Anyone else found this about Chase?????

I opened an account at Chase in preparation of the wonderful day! I kept trying to determine where they verified the currency so I could just go there and shortcut the process so I could get it credited to my account. Not to mention the security issues that we have heard about. Well after a bunch of calls I discovered something that I think will amaze many people on this site. Chase bank does not authenticate any currency at any of their locations!I was amazed! The lady admitted to me that ALL Chase locations takes their foreign currency and Overnights it to Bank of America Los Angeles, CA. She claims that all locations send them there and she said that it should be available in three days. I tend to probably disagree when the RV occurs! I would like some other folks discuss this deal with Chase. This really even violates what we have read about what to do for even security!

All I know is, when it RV's, that stuff isnt getting out of my sight. I will be on a road trip to wherever.

Well the woman suggested that if I insisted on that then I should go to the airport and cash in there. I don't know if thats good or not?!?!?!

gldneagle wrote:Well the woman suggested that if I insisted on that then I should go to the airport and cash in there. I don't know if thats good or not?!?!?!

yeah, I'm sure the guy at the airport has a few million dollars in his cash drawer.

Why not cash in with the dealer you purchased it from?

CHASE Bank is one of the FEW that will set you up with a TAG account. My investment advisor confirmed and we were shocked that Wells Fargo and BOA do not offer TAGs.....

GivingGodTheGlory wrote:CHASE Bank is one of the FEW that will set you up with a TAG account. My investment advisor confirmed and we were shocked that Wells Fargo and BOA do not offer TAGs.....

I did not know that a TAG account still existed as per the Dodd-Frank act that replaces it with extended temporary coverage until 12/31/12.. Can you verify that? Will they continue that after 12/31/12?

In other news, our particular Chase branch DOES verify the currency on-site via a book they use. They know exactly what to look for (I believe you can request a Delarue machine as well). Overall, Deposit/conversions are credited to the account 100% & immediately on-deposit, no waiting, funds accessible same-day (although they won't 'show' as credited until the next business day) and from there it gets sent to a 'holding house' via BofA (at least for our area) where the UST credits the bank back. This is as per the local Chase branch Bank Manager and verified. Chase does not charge a spread fee for Chase customers (they do for non-Chase customers though, that just want to cash their currency), but does charge the obligatory UST spread/exchange fee of between 1-1.4% of your total exchanged deposit. Nobody can waive that UST fee, unfortunately, but it is minimal in the bigger picture.

Almost EVERYTHING Blinkster said about CHASE is 180-degrees incorrect. According to 2 of the 3 Chase Big-Branch managers I have talked to, short and sweet they said:

- They cannot, and will not, be verifying LARGE AMOUNTS of dinar on-site, if and when it becomes tradeable again. A few bills is about it.

- LARGE AMOUNTS WILL BE SENT OFF SITE for it to be verified BEFORE any funds are credited to your account !!! But they will give you a receipt before you leave for your Dinar !

- Can I take the Dinar to the Main branch Downtown for an immediate verification and credit? "No, you cannot take the dinar to the main branch yourself. Secure delivery only."

- When I mentioned I would not trust Millions of IQD to them without On-Site verification and a credit to my account, she...manager #2...said instead of cashing in at Chase, I should plan on going to BofA or Wells Fargo if they are going to be giving a verification on site !!! Chase WILL NOT be verifying on site !

W-O-W !!!!! She just told me to go to the competition !?!?!?!?

So, in a nut shell, Chase does not want to play ball...at ALL.

Yes I KNOW...but after it revalues they will !

Ummmmm.....NO.

I absolutely DO NOT get Chase's attitude towards MY CASH that they will want.

How do you, as a bank, NOT spend $100,000 or less for 3 or 4 of the small De La Rue machines with an IQD chip to verify ON SITE for HUNDREDS of Chase customers with IQD to cash in. They would make a KILLING off of that.

Instead, they tell a CURRENT account holder to take the Millions in CASH elsewhere, either BofA or Wells Fargo. Unbelievable !

OK...well then, I guess I'll take my Millions IN CASH to someone else...they'll get my Millions of Dinar, and Chase can just suck the scum off the bottom of my shoes, because apparently that's all I am to them and not worth their time.

If Chase won't do a CASH IN business in a fair way with me, why would I even consider them to handle my finances once this happens.

Chase, you need new management that understands how to build customer base confidence, rather than giving away your customer base to the competition !

People have a tendency to reference the TAG accounts and the Dodd Frank Act accounts interchangeably. They are not the same but are similar.

