GREAT POST RE; CASH IN INFO. WITH CHASE !!!!!!!!!

June 29th, 2011 04:38 pm
I found this on another site……

Our Personal Visit With Chase Bank 6/25/11

This is First Hand Information
We(myself, my brother, and 2 other people in my group) went to visit with a personal banker at the main Chase Bank in Ft. Worth, today. We spent about 2 hours with her. Before I give you the question and answer session let me fill you in a little bit of what we picked up between the lines.

We knew going in she could not give a date and rate, but I did ask her if she could at least state if the rate was known by the bank, she said she could not say. Then I reworded my question and asked if she had the money and the opportunity would she invest? Her answer was yes.
Several times in our conversation she would state “WHEN” it becomes tradable, not “if” it becomes tradable.
Facial expressions while talking we felt like she does know something although she did not or could not say that she did.

Here is the jest of our conversation today.
(Long Q & A below)
READ MORE

Q – Did Chase Bank take any bail out money?
A – No we did not, however in defense for some banks, any bank that was teetering was forced by the government to take the bail out money rather they wanted to or not.

Q – Do we need a pre-existing account to be able to cash-in our dinar?
A – It is not necessary to set up an account right now, but you will need an account at least 1 day before cashing in. In other words, say it becomes tradable on Monday, you can open an account on Tuesday, and exchange your dinar on Wednesday. You are welcome to open an account at any time.

Q – Will there be any fees or hidden fees for cashing in?
A – No hidden fees at all. When you come in to exchange we will overnight the dinar to Dallas and it will be available in your account in one business day. Keep in mind if it is during the week it must be before 4pm. If you come in on a Saturday, it will be Monday before it can be overnighted.

Q – How will you verify our dinar before sending to Dallas?
A – When it becomes tradable we will be able to verify it online just as we do all other tradable foreign currencies.

Q – Do we need an appointment to cash-in?
A – No you do not, however I would recommend that you do to avoid having to sit in the lobby and wait.

Q – When we come in to cash-in do we need to see a personal banker or just go to the teller.
A – You can go to the teller, however going to a personal banker would be better if you will have large sums. We can go behind the teller line to handle your deposit making it more private where going to the teller you many have people standing in line behind or around you that can hear or see what you are doing.

Q – Dealers are promising CBI buy rate, you stated on the phone that Chase will be giving the Federal Reserve Rate with no spread, what is the difference between the buy rate and the Federal Reserve rate?
A – I do not know the difference. Chase is required to give the Federal Reserve rate. Any bank that says they will give you more than the Federal Reserve rate would be loosing money because they would be paying the difference out of their own pocket.

Q – We have been told that different forum sites are working a deal with different banks to get their group a better deal or better rate at a particular bank. Will Chase Bank do the same?
A – It is illegal for any bank to give preferred rate or treatment to one group or individual than another. It would be discrimination. What we would give to one person or one group is what every person doing business with Chase Bank would get rather they be a new customer or an old one.

Q – What does Chase Bank have to offer us that Bank of America can’t offer or any other bank for that matter?
A – Technology, you are not just getting a bank you are getting all the bells and whistles. Such as, if you have a smart phone there is an app where you can take a picture of the front and back of your check and it is deposited to your account and you wont even have to go to the bank to make that deposit.

Q – What is a Tag account or brokerage account? do we need to put our money in one of these accounts first until we can get LLC’s or trusts set up? Does it protect our money?
A – We do not have tag accounts. A brokerage account is set with a Financial Adviser. It can be a savings brokerage account or an investment account. An adviser will sit down and discuss with this with you. A brokerage account still falls under the FDIC limits of 250000 per signer.

Q – Does Chase Bank offer privileges such as investment management, concentrated stock management and intergenerational wealth transfer strategies?
A – We have a dedicated financial adviser. He will do a risk assessment. He would be your point of contact. Chase Bank financial adviser has a series 7.
( I did not ask what is a Series 7, I should have. Maybe some one on here knows and can enlighten us)

Q – Does Chase Bank offer privileges such as no fees ever, no cashier check fees, no bank fees, no credit card fees or annual membership fees, free use of a safety deposit box? What about Credit Cards?
A – Yes – it depends on the account you choose, however we can not change what another bank charges for your withdrawal. As of July 1, 2011 no bank can give rewards on debit cards. Credit cards we have a Freedom Card, you earn a total of 5% cash back in quarterly bonus categories that change. Categories include gas, groceries, travel, even home improvement. 5% cash back categories are subject to a quarterly maximum. Signing up is free and easy, 1 point per dollar (1% cash back) on all other purchases, 1000 bonus points ($10 bonus) after first purchase. Here are the different accounts we have…..
Chase Total Checking:
Benefits – Free Chase Debit Card, free Online Banking and Bill Pay, Free Chase Mobile, Free account alerts, Free access to more than 5100 Chase branches and 15,000 Chase ATM’s.

