I’m seeing tour comment five months after your post, but I had the same exact feeling about Harry. He is very authentic, very believable. I very much enjoy the topics that @SilverDragons addresses, but I very much appreciate Harry‘s input on the coin shop side of things. Still, the banking industry on the whole is very questionable in my mind. Yes, they have a lot of regulations to follow, yet they also create a lot of oversight and governance that favors them, as well. In fact, if you go back several hundred years the so-called financiers (aka bankers) have ALWAYS had favorable governance. To wit, You can go back to the tea party incident in Boston in the 1700s where the financiers were a major player behind that event . And look what that created! 😏 Bottom line, yes, I agree with Harry in that banks have every right and reason to charge fees to remain profitable. But I don’t trust them; I don’t trust the influence they have over governmental legislation and regulations. Just don’t.
I went to my local community bank to withdraw $4,000 to purchase a used car. I was told I could only withdraw $2,000 per day. I said, "ok, I'll be back tomorrow for another 2k and the day after that for another 2k and the day after that until all my cash is out of your bank." I got a call from the bank manager after I got home and he explained that they were worried about a bank run. I told him that limiting access to the people's own money will cause exactly what he was trying to avoid and I was going to tell everyone I knew. He told me to come back in and I could have the rest of the money I needed.
That happened to me once. ONLY ONCE. I asked them plenty of times. I also had to make a large purchase and the seller refused to come to my bank to get a cashier's check. I wanted them to come so they knew it was real. They only wanted cash. I called the corporate office and kept going higher and higher up. No one would authorized it. So I told them I was calling the police. I then calmly walked outside and called the police. The police came and I told them the bank would not give me my money. They went in and came out and helped me file a police report. The next day, my debit card did not work. They closed my account. i called them. Reason stated they felt I was a danger to employees. I did not even yell or scream. So they sent me a cashiers check in the mail for my balance and basically told me in the nicest way possible to not come back. To this day, when I am doing business, I do not accept credit cards, debit cards, or checks from that bank from my clients or customers. Sorry.
@@gchsbus What did you want the police to do? It's clearly a civil matter. If I was the bank I would have booted you also. Their ball their rules. I'm not saying you were wrong as you were NOT and you did the right thing, take your business elsewhere if you don't like the rules.
Forcing people to move into or out of certain currency or money would also be part of profit/loss schemes. It's not crazy if it's actually happening. BASIL 3 plan does make gold a tier 1 asset, so we're kinda safe with that. Never forget that the government made the US people turn in their gold in 1933 and made it illegal to hold until 1974.
people act on ego, lust and wrath just as much as greed. its short sighted in my opinion to think that all of this is simply for economic reasons. if nothing else control is a partial explanation. I believe it puts to much faith in raw human rationality to think we would not be animalistic and act on lower instincts, remember we are animals, and animals hunt for fun, often. if anything i believe this overly logical and rational explanation is a projection of the part of its believers. Gold and Silver and then cash are not credit, they can not be as easily manipulated or rather stolen from. the people making these decisions do not see money as yourself or i do. they see money not as a tool but rather their entire world view. Money to them is a way of life a religion with rituals. Perhaps not numerous, there are absolutely individuals whom take personal offence to anyone trying to wield the power of capital. i want you to think back to when bitcoin and Crypto currency was becoming so popular years back. there were individuals both in government and the private sector that were feverishly enraged, drumming up stories of how this would allow the very worst of America to compromise our country. making claims that only psychopathic hate groups, child predators and the drug cartel would benefit from the advent of this new and dangerous technology. yet none of that was true. it was all irrational fear and anger, fear of losing control, of losing power, in addition to the palpable feelings of disgust, and personal offense that anyone would dare create a currency system parallel to their own. Recognizing human nature is not crazy, I would argue ignoring it would be.
This was certainly a different kind of video but these issues need to be discussed and I for one appreciate that you talked about them with Harry. Thank you!
Harry of course is wrong about the reason cash businesses are being targeted. Yes its more trouble for banks to deal with cash but a CBDC would hand complete control over to banks and government and take all our monetary freedom at the same time.
@@stratcaptain66i agree, the globalists are lining up the agenda to lock us down (takeaway our freedom) any and every way they can. I like Harry and think he is an honest man, but he isn’t seeing the big picture!
