Story Time #25

by **Ssmith** Fri Nov 07, 2014 1:22 pm

This one I believe:

Bummer of a Bank Story	Permalink

Been on the ride for a while, been kicked in the rear several times while discussing this with both my personal banker and a Regional Private Banker (WF, in a major banking city/hub). The Private Banker has worked at WF for 15 years, and been consistent & adamant that a dinar exchange is not in the cards. He has not changed his tune in almost 2 years. He's insisted that he would know if anything were imminent, due to his strong relationships with execs at the currency transaction desk. My personal banker is a great guy, always helpful to me (helped me set up a couple of trust accounts in the past, waived fees, etc), but toes the company line. He not one to really dig into gathering info on something like this, he pretty much sticks to branch-level activity. Gave the Private Banker guy a shout yesterday, asked if I could swing by - he said he could squeeze me in for a few minutes, but he's been really busy. I sarcastically asked, "Oh, Friends & Family been eating up your calendar availability?" He was like, "No, all professional banking clients," as if the term Friends & Family was not a term with which he was familiar. He ended our quick phone chat with, "I have something to show you when you stop by." I stopped by around close of business, he was available (not with a client). We shook hands, and he invited me to his office. He whipped out a memo - there were several banking issues discussed (he wasn't shy to show me the non-dinar stuff, which surprised me...but I wasn't gonna argue with the guy) - security breach concerns/safeguards, a commentary about growing the off-balance sheet fiduciary platform...and (I'm paraphrasing, so please give me some latitude), "We have been inundated by inquiries concerning the value increase of several foreign currencies. Please inform your clients that we will not be dealing with the Iraqi Dinar, we do not buy/sell Iraqi Dinar, and we prohibit issuing banking/investment advice regarding the Iraq Dinar." I wasn't surprised, except for the fact that others have said they heard of memos to the contrary. I even brought that up, and he said, "This memo came from the top, there are no memos circulating anywhere in WF that speak positively about the dinar...and there's no way anyone is being trained for some massive public exchange. I keep telling you - if this were legit, my clients would be all over it. Several have heard the noise, but not a single one of them thinks it's legit. Anyone working in a bank that says otherwise is trying to get you to open an account or two, so they can generate bank leverage and lend money. Not trying to be a p*&%k, I wish it were realistic." I asked if he could make me a copy of the memo, he said no way, it's inter-office and not for public consumption (based on the other topics discussed, I understand his views on that...still, it's funny it wasn't for the public, but he shared it w me without hesitation). I asked, for good measure, "So, if the dinar does increase in value, and is accepted at other banks, would you then handle an exchange for me?" He laughed, and said, "Man, you need to let it go...but sure, I'll help you if you have 250K in winnable assets..." Of course, I'm not selling what I have in my physical currency portfolio. I decided I wouldn't be buying any more last year. I was bummed by that memo and his commentary. The Private Banker wasn't demeaning or arrogant, and I believe him when he says that he wouldn't have gotten that memo if a contradictory memo had been circulated alerting people to prepare for a public exchange. Each week that passes brings new info and new roadblocks. Staying grounded can be tough. Hope we hear some good news soon, so I can make my own memo and give it to that Private Banker, saying, "CE me, buddy!"