian Fri Mar 09, 2012 11:02 am

@GoodGosh wrote:"All funds in noninterest-bearing transaction accounts held at FDIC-insured depository institutions (“IDIs”) will be fully insured under the Dodd-Frank Deposit Insurance Provision."

Transaction Account (TAG) being the operative word.

No, TAG (Transaction Account Guarantee) is NOT the operative word. Here is a quote from the FDIC FAQs

"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."

The TAG program is over those accounts had many different things in them that the Dodd Frank Deposit Insurance does not have, but if you go into a bank looking for a TAG account, they won't have one. It is possible some bank employee will call the Dodd Frank account a TAG account, but it is not the same. One thing with the TAG accounts was that they covered interest bearing accounts and Dodd Frank does not.

All you need to do is get a non-interest bearing checking account at an FDIC insured bank and you will have the Dodd Frank unlimited insurance automatically. There is nothing special about the account itself, it is just a checking account with no interest. The banks are not required to offer these accounts, you have to make sure they offer non-interest bearing checking accounts. Checking accounts, also know as DDA (Demand Deposit Account) are transaction accounts, but they are no longer part of the TAG (Transaction Account Guarantee) program as that is no longer in existence.

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Post by Guest Fri Mar 09, 2012 1:43 pm

@prosetian wrote:
@GoodGosh wrote:"All funds in noninterest-bearing transaction accounts held at FDIC-insured depository institutions (“IDIs”) will be fully insured under the Dodd-Frank Deposit Insurance Provision."

Transaction Account (TAG) being the operative word.

No, TAG (Transaction Account Guarantee) is NOT the operative word. Here is a quote from the FDIC FAQs

"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."

The TAG program is over those accounts had many different things in them that the Dodd Frank Deposit Insurance does not have, but if you go into a bank looking for a TAG account, they won't have one. It is possible some bank employee will call the Dodd Frank account a TAG account, but it is not the same. One thing with the TAG accounts was that they covered interest bearing accounts and Dodd Frank does not.

All you need to do is get a non-interest bearing checking account at an FDIC insured bank and you will have the Dodd Frank unlimited insurance automatically. There is nothing special about the account itself, it is just a checking account with no interest. The banks are not required to offer these accounts, you have to make sure they offer non-interest bearing checking accounts. Checking accounts, also know as DDA (Demand Deposit Account) are transaction accounts, but they are no longer part of the TAG (Transaction Account Guarantee) program as that is no longer in existence.

Prosetian, thank you for this clear communication and for the direct quote from the FDIC website. Appreciate that!

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Post by Peppermint Patti Fri Mar 09, 2012 2:05 pm

Would like to add sonething to this post that I am going to do immediately: Get the money insured by an outside party... with this kind of money - double insurance is the only way to go, in my opinion. I will be looking around for who to do this with and I hope there is more than one place as there are a lot of Dinar holders who this may be very beneficial to.

If anyone out there has the answer to this would you please post it or PM me with it? I would sincerely appreciate it...

Peppermint Patti...

"Only one life will soon be passed, only what's done for Christ will last...."
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Post by blinkster Sat Mar 10, 2012 4:51 am

Not to add to the confusion, but I read at the FDIC site tonight that the extension via Dodd-Frank runs to 12/31/13, not the end of 2012.

PP- would probably look at Lloyds of London. There is alternative program (CDARS) that spreads your deposits (up to $50m) through multiple CD's (at under $250,000 per) at multiple banks to guarantee FDIC coverage, and it is managed by them and sent to you in one single monthly statement. Some, but not all banks participate in this as an option. Problem is, CD's aren't exactly liquid, or long-term solutions outside of the term you choose.

If you live in Massachusetts, the state mandates that their banks carry extra insurance through Depositors Insurance Fund. Nice for those in Massachusetts.

Another alternative is to open multiple accounts across various institutions where you can spread out your assets each having just under $250,000 deposited to be fully FDIC insured. So say, if you have $1m in liquid assets, open 5 different accounts and dibby it up at $200k apiece. You can even open accounts in your spouses' name, etc.