1400 a month service fee is a tough nut to handle!! Always good to see Harry and the guys in his shop!! He's a welth of knowledge. I hope he and all the other good shops out there can stay in business for years to come!!
This guy is so easy to listen to. Unbelievable. Even when he is asked a question I would exect a strange or weird answer from he gives a fantastic response. This guy is on point.
Harry is one of a kind giving an honest non-conspiracy opinion here. I love these videos. More Harry content please. Actually as much as possible just shadow him for a week in his shop.
Chats with Harry and the team = my favorite videos on UA-cam!!!!! THANKS!! I NEED to make a pilgrimage to Oregon to visit the shop (and spend way more money than I should)!
Harry!! I always appreciate his POV he always comes from a logical, level headed, and well thought out place instead of escalating to the doom and gloom. So refreshing.
You are not alone, banks seem to even hate their customers.🇬🇧 I went into mine to buy €50 and was told that I had to buy a minimum of €200. I went to the travel agent and bought €50. No problem. On another occasion I went into my bank to open a savings account only to be told I had to go home and open one on line. Needless to say I was not to happy , went home and phoned their complaints dept who opened the account for me. They won’t be happy until all of the branches are shut and all the ATM’s are removed to force us into a cashless society while increasing their profits at the same time.
This is crazy! I was at Harry's an hour before this video was posted and thought about mentioning this topic. I was too busy joking about them all being UA-cam stars.
I've owned businesses here in Canada. It's common to pay for "handling physical cash" on deposit. It still goes on here. I often wanted to collect $1000 in nickels and dimes just to get my money's worth LOL
They already are a bank so for any shop to use a "bank" seems ridiculous to me. Actually, everyone ought to be their own bank. Unfortunately, most people are pure idiots.
Hey great video Dragon and thank you very much for giving the daily on the JUNK SILVER, SOVEREIGNS, ROUNDS AND BARS. WE REALLY APPRECIATE THAT INFO. ITS THE FIRST THING I THINK OF EVERY TIME YOU START A VIDEO AT HARRYS. THANKS AGAIN FRIEND.
I just paid for the first time in my life a $6 fee on a checking account that I have had for 24 years. The banks are going after everyone they can to take other people's money. The financial system in this country is getting out of control.
if you have a decent balance, every bank offers free checking. costs banks money to maintain your account, if your deposit amount is low, you pay a fee to offset this cost and provide them a profit for the service. Can always switch to another bank.
@theboringchannel2027 The point is I have never had to worry about that. Now I have to. It just seems like every bank, every company, and every government has to nickel and dime the crap out of everybody. Eventually, there won't be anything left.
No one should be buying Liberty Safe from here on out...PERIOD! You're fortunate to have Harry to bounce things off of. So many people, including myself, might be too quick to reflexively assume an anti-coin shop or anti-cash type of attitude from banks, when that might not always be the issue. It's useful to hear more moderate and well thought out points of view that can serve as a corrective for those of us who are sometimes too quick to leap to certain assumptions consistent with our own prior views.
I worked in banking two decades ago and the attitude towards cash was still similar. Banks don't want to keep too much cash on hand not out of concern about a bank run but because of liability - they want to keep their insurance rates low and one way to do that is limit how much they could lose in the event of a robbery. Also banks generally don't want the liability of dealing with cash heavy businesses not just because of the increased risk of robbery but also cash heavy businesses require more paperwork and reporting because of various anti-money laundering laws.
One time I sold some coins to a coin shop and asked for a check. The check was written on a small bank in the same city as my big bank branch. It wasn’t a huge amount of money. Less that $20k. Anyway, the bank placed a hold on the check for two weeks. Their excuse was that, based on available information, the check was not likely to clear. Something like that. Of course, local checks don’t take that long to clear. Obviously, the bank was just giving customers of the coin shop a hard time. And of course, the check cleared.
@@samlevites9824 I didn’t want to have to deposit more than $10k into my bank. I wasn’t in immediate need of the money, so I figured a hold on the check would be ok. It never occurred to me that the bank might put a two week hold on a local bank’s check.
For anyone who isn't aware, anytime someone writes you a check, you can always go to THEIR bank and cash it (you don't need an account there yourself). My mind was blown when I first learned this, and I've done it several times when it's convenient. No need to wait longer for the check to clear, if the check writer's bank is not out of your way.