The Transaction Account Guarantee was offered to the banks and they were charged a fee for this "service". It was very expensive for the banks. Some of the banks took advantage of this service and others did not. It was not a requirement that they offer this type account. I had one at 5/3 Bank and they discontinued it before the Dodd Frank Act appeared on the scene.

When I learned of the Dodd Frank Act, I went to 5/3 and told the private banker that I wanted to set up my account under this act. He said he had never heard of it. I told him to check into it and that I would come back in a few days. When I went back, he was well versed on the act and he got my account set up.

So, when you go into a bank and ask them if they have TAG accounts and they tell you no, they are telling you the truth. If you ask about the Dodd Frank Act, they may very well tell you the same thing, merely because for a large part, the bank employees on the lower rungs are highly UNTRAINED.

It is my understanding that ALL banks are automatically covered under the Dodd Frank Act but you will have to ask for the non-interest bearing account offered under the Dodd Frank Act. This act is scheduled to expire at the end of this year, unless extended.

That's my opinion...oughta be yours!

Im pretty sure we will be having this same discussion next year.

blinkster will you share what part of the states you live in. Here in Nashville they are still in the dark ages. THANKS

ou812 wrote:Im pretty sure we will be having this same discussion next year.

I bet we will.

patience, patience, patience!!! How many times do we have to confirm that the average teller and even manager are not at all informed about this event! When it happens they will all change their tune. Why do we go through this over and over?

Yes we all know that the tellers or even managers don't really know what's going on (of course maybe the same could be said about us despite all of our searching for the truth!! LOL) but this is off the subject. The real matter at hand is that Chase is sending all the currency to BOA in LA. Now they say 3 days thats just for routine but think about this: When the RV happens how likely do you think it will be that people will get credit to their account in just 3 days!!!! No very!!! I was hoping one of the mods or someone in the know would give us some guidance. I think Monday I will look for a Wells Fargo branch. I have a 5th 3rd account now but they do not seem to be mentioned but you can bet I will also check with them when this does RV. (Please Lord let it be soon!!!) But Chase did not want to fess up to what they did at all. It was only after serveral calls and getting frustrated and even telling the woman who finally admitted what they did that she wasn't answering the question did I finally get the answer. I then called another location and after more prodding I got the identical answer!

blinkster wrote:
In other news, our particular Chase branch DOES verify the currency on-site via a book they use. They know exactly what to look for (I believe you can request a Delarue machine as well). Overall, Deposit/conversions are credited to the account 100% & immediately on-deposit, no waiting, funds accessible same-day (although they won't 'show' as credited until the next business day) and from there it gets sent to a 'holding house' via BofA (at least for our area) where the UST credits the bank back. This is as per the local Chase branch Bank Manager and verified. Chase does not charge a spread fee for Chase customers (they do for non-Chase customers though, that just want to cash their currency), but does charge the obligatory UST spread/exchange fee of between 1-1.4% of your total exchanged deposit. Nobody can waive that UST fee, unfortunately, but it is minimal in the bigger picture.

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Blinkster, I concur with your summary of the Chase bank policy with regard to exchanging any foreign currency that is on their list. I spoke with local branch managers last year in my neighborhood and was informed that the verification would occur on site and the exchange would result in an immediate credit to my account. However, it is apparent that depending on to whom one speaks within the Chase organization, one may get a different response. Until the IQD is on their list of currencies to buy/sell, I would not consider anything that I am told to be written in stone.

I got my dinar from Chase six years ago and im pretty sure they got it form BOA

I opened my TAG acct at IBC bank in Tulsa, ok. I had to explain it to them also. After checking on it they opened my acct for me.

@ntvtexan... please have a bit of etiquette here. Believe what you want. Maybe you are being told one thing, but you can take your disagreement up with my local Chase branch manager (not in Texas, btw). I'm not passing heresay, I'm sharing what I was told DIRECTLY, in-person by the local Chase bank mgr. I was told this in two different, formal meetings, the second of which also had four of my associates AND the Chase Area Manager in attendance and in full concurrence; in fact I asked the area manager the exact same questions I did in the first meeting with the Bank Manager. Both of the meetings lasted roughly 20-30 minutes each. We had a great dialogue and the Chase staff was very excited to work with us when this flies. My associates went to another branch in the city next to ours to see if there was consistency, and they were told the exact SAME THING. So I'm here to share what I'm being told at our locations.

Perhaps Chase in Texas (or your region in Texas) is handling this differently than in my state and region of the state. I do know that the two main branches in two different cities in our area here are in lock-step and telling me, and my associates with Dinar the VERY SAME THING. Go figure.