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Post by Kevind53 Sat Mar 10, 2012 9:36 am

I really think folks need to start thinking beyond the banks. You will not find many people with money with it all in banks. No way, they got there by hard work and they make darn sure their money is working for them. They are diversified, yes, but they have most of their money out working for them. Stocks, Bonds, Real Estate, Mutual funds, and some in safe havens like CD's and annuities.

Yes, it sounds great to stash your money in the bank in a fixed, guaranteed fund, but think about it for a second. You money is earning zero interest, so if you have a million dollars, and inflation is 3 percent (roughly the January rate) you are effectively LOOSING $30,000 a year. Yes, you will still have a million, but it will only buy what $997,000 would have the year before ... and that's without you spending a dime. On the other hand if it is earning 3% you stayed even and if it earned, say, 5% you made $20,000.

Nothing in this game is risk free, NOTHING. There is a risk of loss, risk of default, inflationary risk, etc. Actually there are thirteen different types of financial risks, the decision you make is what kind of risks are you comfortable with and with how much of your money. So find a good financial adviser you can work with and talk it over with him ... better yet talk to several and go with the one you are most comfortable with.

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Post by Peppermint Patti Sat Mar 10, 2012 11:14 am

Thank you Blinkster... I had forgotten it was Lloyds of London... That's what I was looking for..

Hadn't heard of the CDARS either so need to check that out. As far as spreading it out, boy they'll be no simplicity there for sure...

Glad you joined over here and your post should help many... Have a joyous day,

Peppermint Patti...

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Post by prosetian Sat Mar 10, 2012 11:54 am

@blinkster wrote:Not to add to the confusion, but I read at the FDIC site tonight that the extension via Dodd-Frank runs to 12/31/13, not the end of 2012.
.

Could you please tell me where on the FDIC site it says that? As of this morning the FDIC FAQs still says it ends

12/31/12. And everything I have read about it elsewhere says 12/31/12. They can extend it, but I haven't seen anything that says that they have.

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Post by pygmalyn Sat Mar 10, 2012 12:59 pm

@PrudenceArt wrote:I though that I was protected and my account was fine in a non interest bearing account. There are signs all over my bank sayin ully protected no limit. I called my bank I WAS NOT IN A TAG ACCOUNT....TAg account needs a minimum 5k deposit.You can convert your account when it rv and you wire money into your account.

This is interesting, and concerns me... when I went in to WF to create my non-interest bearing account, the personal banker had no knowledge whatsoever of the Dodd-Frank Deposit Insurance... I had to educate her...

After going to the FDIC web site and reading what it said, she said that the account she was setting me up with, (one of only 2 non-interest type accounts they offer) met the criteria. They had a minimum $100 deposit to open the account...

However, after reading all of this... I am uncertain now, whether this is, in fact, going to be correct...

How does one get this clarified and corrected... when the personnel at the bank are so uninformed?
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Post by Trac Sat Mar 10, 2012 1:56 pm

Thanks for the post -- Very Interesting.

However after reading the document it does not appear as though the TAGP -- Transaction Account Guarantee Program exists any longer as of Dec 31st 2010.
I also see no mention in the entire PDF file of the US Treasury. In fact the word Treasury does not even appear in that document. So this appear to be just any non-interest bearing account and is just covered by the FDIC for the full amount entered into the account.


It looks as though it has been replaced with the Dodd-Frank Deposit Insurance Provision.

3. How does the Dodd-Frank Deposit Insurance Provision differ from the expired TAGP?

There are three important differences between the Dodd-Frank Deposit Insurance Provision and the TAGP:

1.
The Dodd-Frank Deposit Insurance Provision applies to all IDIs with noninterest-bearing transaction accounts.
2.
The Dodd-Frank Deposit Insurance Provision does not include low-interest NOW accounts within the definition of noninterest-bearing transaction account.
3.
The FDIC does not charge a separate assessment (or premium) for the insurance of noninterest-bearing transaction accounts under the Dodd-Frank Deposit Insurance Provision.
I am not an attorney but it appears as though the TAGP was replaced with the Dodd-Frank Deposit Insurance Provision.
According to that PDF file :
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.
This is cut right out of that PDF file.
I guess I will have to ask around my banks and see if they still have TAG accounts available to their customers.