@@brennelement6451 Even that might not always work, depending. One of my friends has a law firm and had a large check to cash to pay a client who needed the cash that day for another transaction. Anyway, he went to the bank with a $35,000 check and asked for cash. They told him no, at first, but he finally got the money after a heated conversation with the bank manager. I once had a similar situation, years ago. I went with a large check to the same bank, but to a different branch from where the account was opened. I had no choice but to go to the other branch. The moral of the story: banks don't like to part with cash.
I’ve been a casual viewer for about a month now, but you can let Harry know that he earned you a subscription by doubting if only him and Brandon could carry an audience. They can!
Brandon was the man who won a stock car race and KNEW DARNED WELL that the croud was chanting, "EFF YOU BIDEN"..not... "Way to go Brandon", but,he pretended and acknowledged to the reporter that the crowd was praising him, for winning the race. BRANDON, is a total SELLOUT!!!
Harry is a very reasoned person when he talks about the cash issue. Banks have been changing their procedures on cash for some time, but it is only now becoming more apparent to us here in the USA. A few years back when there was a financial crisis in Europe, banks started charging customers a small percentage for parking money in money market accounts. The simple answer was that they had too much cash on hand and were restricted in what they could do with it. Cash is becoming inconvenient and takes employees to handle it, which Harry discusses. My banks main branch in a city of 100,000 people now only has two tellers normally. This is in an office with six teller windows that at one time were all staffed. The offices once occupied by financial advisors are only used by appointment. Covid put the nail in the coffin so to speak with people working from home and it is unlikely to go back to the good old days. Cash is on the way out for many reasons, some of them not good, but I doubt there is anything we can do to stop it. The best we can do is put the correct people in State and Federal offices and trust them to do the right thing, instead of restrict what we can buy.
I worked at one of the large banks and I do not remember the exact numbers, but for illustrative purposes it was something like ..... It costs a bank $1.25 to process your check deposit with a teller. It costs them $0.65 to accept your deposit at an ATM. It cost them $0.25 to process an electronic deposit. There was a large push to move habits to online which even included making in person bank visits inconvenient with long lines and bombarding people with new products.
What a nice and reasonable man. I don't use coin shops or have coins, so I'm not sure why I clicked on this video; but he seems like a great guy to talk with.
Henry is spot on with his answers regarding fees on the account. All cash intensive businesses have this expense. I’ve worked in banking 25 years and cash intensive businesses are ALOT of work. We had a vending machine business that we gave them the option to increase fees OR they could get their own service to pick up their deposits. They left our bank for a competitor. As soon as the new bank saw just how intensive the work required was they closed out their account.
They don't hate it per se, it's just business. When I deposit cash and then write a check, the bank has to send money, either electronically or physically, to the Federal Reserve to cover that check. Not everything is electronic, so eventually, they'll have to send physical money. When they do, the armored car companies charge them a fee which is typically a combination of weight and value. Send a lot of pennies, pay a lot of money percentage wise. Send a lot a 100's, pay a lot of money due to the liability involved. What I do believe though, is with the current interest rates, they should be able to earn money from deposits and not have to charge money for cash transactions. I had an account at US Bank that was charging me cash deposit fees, so I switched banks to one that doesn't charge any such fees, and has lower money transfer fees too.
His thoughts on coin shop banking makes sense and I would’ve never thought of that! And he’s correct in saying he agrees with the fee’s because the bank have to make something or it just doesn’t make sense for them to keep the accounts open.
It's partially about them covering their costs but it's also partly because they want to disincentivize people from doing business in large amounts of cash because it can raise the risk profile of the bank which causes the amount they pay in insurance premiums to the FDIC to increase which is the real cost to the banks since it's a % of their total deposits.
Ya Harry is great. Cool and clear minded, cuts through the rhetoric like a hot knife through butter. This man has a mind, a emotional IQ, we all can appreciate.
It is specific to cash-heavy account. i used to own a business that was also cash heavy; same issue. I also agree with Harry on CBDCs. A lot of hype over nothing; central banks have been digital for decades. CBDCs are just the process being moved out from central to local banks...only really affects banking system (my opinion). (I need to pop up there sometime to meet Harry and crew since he's in my neck of the woods [~1.5 hrs away]. Nice post guys!)
