Below we'll have some bullet points from the call for those of you who missed the call. Should the call become available on a replay online we'll update this post so you can listen for yourself.
XChange Of America Call Notes / Bullet Points
- Call began with them discussing XChange of America, their growth and where they are going in the future. They put a heavy emphasis on their transparency, accountability, and the fact that they had many brick and mortar locations. They view themselves as a brick and mortar company with a heavy internet presence, but at the heart of their company they are a brick and mortar company.
- They discussed how they are an industry leader and in another league from most Iraqi Dinar dealers or exotic currency dealers. They have expanded their product line to include not only precious metals but money transfer services like most other brick and mortar currency exchange. They are really excited about their growth, opening up new locations, and offering new lines of products and services to assist their customers.
- The reason I tuned in and I'm assuming many of you was for an update on the Sterling Currency Group situation regarding the FBI Raid. Not surprisingly XChange of America said they didn't know anything more than anyone else and that they wouldn't speculate on what the reason for the raid was. XChange of America is a large professional company so it's no surprise they weren't going to speculate or trash Sterling Currency Group and kick them while they are down. None the less many callers called up asking about this once the Q & A session was opened up but XChange of America maintained they coudln't comment on the situation.
- Early in the call they discussed the entire Money Services Business Industry. They said this is the shakiest they have seen the industry in all their 8 years. They commented on how difficult it is to find and maintain banking relationships as has been seen with many customers of other companies who are unable to get payment for their Dinar selloffs due to banking problems which have been highlighted on forums and social media. XChange of America said because of their brick and mortar approach, transparency, and accountability they have stable banking relationships and their customers can rest assured.
Question & Answer Session
- Hats off to XChange of America for fielding customer calls, questions and inquiries. Not surprisingly some people called up with some crazy off the wall questions. Think of the craziest conspiracy theories and the craziest Dinarians out there having the ability to ask whatever crazy question pops into their head and Xchange of America having to field these questions. Was very impressed with how they fielded all questions.
- Early on in the call I believe the first caller if not the first one of the first 2 or 3 callers said at the end of the call what sounded like "Randy asked me to call in so I asked you an easy question." This made me think the call and callers were all setup or staged. It could have just been a fluke or I could have mis-heard but after listening to all the callers call up I have to say this call was definately not staged or fake. Some of the callers were just too crazy to have made up. Also, XChange of America was asked some tough questions and fielded all the questions wonderfully.
- Many callers asked XChange of America to speculate on a variety of issues from the Sterling Currency Group FBI Raids to the future of the Dinar and other currencies and as they said at the beginning of the call "we will not speculate." So it was almost comical to hear caller after caller say..."could you speculate on when an RV will occur?" Or "could you speculate on what's really going on with Sterling?"
- A consistant theme throughout the call was callers who had either purchased physical currency around the time of Sterlings raid or those who had open layaways. Many people were concerned if they will get their money or their currency. These callers were all frustrated that Sterling was not answering any questions or giving any insight into whether they would be back in business, whether these customers would get their money back, etc.. Customers were understandably upset about this and unhappy about the lack of news or updates.
- Going along with the previous point a common question asked during the call was essentially asking XChange of America "if you were to be raided by the FBI, what assurance do I have that my reserve or layway is still good? One particular caller asked if there was any rule or regulation protecting their purchase. This is not a fair question to ask, asking XChange of AMerica to speculate on IF they will be raided by the FBI in the future. The point is there is no assurances in business or anything so how can they possibly comment on a hypothetical and very unlikely scenario happening in the future. I would also highly doubt there's any rules or laws on the books regarding what happens after a currency seller is raided by the FBI. None the less a couple callers got upset and hungup when XChange of America coulnd't answer this question which really has no answer and would require speculation. It's understandable after the recent events with Sterling that customers would have this concern but XChange of America is not Sterling. They stressed how they have brick and mortar locations, they are more transparent and seem to insinuate they have higher ethical, moral, and compliance standards than others and though they cannot predict the future don't see themselves being involved with something like this down the road.
- The topic of counterfeit Dinar came up as well. Some callers questioning whether their currency from Sterling Currency Group was legitimate. XChange of America stated that in all their 8 years and all the Dinar they have moved they have not yet come across a counterfeit note. The reason given being for a counterfeiter to make money they need to move large amounts of their counterfeit product. Because banks don't deal with Dinar, there's a very limited market and only a handful of sellers and it would be too difficult to move large amounts of counterfeit currency. Add to that why would a counterfeiter counterfeit such a difficult curreency and one that is worth almost nothing at current value.
- Along with the previous point something else new we learned is that De la Rue machines are no longer used. I would image they still work but XChange of America stated De La Rue machines are no longer in use and have not been for several years. They were bought out by a company called Telaris I believe.
- Many questoins regarding layaways and specific questions regarding layaways such as if my layaway expires on a Sunday and the Dinar goes up, will I be able to pay my layaway off on a weekend. Most of these quesitons people were either referred to the website or told to call back for a one on one discussion the next day as they had a lot of callers and wanted to answer more questions. One interesting thing is XChange of America is unique in that their layaway is 100% refundable at any time unlike other dealers selling layaways where if you don't complete it you lose all deposits made up til that point.
- Regarding layaways, one caller called up stating that any sellers selling layaways without a 100% money back refund are selling unlicensed securities which should be licensed and registered with the SEC. I believe the word he used was naked calls or naked puts. This has long been a concern of many out there regarding options. Xchange of America could not comment on this but did state at any time during your layaway you can either get a full USD cash refund or a currency of your choice.
That is a brief wrapup of the XChange of America confrence call and what was discussed for those of you who couldn't call in and listen. There will most likely be a replay or tape of the call posted at a later date so should it be posted online we'll edit this post and add the link so you can give it a listen for yourselves.
It's definately worth giving a listen. Not only was it informative, but it was also quite entertaining as well.