Your money will be fully insured with Lloyds of London but you will also pay dearly for that insurance.

CDARS are a better bet. Your CD will be fully insured and you will be making interest on your money too.
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Post by blinkster Sat Mar 10, 2012 2:14 pm

This I have copied and pasted directly from the FDIC website:

What are the disclosure requirements for the Transaction Account Guarantee Program?

The FDIC offers the following sample language:

For Participating Institutions that have not opted out of the Transaction Account Guarantee Program Extensions:
"[Institution Name] is participating in the FDIC's Transaction Account
Guarantee Program. Under that program, through December 31, 2010, all
noninterest-bearing transaction accounts are fully guaranteed by the
FDIC for the entire amount in the account. Coverage under the
Transaction Account Guarantee Program is in addition to and separate
from the coverage available under the FDIC's general deposit insurance
rules."

For Participating Institutions That Elect To Opt Out of the Extended
Transaction Account Guarantee Program Effective on July 1, 2010:
Beginning
July 1, 2010 [Institution Name] will no longer participate in the
FDIC's Transaction Account Guarantee Program. Thus, after June 30, 2010,
funds held in noninterest-bearing transaction accounts will no longer
be guaranteed in full under the Transaction Account Guarantee Program,
but will be insured up to $250,000 under the FDIC's general deposit
insurance rules.

For Participating Institutions That Elect To Opt Out of the Extended
Transaction Account Guarantee Program Effective on January 1, 2010:

Beginning January 1, 2010 [Institution Name] will no longer participate
in the FDIC's Transaction Account Guarantee Program. Thus, after
December 31, 2009, funds held in noninterest-bearing transaction
accounts will no longer be guaranteed in full under the Transaction
Account Guarantee Program, but will be insured up to $250,000 under the
FDIC's general deposit insurance rules.

For Non-Participating Institutions:
"[Institution Name] has chosen not
to participate in the FDIC's Transaction Account Guarantee Program.
Customers of [Institution Name] with noninterest-bearing transaction
accounts will continue to be insured through December 31, 2013 for up to
$250,000 under the FDIC's general deposit insurance rules."

Okay so I had the date correct but the coverage incorrect here. "My bad"...lol

Here is a link to the entire FDIC page about this:

http://www.fdic.gov/regulations/resources/TLGP/faq.html

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Post by blinkster Sat Mar 10, 2012 2:23 pm

Trac- I believe you are correct. TAG accounts have been replaced by a temporary provision in the Dodd-Frank act regarding non interest bearing accounts, extended until 12/31/12.

For us, we'd either go to Lloyd's and/or split up assets among accounts with deposits that are FDIC insurable. I don't want to be rushed into tying-up assets (CD's etc) right after cash-in until I have a better handle on what I believe the LORD is leading us to do with some of these funds- therefore we want them liquid and 100% accessible until that time. Yup, Lloyds insurance will be expensive, but you get what you pay for.

If one wants their entire assets to remain liquid for a time, just figure on, say, opening 5 accounts or so per million to stay under the $250k FDIC limit. You can still earn interest on those accounts you create for this that you transfer out of your initial non interest-bearing account, until you decide upon more long-term investments and solutions.


Last edited by blinkster on Sat Mar 10, 2012 2:33 pm; edited 1 time in total

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Post by Trac Sat Mar 10, 2012 2:29 pm

blinkster For me CDARS will be fine. I already have a very good government pension that I will continue to live on and will not need to touch the CDARS so a very good place for me to put my money and have it fully insured and still making a bit of interest on it too.

Everyone circumstances are different and these are surely only suggestions and will not always work for everyones life style.

Thanks for the input. Much Appreciated.
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Post by blinkster Sat Mar 10, 2012 2:44 pm

Trac- you are very welcome. Glory to GOD! Just keep in mind that not every banking institution offers the CDARS program. And to be transparent, I'm not an investment guru, or one along the lines of some others on this wonderful forum. We are recent Dinarians (got into this in January this year) and I've had to take a crash course on this stuff, and have done much, MUCH research.