Please also understand that Chase's official policy AT THIS TIME (and again, from what my branch manager told me), is to deny anything to do with the Dinar, and again, officially, are NOT accepting Dinar. They will not even discuss it on the phone, they are told to say "no". But the in-person conversation continues to the point where the Dinar will become an internationally embraced currency post-rv.. as in they are expecting the green light on this.

Also understand that there are Dinarians who have PURCHASED Dinar from or through certain Chase branches- one claimed to be in Texas if I'm not mistaken. (not ours) I'm not about to tell them "no you didn't purchase those there"...

Peace and blessings to ya, and everybody else here, AMEN.

WOW. If the notes have to go to Los Angeles, they better have a big crew of people working!!!!

Now I guess I will have to go and make photocopies of each note. What a waste of trees! but not a waste of my peace of mind.....

GivingGodTheGlory wrote:WOW. If the notes have to go to Los Angeles, they better have a big crew of people working!!!!

Now I guess I will have to go and make photocopies of each note. What a waste of trees! but not a waste of my peace of mind.....

You better hurry, there could be an RV any year now.

If any of us, moderator, guru or otherwise know 100% what was going to happen and could answer these questions completely, they would not be here. Someone with that kind of foresight would have wealth that would make Bill Gates and Warren Buffet look like paupers. We all know a little, but none of us has the whole picture, and that doesn't matter how highly connected you are. This side of eternity we can only hope to know in part and see in part. Then we step on in what the Spirit has shown us and trust the Lord to make it good.... Like the old Keith Green song "You just keep doing your best, pray that it's blessed, and He'll take care of the rest."

Hey Blinkster, I wasn't trying to come off with attitude towards you personally, just the HUGE difference in info from Chase.

Both Branch Managers I spoke to are at one of the larger branches here in the Dallas/Ft. Worth area. I spoke to them about 3 weeks apart, in case Chase had decided to update their desire to accomodate us on Cash-In.

They weren't rude, but they did not say anything about "The area branches are doing this...", or "The Area Mangers are currently saying...". Same branch, 2 Managers, 3 weeks apart, same story on NOT verifying it IN the branch...it WILL be sent out.

Now, If you can manage to get one of YOUR Branch or Area Managers down here, I would GREATLY appreciate it !

Again, not trying to beat up on you, but it would be nice for Chase to have an across the board CONSISTENT story for the upcoming event.

I mean, "Go to BofA or Wells Fargo"...SERIOUSLY ? Come on Chase.

I live in northern Arizona, specifically. I have an account with the Cottonwood Chase bank and that banks does NOT have a DaLaRue machine, and when I spoke with the manager about the Dinar RV, she told me 3 things: Her bank (Cottonwood) does not have a DaLaRue machine but they have a book, a computer and a Ultraviolet (Black Light)... She also told me they would not need to send out any dinars that came into the bank, unless they where bogus.
The last thing she told me was the name and location of the Chase branch that does have a DaLarue machine.I went to that specific branch and asked the manager if indeed they had such a machine and the manager pointed to it, near the back wall of the bank and said, yes, its right there!
Say what ever you like i know what the machine looks like and yes Chase bank has one. I am also certain that one of the branches in Phoenix has one.

ntvtexan- I hear you, and it's cool. "Consistency" sure would benefit us all, wouldn't it?

Let me clarify a few things, if I may, and then share our BofA experience.

DevaronDLH just stated what our local branch does with foreign currency- book, blacklight, & computer for verification of authenticity, locally, not at a remote location. I believe the De La Rue machine is in the branch 9 miles away that gave my colleagues the same exact overall information. I would also like to say that upon my first Chase visit, I walked into the lobby, was promptly greeted by an employee, and she asked if she could help me. I said, "yes, I'd like to speak with your bank manager please". Immediately she introduced me to the manager, and we went into their office to talk business. Very warm, receptive, and positive. Hold that thought.

Now this is key- I was told they do not stock or hold ANY "exotic" foreign currency at our local Chase branches, nor do any of the other regional Chase branch locations in our immediate area. This is why, after local on-site verification and crediting to our account upon deposit, it gets sent to a BofA holding house or whatever that stocks these currencies. So it's not sent there for validation purposes that they do this- at least in our area. (The caveat here, is that may differ where you are.)