I have relationships in the form of loans I get then pay off and I have a small line of credit and a few other services, I don't own a business but I do pay myself a $1000 weekly allowance in cash and never have a problem with cash. For me, I was informed its person to person transactions, for the coinshops, I suspect they are triggering a software alert that is not person to person transactions, thats way the bank employees can't do anything about. It's unfortunate cause coinshops are a legitimate business. Great videos and topic!
Old Norm MacDonald Joke: "Ya know I went to the bank the other day to make a deposit into my account. I handed the teller the the deposit slip and the checks, and she then asked me for ID. I said...I'm making a deposit, what do you need my ID for? She said that's bank policy. So I asked her 'You mean people are trying to put money in my account...and you're stopping them?" 😄
That part at the end is wrong. The banks are actively going against cash for private citizens. They just don't do it to their own customers. They do it to anyone who tries to cash a check from their customers. Want to cash the check someone gave you from their bank it's a ten dollar fee and you don't even bank there. So when someone tries to use a check I tell them to add the ten dollars or pay a different way. I expect the IOU to actually give me the amount they owe.
in holland the same paying to deposit money, even from a childrens piggy bank on a childrens savings account they charge you money. but also when a shop wants to get cash money to use as change for customers, you need to pay to get cash.
@NA-me6sh They are... called conspiracies for a reason. If it WAS truth, you'd have the burden of proof. If it did somehow BECOME true after years, you could then of course, rather stupidly, claim that you knew all along, lol. 😂
8:40 great perspective Harry. Thanks for sharing. I figured it was likely due profit margins and hassle for the bank. However I do think it is bad publicity for the bank and it may hinder their business.
The safest way to prevent the safe companies from giving out a master / backdoor code is a mechanical /analog lock. That being said , if the law enforcement agency has a warrant they will get entry into the safe by any means. Liberty has done this thousands of times I suspect without ever actually seeing a warrant . Ask any locksmith or safe technician what they have to repair more of, mechanical or digital locks. They usually have boxes of bad electronic locks.
The Banks in the UK and Ireland have been charging customer to bank with them for years now. They also charge a fee to deposit cash as well as put limits on how much cash you can lodge into your account. These limits have only been introduced in 2023. Its costing me from £5 to £10 every time I lodge cash, depending on the amout I lodge. There's a £250 limit per day via the post office. This is causing me real problems and I've even been charged late fees because of these limits. Ive never been late paying until now.
@@pedrowilson6211 But when you do deposit cash into your account it's no longer yours! The bank says it's theirs! These clowns want to start a Revolution.
Some small Canadian jewelery companies are being de-banked without explanantion. Told they have a week to close their accounts and move along. Appreciate Harry's perspective.
Another reason banks might close accounts that have a lot of cash deposits and withdrawals are the money laundering laws. The banks want to be very careful not to violate those laws since the penalties are stiff. They would rather chase away legitimate customers then take that risk.
The Canadian coins are normally in a plastic case with a case to hold the coin. I grew up receiving one or two every year from my father. He sold them on me.
what the hell... That is not right at all. How do they keep getting away with this. Frustrating. Love your videos Dragons, especially at Harry's. Very enjoyable and Knowledgeable. Thank you from Canada.
They get away with it because everyone stands around asking why isn’t anyone doing anything? There isn’t anyone coming to save us. Either stand up or be cut down.
another cost angle may be the bank complying with anti-money laundering laws. handling cash increases their compliance workload and exposure to fines and penalties. They probably factor in these costs when evaluating accounts. I worked at commercial banks and the federal reserve and EVERYBODY has to take money laundering classes even if you have nothing to do with transactions (for example, admin assistants and computer support people)
I saw Armando and Richard at the Long Beach Coin Expo!!!!!. They were great. They gave a Harry's Coin shop business card. Got a picture with them too!!!!
I have a liberty safe and lost the code last year. It was very convenient to request my code. It was not a back door code, it was the original code. They did not hide the fact that you could request your code. It is just a form you fill out. While I don't agree with giving the FBI the code, it was not like the hid the fact they have them. There are problems; what if the company database was hacked and all codes got out. For me it just didn't matter for my use case. Liberty has since changed their policy to allow you to remove your code from their db. As well as be more strict with requests from the law enforcement. They addressed the issues and I think Liberty still makes a good gun safe. IMO.