For us, we can't imagine letting this just sit and not work it to earn a dividend...that's just good stewardship! But we want to take our time and not be pressed or rushed into things we might regret later on.

If I may- anybody who has any semblance of a large return on this endeavor needs to get a stellar tax attorney on retainer, pronto. (if not before, immediately after cash-in) IMHO believe this step should be taken BEFORE you go enlist investment counsel. Besides knowing the ropes to minimize your tax liability, a well-heeled tax attorney (we're talking about ones who work for the "big boys") should have many referrals for you for investment guidance & counsel and get you pointed in the right direction.

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Post by prosetian Sat Mar 10, 2012 3:32 pm

I hope it is now all settled in everyone's mind that there are no longer any TAG accounts and any reference to them is a waste of time because the program ended Dec. 31, 2010. With the old TAG accounts banks had to pay extra to have that coverage and could opt out of the program if they wanted.

The new Dodd Frank accounts that start when the TAG program ended are good until Dec. 31, 2012. Any non-interest bearing transaction account (not TAG accounts, transaction accounts are basically just checking accounts) in an FDIC insured bank automatically has the Dodd Frank unlimited coverage. Banks do not pay extra for the program and if it is an FDIC insured bank, they have it automatically and cannot opt out. The only way and FDIC insured bank could not have the program is if they did not offer non-interest bearing transaction (checking) accounts, they are not required to offer these and fees, deposit minimums, etc., are up to the bank.

That may, or may not be extended beyond Dec. 31, 2012. I really don't see what all the panic is about, the big 4 banks are not going to go under any time soon (at least not before the end of 2012) so it is not that critical anyway. Is it a good place to park the money on a very temporary basis? Yes, it does have the insurance and you will have instant access to all your funds to spend or move wherever you wish.

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Post by Mountainman Sat Mar 10, 2012 6:53 pm

Prosetian you state that there are no more TAG accounts as of 12-10. Inquisitive one just opened one in a bank in Tulsa. I know Tulsa is in the heart of America, but surely they should have been informed if the TAG no longer exists. I say that because I live in Tulsa.

All this goes to show me that I must do my own due diligence. I am thankful for all the posts as they do educate me to a degree when I discuss issues with bankers. No I will not post what I discover so that I don't continue the mass confusion of information.

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Post by Kevind53 Sat Mar 10, 2012 7:02 pm

@Mountainman wrote:Prosetian you state that there are no more TAG accounts as of 12-10. Inquisitive one just opened one in a bank in Tulsa. I know Tulsa is in the heart of America, but surely they should have been informed if the TAG no longer exists. I say that because I live in Tulsa.

All this goes to show me that I must do my own due diligence. I am thankful for all the posts as they do educate me to a degree when I discuss issues with bankers. No I will not post what I discover so that I don't continue the mass confusion of information.

If you read the rest of the post, Prosetian clearly and correctly stated that it was replaced under a provision of the Frank-Dodd bill. This provision expires 12/31/12. At this time there is no legislation pending which would extend these accounts.

Regardless, it is beyond me why anyone would want to put their money in a non-interest bearing account. Money either works for you and increases or it doesn't and, (in true value) decreases. There is no in between, sorry, but not even in Oz or even Never Land.

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Trust but Verify --- R Reagan Suspect

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All Dinar Holders Make Sure You Read and Understand This... Empty Re: All Dinar Holders Make Sure You Read and Understand This...

Post by prosetian Sat Mar 10, 2012 7:59 pm

@Mountainman wrote:Prosetian you state that there are no more TAG accounts as of 12-10. Inquisitive one just opened one in a bank in Tulsa. I know Tulsa is in the heart of America, but surely they should have been informed if the TAG no longer exists. I say that because I live in Tulsa.

I would guess that this is a situation based on the misuse of terms. I would not be surprised if many bank employees just use the old TAG term for the new Dodd Frank accounts, it does have a much better ring to it. But in banking, one needs to be careful of the terms you or the banker are using, or you might find yourself out in the cold. If the banker who opened the account was not aware of the new rules for the Dodd Frank accounts and was going by the old rules for TAG accounts, he might have opened an account that had some connection with interest as these were allowed under the TAG program, but not Dodd Frank.

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