Entry Submitted by AL at 9:10 PM EDT on September 13, 2019
What do you think about this?
I got this info because I opened an account there some days ago:
"These Addenda change the Deposit Consumer Account ("Agreement") and use the same terms you will find there. While these Addenda address details for specific accounts and/or related services, all other aspects of the Agreement remain the same. If there is a conflict between these Addenda and the Agreement, these Addenda will control.
Applicable Exchange Rate and Non-U.S. Item Deposits, Effective August 19, 2019
In the section of the Agreement titled "Rights and responsibilities", the following section is added:
What is the applicable exchange rate?
The applicable exchange rate is the exchange rate we set and use for you when we convert one currency to another currency. It includes a markup over our cost of sourcing the relevant currency. The markup factors include without limitation costs, incurred, market risks, and our desired return. The exchange rate we provide to you may be different from exchange rates you see elsewhere. Foreign exchange markets are dynamic and rates fluctuate over time based on market condition, liquidity, and risks. We reserve the right to refuse to process any request for a foreign exchange transaction.
In the section of Agreement titled "Deposits to your account", the subsection titled "How do we handle non-U.S. items?" is deleted and replaced with the following:
How do we handle non-U.S. items?
A non-U.S. item 1) payable in a currency other than U.S. dollars or 2) drawn on a financial institution that is not organized under U.S. law. We are not required to accept a non-U.S. item for deposit to your account or for collection. We may accept non-U.S. items on a collection basis without your specific instruction to do so. We can reserve any amount we have credited to your account and send the item on a collection basis even if we have taken physical possession of the item.
If we accept a non-U.S. item, the U.S.dollar amount you receive for it will be determined by our applicable exchange rate that is in effect at the time of deposit or our receipt of final payment (less any associated fees) of the collection item. If the non-U.S. deposited item is returned unpaid for any reason, we will charge the amount against your account (or any other account you maintain with us) at the applicable exchange rate in effect at the time of the return. For information on the applicable exchange rate, see "What is the applicable exchange rate?" in the "Rights and responsibilities" section of the Agreement.
Our funds availability policy does not apply to a non-U.S. item."
I don't know what to think of that, especially that their rules changed, effective August 19, 2019. They sure have been prepared themselves against any risk in taking in foreign currency. But it seems to me that for the customer exchanging foreign currency could become a risky action.
______________________________________________________
If you wish to contact the author of any reader submitted guest post, you can give us an email at UniversalOm432Hz@gmail.com and we'll forward your request to the author.
______________________________________________________
All articles, videos, and images posted on Dinar Chronicles were submitted by readers and/or handpicked by the site itself for informational and/or entertainment purposes.
Dinar Chronicles is not a registered investment adviser, broker dealer, banker or currency dealer and as such, no information on the website should be construed as investment advice. We do not support, represent or guarantee the completeness, truthfulness, accuracy, or reliability of any content or communications posted on this site. Information posted on this site may or may not be fictitious. We do not intend to and are not providing financial, legal, tax, political or any other advice to readers of this website.
Copyright © 2019 Dinar Chronicles
What do you think about this?
I got this info because I opened an account there some days ago:
"These Addenda change the Deposit Consumer Account ("Agreement") and use the same terms you will find there. While these Addenda address details for specific accounts and/or related services, all other aspects of the Agreement remain the same. If there is a conflict between these Addenda and the Agreement, these Addenda will control.
Applicable Exchange Rate and Non-U.S. Item Deposits, Effective August 19, 2019
In the section of the Agreement titled "Rights and responsibilities", the following section is added:
What is the applicable exchange rate?
The applicable exchange rate is the exchange rate we set and use for you when we convert one currency to another currency. It includes a markup over our cost of sourcing the relevant currency. The markup factors include without limitation costs, incurred, market risks, and our desired return. The exchange rate we provide to you may be different from exchange rates you see elsewhere. Foreign exchange markets are dynamic and rates fluctuate over time based on market condition, liquidity, and risks. We reserve the right to refuse to process any request for a foreign exchange transaction.
In the section of Agreement titled "Deposits to your account", the subsection titled "How do we handle non-U.S. items?" is deleted and replaced with the following:
How do we handle non-U.S. items?
A non-U.S. item 1) payable in a currency other than U.S. dollars or 2) drawn on a financial institution that is not organized under U.S. law. We are not required to accept a non-U.S. item for deposit to your account or for collection. We may accept non-U.S. items on a collection basis without your specific instruction to do so. We can reserve any amount we have credited to your account and send the item on a collection basis even if we have taken physical possession of the item.
If we accept a non-U.S. item, the U.S.dollar amount you receive for it will be determined by our applicable exchange rate that is in effect at the time of deposit or our receipt of final payment (less any associated fees) of the collection item. If the non-U.S. deposited item is returned unpaid for any reason, we will charge the amount against your account (or any other account you maintain with us) at the applicable exchange rate in effect at the time of the return. For information on the applicable exchange rate, see "What is the applicable exchange rate?" in the "Rights and responsibilities" section of the Agreement.
Our funds availability policy does not apply to a non-U.S. item."
I don't know what to think of that, especially that their rules changed, effective August 19, 2019. They sure have been prepared themselves against any risk in taking in foreign currency. But it seems to me that for the customer exchanging foreign currency could become a risky action.
______________________________________________________
If you wish to contact the author of any reader submitted guest post, you can give us an email at UniversalOm432Hz@gmail.com and we'll forward your request to the author.
______________________________________________________
All articles, videos, and images posted on Dinar Chronicles were submitted by readers and/or handpicked by the site itself for informational and/or entertainment purposes.
Dinar Chronicles is not a registered investment adviser, broker dealer, banker or currency dealer and as such, no information on the website should be construed as investment advice. We do not support, represent or guarantee the completeness, truthfulness, accuracy, or reliability of any content or communications posted on this site. Information posted on this site may or may not be fictitious. We do not intend to and are not providing financial, legal, tax, political or any other advice to readers of this website.
Copyright © 2019 Dinar Chronicles
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