I work for a bank (east coast based, so not familiar with west coast banking regulations) and a lot of this information is factual. Banks are "assessed" on how much cash they should have on hand every day. Therefore, most banks don't have hundreds of thousands of dollars on hand at any given time. That explains why Harry has to place an order for a large withdrawal. And Harry's type of business is considered a "high risk" business which most likely factors in for the high fees. I don't necessarily agree with that but it is the regulation. Any transaction involving $10,000 in cash (deposit/withdrawal) requires a CTR (currency transaction report). Although every bank has their own regulation in which they do their own report, usually less than the CTR limit. Harry is right, with the liability of employees and miscalculations of cash can cause an issue for banks so it does increase expenses, however the increased "armored car service" i find hard to believe unless it's a local/smaller bank.
My local credit union, Used to be called the teachers credit union, now it’s something else, got rid of the tellers, they now have small offices, got rid of their drive up clerks, it’s now done by video screen from home office, Keep Stackin bro
When you said it was just with him 1 on 1 I was like.. I hope hes packing.. Then his buddy shows up next to him with an arm!!! Awesome!! Gotta stay safe!
I was just wondering what they did for security, and out steps a guard. Nobody wants a shootout, but honest businessmen who deal in cash and metals have to be prepared.
In the UK Charity/Thrift shops near me prefer to be paid electronically now, because the bank charges are higher for depositing cash. The 3 bank branches in my local small town centre have all closed. I have to drive to the next large town over to pay in a cheque, or do it by post. At a branch that has 1 teller and half a dozen machines to pay in and withdraw money.
Imagine that… Money in a bank! Imagine putting your money in the bank in a “savings”account, And they put a clause in there that if you don’t have enough money in your “savings” account they charge you a monthly fee of eight dollars and hope that you don’t see it. Oh there’s way more to this topic!
Yea, that's Harry, pretty straight up with no BS. No conspiracy theories, just real life facts and down to earth opinions. Almost time to go see him again for some fun coin shopping.
So as a former bank teller… the point about ordering cash and a wait of 3 days does make sense, in some regards. You would think after obtaining this particular customer, you would ask for an increase of the back stock for cash from the feds. Most people don’t know but the bank you go to, orders cash from the Fed’s and then also ships them cash when over their “suggested” reserves. We would hand count 200k every week to ship out and receive 150k in other denominations like 5s, 10s coins for change.. whatever and ship out the excess notes. But as a branch manager you would assume they would take into account their new customer and change their shipments accordingly
This is why I put a lot of my money in gold and silver. If I need 4 or 5k in cash i can sell some gold. I only have the minimum I need to survive in cash.
It may not be just cash but the number of transactions or deposit per month. And it a liability to hold large amounts you need double the number of safes.
As somebody who led a teller department for several years at multiple branches, I can confirm that credit unions, at least do not keep as much cash on hand, because it costs money for transportation, insurance, and ordering reasons. Also, it reduces the risk and liability of it being on hand, in case of theft, and therefore protects the staff in a way for not painting themselves as such a huge target. If you’re afraid of AI tellers, then your inverse of news because here in Kansas, at least we have an operation that provides tiller services in place of a “warm body” teller, but it is in the package of an ATM machine: the teller is just offsite at another location.
Why not bypass the bank and be your own bank? Just keep it in a very secure safe, and it’s there when you need it? Not sure I understand the need for a bank other than to pay certain bills electronically.
Coin dealers often have to place orders with wholesalers, where they have to pay money by check, wire transfer, or ACH. So a dealer will sell items for cash, deposit most of that cash, and then use the money in the account to place an order. It's rare when in person buying and selling in cash is balanced to the point where a dealer won't have to go through a bank.
9:55 Employee time to count it? The bank I use is very behind the times in technology. Still all cash deposits and withdraws are handled by a machine. There’s no till or cash drawer. The 4 teller stations share a pair of cash handling machines.
6:50 dont forget if that backdoor code is leaked, according to a different video the manufactor said its hard coded so all their safes would be screwed.
Cracks me up when he calls you silver dragons. He’s seems like a really cool Guy. Super Approachable. Unlike a lot of the old timey coin dealers in my area.
This gentleman explained the reasoning for the dropping perfectly. The other main factor probably as those accounts were deemed "pass through". Any other reasoning is fear mongering, banks are not attacking coin shops. The reason banks can't hand out cash at any amount to any person is insurance related. Banks are covered for only $XXXX cash on hand and order estimated cash weekly to meet business customers weekly needs and projected retail demand. Depending on the branches vault size and demand this can make this quite the juggle. Individual orders can be filled weekly our monthly or case by case. And lastly ALL BUSINESS CHECKING accounts are charged a cash deposit fee on avg of .002% over $xx,xxx monthly. Highest limit I know of is $100k but after that .002% reason being is like he explained the banks have to pay brinks etc to pick it up, count it, store it etc. The fear mongering going on is very very worrisome.
