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Chase bank has no knowledge of Dodd Frank Non-Interest Bearing Accounts??? DinarDailyUpdates?bg=330099&fg=FFFFFF&anim=1

Chase bank has no knowledge of Dodd Frank Non-Interest Bearing Accounts???

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prosetian
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Chase bank has no knowledge of Dodd Frank Non-Interest Bearing Accounts??? Empty Chase bank has no knowledge of Dodd Frank Non-Interest Bearing Accounts???

Post by redheadedwitch Sun Mar 11, 2012 1:14 pm

My local (New Orleans area) Chase branch, had no idea of what this account was, & could NOT find it when they researched it? So, not knowing any better, I opened a regular non-interest bearing account with them. But, I do have a personal banker lined up, for when this event happens. My question is, "Can the "current" non-interest bearing account be converted to a Dodd-Frank account, without major penalties?" Yes, I have printed out the Dodd-Frank & TAG Account info, presented by Doc in Texas, & plan to bring to bank (hopefully) Monday. "Should I bring copy of my DD214?" It's supposed to get me better perks on account I have already set up?

Laughing


Last edited by redheadedwitch on Sun Mar 11, 2012 1:15 pm; edited 1 time in total (Reason for editing : bad punctuation.)

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Chase bank has no knowledge of Dodd Frank Non-Interest Bearing Accounts??? Empty Re: Chase bank has no knowledge of Dodd Frank Non-Interest Bearing Accounts???

Post by blinkster Sun Mar 11, 2012 1:58 pm

The account does not have that title. The Dodd-Frank act simply grants an extension of coverage temporarily to your deposits in your account that are over $250k. TAG accounts no longer exist as per the FDIC, and this extension of coverage only lasts until the last calendar day of this year 12/31/12.
Go to the FDIC site online. Just google "Transaction Account Guarantee" and click on the FDIC link to get the info.


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Chase bank has no knowledge of Dodd Frank Non-Interest Bearing Accounts??? Empty Re: Chase bank has no knowledge of Dodd Frank Non-Interest Bearing Accounts???

Post by Kevind53 Sun Mar 11, 2012 3:42 pm


That's because the TAG accounts expired. There are guarantees under Dodd-Frank, but they expire at the end of the year, so I wouldn't sweat it one way or the other. Besides, do you really want you money to sit in the bank and do nothing?

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Chase bank has no knowledge of Dodd Frank Non-Interest Bearing Accounts??? Empty Re: Chase bank has no knowledge of Dodd Frank Non-Interest Bearing Accounts???

Post by prosetian Sun Mar 11, 2012 5:57 pm



Your current non-interest bearing account was/is automatically cover under Dodd Frank for an unlimited amount until the end of this year, no need to convert anything.

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Post by openmind Sun Mar 11, 2012 8:26 pm

I only read the subject line and not any of the posts in this thread.

Any banking legislation before our 'honorable' Congress had been essentially written by lobbyists for the conglomerated global banking cartel (aka banksters). Thus, the idea that a major bank isn't aware about any portion of legislation which they themselves have conjured up doesn't make sense.

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Post by SpaceCowboy Sun Mar 11, 2012 10:02 pm

@Kevind53 wrote:
That's because the TAG accounts expired. There are guarantees under Dodd-Frank, but they expire at the end of the year, so I wouldn't sweat it one way or the other. Besides, do you really want you money to sit in the bank and do nothing?

Kudos to Kevind53!

Finally someone asking the right questions! Deposit one million USD, and at even just 1.5%, an interest bearing account will generate $15,000 a YEAR to your wealth (pretax of course! LOL). The cost to go outside and have your additional funds insured is well below that! Why give up those earnings? (Don't say insurance!)

For the same million dollar deposit, by keeping your money in the bank at a conservative 1.5% return you will LOSE ABOUT $25,000 A YEAR IN PURCHASING POWER DUE TO INFLATION! (Per million invested!) I guess it is better than losing $40,000 a year by stuffing it in your mattress! But losing purchasing power is not easily reversed. Wealth cannot be maintained if your money doesn't work hard enough to cover taxes and inflation! Inflation averages about 4% per year for the last 50 years. I can honestly say that my money will not be in any bank for very long! I could care less about asking the government to "insure" it! There are better ways to accomplish that goal.

There are thousand ways to skin a cat. But when it is all said and done, make sure you really wanted a dead, skinned cat.

That means make sure you really want to give up $15,000 in real cash earnings, and $25,000 in purchasing power, per year by choosing a non-interest bearing account!

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Post by bigdaddytim Sun Mar 11, 2012 11:04 pm

This may come across as a silly question, but why not open 10 seperate accounts with a 100K balance. Would this not cover a multitude of sins?

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Chase bank has no knowledge of Dodd Frank Non-Interest Bearing Accounts??? Empty Re: Chase bank has no knowledge of Dodd Frank Non-Interest Bearing Accounts???

Post by Kevind53 Sun Mar 11, 2012 11:08 pm

Assuming one entity, they would have to be in 10 different banks. Certainly you can do that, but most banks are paying a fraction of a percent interest. They're going to have to do much better than that to get much of my money.

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"Rejoice always, pray without ceasing, in everything give thanks; for this is the will of God in Christ Jesus for you."1 Thessalonians 5:14–18

 Chase bank has no knowledge of Dodd Frank Non-Interest Bearing Accounts??? 2805820865  Chase bank has no knowledge of Dodd Frank Non-Interest Bearing Accounts??? 2805820865  Chase bank has no knowledge of Dodd Frank Non-Interest Bearing Accounts??? 2805820865  Chase bank has no knowledge of Dodd Frank Non-Interest Bearing Accounts??? 2805820865
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Chase bank has no knowledge of Dodd Frank Non-Interest Bearing Accounts??? Empty Re: Chase bank has no knowledge of Dodd Frank Non-Interest Bearing Accounts???

Post by SpiritualWarrior Wed Mar 14, 2012 1:52 pm

My bank has three signs prominently framed and posted that addressed "Temporary Insurance," discussing Dodd-Frank, non-interest bearing accounts and unlimited insurance... I took a picture, but don't know how to post it.

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