No monthly Service fee with direct deposit of $500 or more, Or with a $1500 or more in deposits/investments, or pay $25 or more in qualifying checking-related services or fees. Otherwise, $12 Monthly Service Fee.

Chase Premier Plus Checking
Benefits – Same as Chase Total Checking and Free Chase design checks, free safe deposit box (where available), No monthly service fee on two additional Chase Premier Plus Checking accounts, No monthly service fee on Chase plus savings, No monthly service fee on Chase Business Select checking, No Chase fee on 4 non-Chase atm withdrawals, No fee on money orders, official checks, travelers checks and gift cards.

No Monthly service fee with $15,000 or more in deposits/investments. Otherwise $25 monthly service fee.

Chase Premier Platinum Checking
Benefits, Same as Chase Total Checking and Free Personal style checks, Free safe deposit box (where available), No monthly service fee on chase plus savings, no monthly service fee on chase business select checking, No chase fee on non-chase atm withdrawals, No fee on money orders, official checks, travelers checks and gift cards, no fee on overdraft protection transfers, No fee on stop payments.

No monthly service fee with $75000 or more in deposits/investments. Otherwise $25 monthly service fee.

Q – We have heard that we need to wait to send out any wires once our money is deposited or Home Land Security could freeze our account to check it out?
A – I have heard of the IRS freezing an account or it being frozen because of back child support. If Chase Banks suspects fraud, we will freeze the account ourselves. I suppose it could happen, but I don’t see it happening because the government already knows all about this.

Q – Does Chase Bank have a De LaRue machine to verify our dinar?
A – No we do not, it will be sent to Dallas over night. Dallas may have one, but I do not know for sure.

Q – If our money is to be sent off for verification will it be insured or guaranteed? For instance what if the FedEx truck wrecked and caught fire, the truck was robbed, ect. Anything could happen.
A – We FedEx every day and have never had anything happen although I guess it could. Your money is guaranteed. We guarantee the full amount any deposit that we take. I do not know the turn around time it would take to get your money as we have never had this happen. FDIC insurance is only for a bank that fails and is totally different from this guarantee.

Q – What guarantee do I have if you send my money somewhere else, that where you are sending it is honest and there will be no fraud?
A – As I said we will guarantee the full amount of any deposit, this includes even if fraud should happen. Chase Bank will prosecute should fraud occur rather it be inside the bank or where we send it for verification.

Q – What kind of insurance programs does Chase Bank offer that will protect our money beyond what the FDIC insurance is currently at and how many years do they have to pay it back?
A – We have no other insurance outside of FDIC. Investments are not FDIC covered.

Q – When cashing in, would it be best to cash in a small amount, then set up trusts or LLC’s and then cash in the rest after these are set up?
A – It would be best to talk to a Tax attorney and CPA about this.

Q – If we were to go to the corporate bank in Dallas instead of a branch would our money be verified on the spot and available immediately eliminating the need to overnight it?
A – You can not go to Dallas. The corporate bank does not accept customers, it is like our back end shop.

Q – I understand there are 2 kinds of financial advisers, Active Advisers and those who follow what is called modern portfolio theory, which kind of advisers does Chase Bank have?
A – Chase Bank adviser will do based on what you want. No money is moved without your knowledge. I am not sure what a modern portfolio theory is.

Q – What is your privacy policy, will we have secure accounts that can not be seen by normal banking operations, will our names not be given out to other groups in the bank?
A – You can set it up however you want it. Any bank employee handling transactions or maintenance will be able to see your account.

Q – What are the benefits of a personal banker?
A – A personal banker and a private banker are different. A personal banker is any banker on the floor and can handle any persons transactions regardless of the amount of their assets. A private banker only handles customers that have 1 million or more in assets. A private banker can negotiate interest rates on savings and CD’s. Right now I advise against CD’s because they are not paying anything right now. A private banker has a set number of clients and caters to their needs. If you use a private banker he/she is the only one that can handle your banking needs or maintenance on your account.

Q – What if you have previously had a problem at another bank and you know it has not been cleared up, will this prevent one from opening a Chase Bank account at the time of cash-in?
A – If you had one at a Chase bank that went to collections you will not be able to open another account. If there was a problem at another bank sometimes they will let you open an “Access Account”, or 2nd chance account. This will allow you to have an ATM card for atm withdrawals or in bank withdrawals only. You will not be able to use it for purchases and will not be allowed to write checks.

Q – Attached is an email received that regarding how currency is taxed. It states that a form has to be filled out before exchanging as spelled out in Section 988 of the IRS Tax Code. Are you familiar with this form and are they available at Chase Bank.
A – I am not familiar with this form and we do not have them. It would be best to discuss this with your CPA and Tax Attorney before cashing in.

Q – What kind of interest on Ce’s Ira’s or savings accounts can we look for ant what determines those rates?
A – She gave us a print out of the current rate. It will be best for you to discuss this with your private banker as he can negotiate rates.