Again, once the currency is validated in the local branch office, it is credited 100% to the account same day of deposit; then the bank gets credited back from the UST on the currency. Our Bank Mgr AND the Area Manager were both very clear about this procedure; not once, but twice. They also gave us a heads-up about JP Morgan Private Client service. I want to say that these folks were not only ultra-receptive and ready to do business once corporate gives them the green light on the Dinar; they answered all our questions clearly, consistently, and then sent me home with a robust brochure of services, as well as my bank manager's card with their number to their direct phone line.

Now for our local "BofA experience" the very next day:
One of my colleagues that was at the second Chase meeting we had, banks at this local BofA branch. He and I walk in, and we walk up to the teller and request to see the bank manager. We are looked at with a combination of suspicion, amusement, and indifference, by the five tellers working, especially when we were asked "what do you want to see the manager for?" This was in front of other customers, mind you. We told them, "a few currency exchange questions". Somehow the suspicion (at least the alarmed looks from a few) turned into intrigue, and we're told to have a seat, the mgr will be right out. Meanwhile, my colleague is not impressed with this so far, as he is a regular customer there; nor am I feeling warm and fuzzy... we get greeted by some probably 25-27 year old guy and he whisks us back to his, uhh, office (cubicle) behind the scenes.

When we tell him why we are there, his face changes and his smile leaves rapidly. (BTW, my friend is letting me ask the questions here.) "No we do not accept Dinar" the rep said very curtly. When we talk about the upcoming global acceptance of it, he digs in. "We won't be dealing in the Dinar." I'm looking at my friend with a grin, and he's looking back at me amused. Then this guy, who we find out is NOT THE BANK MANAGER, tells me that "even if we did deal with the Dinar, you have to be a BofA customer for 6 months before we'd offer you this service."

"Really?" I asked. "You mean if I wanted to come in here and do business with you for the tune of say, six or seven figures (just throwing that out there for reference) that you wouldn't waive that requirement?"

"No. Not whatsoever" was his reply. I look at my colleague and say to him with a grin, "I'm obviously in the wrong bank." My friend looks back at me and smiles and nods his head. So on his behalf, I ask about the issue of spread fees. Now the guy looks like a deer in headlights, and I can see he is in WAY over his head. I say, "my other bank will waive their spread fees for their customers. What do you have to offer my friend here?" The guy stammers and then says, those fees are fixed and I can't give you the exact numbers, but we don't waive those." Incredible- this guy is representing the bank! So then I say to him, "do you have a brochure for my friend here with your services that you could give to my friend here who is your customer?

The guy's face gets a bit red, and he says to me, "that is privileged information that we don't give out, but all you need to know is right here" pointing with his pen to a little 8x10 cardboard sign on his desk that says basically nothing of any value. I'm not kidding! But I digress. We got up, and left the bank. My colleague was appalled. I told him that these people obviously don't want our business. I think he cancelled his account there the following week.

My wife and I had WF 20 years, and we got away from them in 2007 due to their less customer-friendly business practices (and charges) and their unsatisfactory local branch. One of my other close colleagues went to this WF branch a few weeks back (which btw, is the crummiest bank branch I've experienced in 35 years of banking, sad to say) and they told him they would not waive the spread fee for him. And this is a WF customer with both a personal and business account! We have not tried Citibank at all, nor are we going to.

Chase is new to me as a customer, so we'll see how it goes from here.

disclaimer: these experiences above reflect only my experience with the above named entities, and does not mean yours will be the same in your area. YMMV.

My experience at BOA was less than pleasant, after being questioned about other accounts, and questioned why I wanted the accounts, I was then questioned if this had to do with the Iraqi Dinar. When I told them yes, they stated that they didn't know anything about them. Then the lady calls another higher ranking person over and asks her a few questions regarding the set up of accounts and mentions the dinar. This second lady stated that they learned about the dinar about two years ago, but they were not cashing them. I just smiled and said ma'am, nobody's cashing them in yet. She just kind of chuckled and went on with the other answers to basic questions that I thought the first lady should have known. Their policies at that branch office is if you want to be waited on by a teller, then it will cost you a monthly fee otherwise you do everything by the atm machine. I just don't think that I like that policy.

Now, for one of the local banks. Ran into a friend from school, started asking her questions regarding Dodd Frank Act, she stated that all non-interest bearing accounts should be covered by it, she also got my name and phone number and had another lady check into it for me. This lady got back to me the same day and verified this to be so. Also that it doesn't have to be with the larger banks that it should cover any non-interest bearing checking accounts at any bank that is FDIC insured. After I had checked with other banks to see if they offer non-interest bearing accounts and if a person could set up two of them, most all said that a person could, there was only one that stated that you should make sure if you need other people on your account, or a pod account set up.

Personally, I'm considering going with a smaller bank.