Try calling around to see what rates the banks are offering. You might be able to just walk in to exchange or you may have to make an appointment thru the 800#.
Wait for the 800# and call for an appointment. Say you want to do a “Currency Exchange” Do Not give them your current email address……create a new one to use and give them your burner phone’s number. Make appt. ASAP, then log on to this or any other site to get specific post-reval information.
Start being super savvy about ID theft, etc. Get a secure email address (hushmail.com is one), shred all your mail and papers with sensitive info, get a PO box for EVERYTHING, remove your personal info from anything online. You want to minimize yourself as a target. Keep a low profile.
Think up a cover story. You might want to say you won the lottery/inherited/etc. to explain your new wealth, since the NDA won't let you say anything. The most you might be able to say is “I had an investment that paid off”
It’s being suggested that you will be given 3 rate options..do the math on which is best for you:
If you take the highest rate, you will sign an NDA, pay 100% capital gains tax and may have access limitations, etc. on your deposited accounts thru the bank contract you sign.
The midrate: you will sign an NDA and a contract, pay 50% capital gains tax
The lowest rate: no NDA, no capital gains tax
Capital Gains Tax: 39.6%: then add state tax %, if any
Put up to 50% into Tax Escrow Account, 25% in an account to make life easier, 25% to invest (real estate, gold?).
Make a list of the names of people you want to give money to, take it to your appt. for cashier's checks. You can gift $14,000 per person without creating tax obligations for them. You must create a notarized “gifting” letter to go with the money for the tax waiver.
I live where there is no De Larue machine (checks for counterfeit). I understand that they might take my currency and send it to a bigger bank to verify. If this is the case, I plan to have them make copies of the currency, sign them, have them make a written statement of what they are doing, stating the currency will be returned to me on demand if I don’t agree to the terms of the exchange and leave with a future appointment for when it is verified.
Get a tax professional and a Fee Only wealth adviser. I don’t advise using the bank's wealth team. They are working for themselves, not you.
Consider creating a Trust with a Trust Attorney or an LLC and put EVERYTHING in it.
If you have a credit card(s) with RFID (has a little chip that transmits and will have a WiFi type symbol) get a protective sleeve for it so no one can scan it while it’s in your pocket/purse. Watch this short video. http://youtube.googleapis.com/v/lLAFhTjsQHw%26sns=em
Learn how to create super secure passwords..and do it!
If you are new to the bank, take photo ID, passport/birth certificate, utility or other bill with current address to open an account.
CHECKLIST TO TAKE WITH YOU TO THE BANK APPOINTMENT:
FIND OUT RATES OFFERED BEFORE YOU SIGN ANYTHING OR SURRENDER YOUR CURRENCY
Get Real time CURRENCY VERIFICATION: Signed and dated copies of the currency and receipts placed on file after verification.
Have Instant deposit credit with immediate access to funds.
NO bank or spread fees (except UST fee)
NDA: Read back to front, sign each page, get actual copy, get a blank copy. Observe the counter-party signature. Some suggest putting “All Rights Reserved” over every one of your signatures.
Bank Contract: read back to front
Sign ONLY FinCEN 104 part II, line 33 Currency Exchange—not an Investment
Get CASHIER’S CHECKS for your pre-made gifting list Get CCC (Clean and Clear Certificates) if needed
Pay off all loans, mortgages, bills
Get CREDIT CARD (not a black card..you become a target for theft)
Obtain copies of all jointly signed paperwork
Obtain printout of all account transactions documenting deposits and withdrawals
Business cards from everyone involved
Make sure your addresses are the PO box!
Keep different currencies in separate accounts (tax reasons).
Are there strings, limitations, and fees attached to any accounts?
Put 50 to 55% in a tax escrow account, 25% in an account for investment, the rest in an account to play with.
TWO ACCOUNTS THEORY: Deposit money into your first account #1……Then open another “New” account (#2). Then transfer ALL OF the MONEY from account #1 into account #2. The reason you are doing this is twofold. The bank is required to report the opening of Account #1 to the federal government and that information can find its way into the public domain; however, the bank is NOT required to report intra-bank transfers between accounts. What this does is effectively eliminate your digital trail so that no one outside of the bank knows how much money you have on deposit.
Request CDARS coverage if available. Certificate of Deposit Account Registry Service, operated by the Promontory Inter-financial Network, FDIC insured up to 50 million dollars. Paid for by the bank, so they won't tell you about it.
Tag as Access Restricted & Non-test/Non-Training Accounts and keep them offline. Allow no touching, trading, etc, until further notice. Flag all accounts as ACCESS RESTRICTED to NON ESSENTIAL BANK PERSONNEL
Keep all accounts with significant amounts off line with no debit card
Add TOD (Transferable on Death) Name to All Accounts