Q – Can we make purchases over 5 – 10000 without any problem or is it recommended to do all larger transactions through our banker, or financial adviser.
A – Any major purchases would be best handled with a cashier check from the bank. If you are just going shopping for clothes ect then it would be best to use your debit card. It is not wise to carry that much cash on you. If you are traveling we recommend using your credit card.

Q – Do we have access to our account nation wide and 24/7?
A – Yes through our online banking system, telephone banking system and in case of fraud you can use our customer service dept.

Q – Will Chase Bank provide us with confirmation letter of transaction in detail signed by the Private Banker and the bank president?
A – No, this location does not have a president we have a CEO and I can’t see him signing a letter like that. You will get a receipt of your deposit and that is really all you will need.

Q – Can we open a foreign checking account at Chase and if so how does that work?
A – We do not have foreign currency accounts. I worked for Wells Fargo before working for Chase and they do not have them either.

Q – will you provide us with references, or can a Private Banker provide references?
A – We can not provide references as that would be braking the privacy by giving out names, addresses or phone numbers.

I hope this helps answer a few questions some might have, I did my best to try to think of everything, but I’m sure I forgot something.

LINK

Excellent post, very good questions........

Just an FYI, a Series 7 securities license covers all types of securities except for commodities and futures. This means that the advisor can speak to you about a wide array of financial instruments. I heard a number of years ago that it is one of the hardest professional exams to pass. I'm not sure if it's still that way, but it was when I looked into it in the 90's. I hope this helps.

lux40

[b]i like this post alot it was nice to see. loved the questions you asked. i live in north ftworth so now i know where i can go. thank you again.

Very Important Info that they didn't ask --

Do I need to set up a special holding account where my money will be FDIC insured while I am determining where to distribute my funds, until I have time to set up trusts, etc.??

Yes, we need to cash out and put our moneys into a NON-INTEREST BEARING CHECKING ACCOUNT WITH UNLIMITED DOLLAR AMOUNT FDIC INSURANCE! You can set these up with the banker, using either a personal or a business checking account.

Please go to the FDIC website, and see how President GW Bush placed this type of account into THE PLAN, so that we could have time to hold our moneys in this account until we know what we are going to do with it!!

Otherwise, your moneys will not be insured, because most banks only insure depositors up to $100,000.00 or $250,000.00. YIKES!! That is NOT enough insurance for my new account!! HA! HA!!

I didn"t read anything after they said that they didn't have TAG accounts. You need a TAG account If you are going to put more than 250,000$ in an account

LUX 40 IS CORRECT - SERIES 7 IS THE MOST DIFFICULT TEST TO PASS FOR SECURITIES. MY SON AND I WERE BOTH INVESTMENT BANKERS FOR CHASE. WE HAVE BOTH LEFT THERE AND HE HAS MOVED ON TO ANOTHER POSITION WHERE HE HAS HIS SECURITIES LICENSE IN ALL 50 STATES AND WILL BE TAKING HIS SERIES 7 EXAM ON THE 8TH. ALL OF THE INFO HERE IS ACCURATE AND GOOD INFO.....HOWEVER, PLEASE GET THE ADVISE OF A TAX ATTORNEY AND A GOOD CPA BEFORE YOU DECIDE TO DO ANYTHING WITH ANY BANK. AND REMEMBER - YOU WILL BE WOOED BY MANY BANKS IF THEY FIND OUT ABOUT YOUR NEW FOUND WEALTH...IF THEY CALL YOU - GOOD RULE OF THUMB - WELL, REALLY GOOD ADVISE FOR ANY TIME SOMEONE CALLS YOU AND ASKS FOR INFORMATION - DO NOT GIVE THEM YOUR SOCIAL SECURITY NUMBER OR BANK ACCOUNT NUMBERS.

Great post! Thank you darjohn!

:queen:

I set up a non interest bearing account yesterday with my bank, (not a Big 4, but with several branches in my area). My banker however, did not know about the insurance coverage on that account UNTIL I told her and she looked it up! My new money won't be staying there, it's just a holding place until the investing & trusts start.

Great post !!!!
Common sense dictates though that when you go into a bank to cash in, they will not give you the $$$$ until the currency has been authenticated or verifiied. I can't see any financial institution "crediting" an account for a certain amount THEN authenticating, but I don't know I'm not a financial person. It will be tough to let go of the currency and let them send it somewhere for verification. I have heard the suggestion of making copies in black and white with the serial #'s visible and your signature as well, that way if your currency does has to be sent off for verification you have a visible record of said currency.
I spoke with a lady who sets up accounts at BofA near me and she told me that there's a ton of paper work involved in the curency exchanging process to safeguard the bank and the customer against fraud. She talked about receipts of purchase of the currency, serial #'s being documented and stuff like that before they ever send it for authentification and verification...