Thread: All Banks $ Dealers News Here.

Originally Posted by goldraker

I have only seen the pin holes in the 10,000's! This could be an attempt to screw us.....................

Best thing to do is. Do not open the Chase package until you cash out.

Then and only then open it in front of them.

Also make sure they put there name on the package!!!!!!!!!!!

Then also make sure they have the verification machine on the premises!

For this a road trip may be in your near futures.....

i got them in the 25k's and the 10k's i dont think it matter if theyre genuine or not the cbi i have said they will not accept and will confenscate notes that have been written on or perforated with no compensation...

Originally Posted by phil

regarding dinar notes with pinholes in. ive read recently that the cbi will not accept these notes... ive heard many people have got these from chase as i have here in the UK... its happening in iraq obviously but what can be done... the banks may say that theyre fine now but when theyre worth alot each after reval theyre going to going over them with a microscope to check theyre ok with the cbi...

Personally, I find it hard to believe that BoA or Chase would knowingly sell us NID (with puncture holes in it) knowing full well that the CBI would not accept them back. Remember, Chase and/or BoA have the NID stacked up in their vaults before they make it into those little green pouches. Thus, they would know if the notes have puncture holes in them.

My last batch actually came through RBOS R Bank of Scottland wholesale note div. via Chase.

Interesting,

Don't worry about the pin holes for none of us will be exchanging with CBI anyway, and if you read most currency rules, they all mention the same, and I have never had a problem exchanging foreign currency which was a bit torn and with small pin holes, kind of normal in my opinion.

Good luck to all, Mike

Originally Posted by Offshore-Wealth.com

Interesting,

Don't worry about the pin holes for none of us will be exchanging with CBI anyway, and if you read most currency rules, they all mention the same, and I have never had a problem exchanging foreign currency which was a bit torn and with small pin holes, kind of normal in my opinion.

Good luck to all, Mike

That's exactly my point Mike.

We sell back to Chase. Chase transacts with someone else. Somehow, it ends up back in US Gov't hands. US Gov't tries to buy oil from Iraq with it and Iraq says "sorry, it has puncture holes in it". If that was to be the case, US Gov't would not accept "punctured notes" from Chase or whomever meaning Chase would not be selling it in that condition.

so whats this mean then....

Here is a quote from the Central Bank of Iraq's banking regulations:

"The CBI shall not be required to provide any compensation for banknotes or coins that were lost, stolen or destroyed; it may confiscate without compensation any banknotes that have been altered in their external appearance, including in particular banknotes that have been written on, painted on, overprinted, stamped or perforated, or to which adhesive matter has been applied."

Click this link http://www.cbiraq.org/Binder3.pdf and scroll down to ARTICLE 34, Section 3., about midway in the document.

chase may think theyre fine now but i doubt theyre going to feel the same way when theyre giving you a large amount for each one...

and as for selling them back to someone else other than chase.. its not chase that has the problem its the cbi.. there the ones that decide if theyre worth anything.. so any bank is going to refuse them once the take a microscope to them and go through the cbi spec. for acceptable notes.. :(

Originally Posted by Offshore-Wealth.com

Interesting,

Don't worry about the pin holes for none of us will be exchanging with CBI anyway, and if you read most currency rules, they all mention the same, and I have never had a problem exchanging foreign currency which was a bit torn and with small pin holes, kind of normal in my opinion.

Good luck to all, Mike

but the notes you was exchanging werent worth a few thousand dollars EACH...

Originally Posted by phil

so whats this mean then....

Here is a quote from the Central Bank of Iraq's banking regulations:

"The CBI shall not be required to provide any compensation for banknotes or coins that were lost, stolen or destroyed; it may confiscate without compensation any banknotes that have been altered in their external appearance, including in particular banknotes that have been written on, painted on, overprinted, stamped or perforated, or to which adhesive matter has been applied."

Click this link http://www.cbiraq.org/Binder3.pdf and scroll down to ARTICLE 34, Section 3., about midway in the document.

chase may think theyre fine now but i doubt theyre going to feel the same way when theyre giving you a large amount for each one...

and as for selling them back to someone else other than chase.. its not chase that has the problem its the cbi.. there the ones that decide if theyre worth anything.. so any bank is going to refuse them once the take a microscope to them and go through the cbi spec. for acceptable notes.. :(

I think you need to read all 3 paragraphs of Article 34 together to get the true meaning, and not just one paragraph taken out of context. Here they are.....

Article 34 Withdrawal of unfit banknotes and coins

1. Banknotes and coins in circulation that are unfit for circulation shall cease to be legal tender. Subject to paragraph (2) of this Article, the CBI shall withdraw, destroy, and replace, with banknotes or coins of an equivalent amount, any banknotes or coins presented to it that are unfit for circulation.

2. The CBI may decline to replace an unfit banknote or coin if its designs are illegible, misshaped or perforated, or if more than fifty percent of its surface has been lost; such a banknote or coin shall be withdrawn and destroyed without indemnity to the owner, unless there is evidence satisfactory to the CBI that the missing portions have been totally destroyed, in which case the CBI may, in its sole and absolute discretion, grant compensation in whole or in part.

3. The CBI shall not be required to provide any compensation for banknotes or coins that were lost, stolen or destroyed; it may confiscate without compensation any banknotes that have been altered in their external appearance, including in particular banknotes that have been written on, painted on, overprinted, stamped or perforated, or to which adhesive matter has been applied.

It appears to me that if the notes are seriously damaged, etc. they may refuse to compensate on the basis that A) they could be counterfeit or B) they are 1/2 of the note and the other 1/2 will be presented at another time. I really don't feel that a few tiny pinholes from a counting machine or normal wear and tear from use are going to be reason enough for them to refuse to honour them. Besides, since they are the source for B of A then why did they release them to B of A if they were not "fit for circulation". Personally, I am not worried. I have had many of our own Cdn notes accepted by the bank that were in much worse shape than the dinars I have in my possession.

Originally Posted by Cdn Scrooge

It appears to me that if the notes are seriously damaged, etc. they may refuse to compensate on the basis that A) they could be counterfeit or B) they are 1/2 of the note and the other 1/2 will be presented at another time. I really don't feel that a few tiny pinholes from a counting machine or normal wear and tear from use are going to be reason enough for them to refuse to honour them. Besides, since they are the source for B of A then why did they release them to B of A if they were not "fit for circulation". Personally, I am not worried. I have had many of our own Cdn notes accepted by the bank that were in much worse shape than the dinars I have in my possession.

but as i said, not each note was worth thousands each..
how many do you have with pinholes?

yes they open it right in front of you count it verify it and then you sign with chase