My auto mechanic also informs that the bank charges him for cash deposits. It's just one more way for big brother to track our activities on the way to a total digital economy.
Guys, coin shops have to worry about money laundering. Banks worry about this also. This is always an issue when large amounts of cash are changing hands. I have heard a rumor that Mexican gold coind are really popular with the drug cartels. This is why it is good to stack gold and silver. It is better to have an alternative to the banks.
I've always kept a month's worth of cash at home for preparedness (power outages, card network going down, or emergency bank closures like on 9/11). It's also handy for large gun or coin purchases on a weekend. But considering the direction banks seem to be going, I think I'll bump it up to 2 months' worth. While many coin dealers' issues with banks may be due to simple profit motives, looking at places like Europe and Canada where strict anti-cash restrictions have been implemented makes me very concerned for the near future in the US.
I love how pragmatic and rational Harry is. A breath of fresh air.
I’m seeing tour comment five months after your post, but I had the same exact feeling about Harry. He is very authentic, very believable. I very much enjoy the topics that @SilverDragons addresses, but I very much appreciate Harry‘s input on the coin shop side of things.
Still, the banking industry on the whole is very questionable in my mind. Yes, they have a lot of regulations to follow, yet they also create a lot of oversight and governance that favors them, as well. In fact, if you go back several hundred years the so-called financiers (aka bankers) have ALWAYS had favorable governance. To wit, You can go back to the tea party incident in Boston in the 1700s where the financiers were a major player behind that event . And look what that created! 😏
Bottom line, yes, I agree with Harry in that banks have every right and reason to charge fees to remain profitable. But I don’t trust them; I don’t trust the influence they have over governmental legislation and regulations. Just don’t.
I went to my local community bank to withdraw $4,000 to purchase a used car. I was told I could only withdraw $2,000 per day. I said, "ok, I'll be back tomorrow for another 2k and the day after that for another 2k and the day after that until all my cash is out of your bank." I got a call from the bank manager after I got home and he explained that they were worried about a bank run. I told him that limiting access to the people's own money will cause exactly what he was trying to avoid and I was going to tell everyone I knew. He told me to come back in and I could have the rest of the money I needed.
That happened to me once. ONLY ONCE. I asked them plenty of times. I also had to make a large purchase and the seller refused to come to my bank to get a cashier's check. I wanted them to come so they knew it was real. They only wanted cash. I called the corporate office and kept going higher and higher up. No one would authorized it. So I told them I was calling the police. I then calmly walked outside and called the police. The police came and I told them the bank would not give me my money. They went in and came out and helped me file a police report. The next day, my debit card did not work. They closed my account. i called them. Reason stated they felt I was a danger to employees. I did not even yell or scream. So they sent me a cashiers check in the mail for my balance and basically told me in the nicest way possible to not come back. To this day, when I am doing business, I do not accept credit cards, debit cards, or checks from that bank from my clients or customers. Sorry.
@@gchsbus What did you want the police to do? It's clearly a civil matter. If I was the bank I would have booted you also. Their ball their rules. I'm not saying you were wrong as you were NOT and you did the right thing, take your business elsewhere if you don't like the rules.
@@willscottrell6919 I wanted a police report incase I wanted to sue them.
@@gchsbusWow, just pile up cash, then turn into gold, have to hooard cash
@@gchsbuswhat bank
Love this business owner. He believes in the profit/cost motive and not in crazy conspiracies.
Harry is a top professional. I learn from him.
Forcing people to move into or out of certain currency or money would also be part of profit/loss schemes. It's not crazy if it's actually happening. BASIL 3 plan does make gold a tier 1 asset, so we're kinda safe with that. Never forget that the government made the US people turn in their gold in 1933 and made it illegal to hold until 1974.
people act on ego, lust and wrath just as much as greed. its short sighted in my opinion to think that all of this is simply for economic reasons. if nothing else control is a partial explanation. I believe it puts to much faith in raw human rationality to think we would not be animalistic and act on lower instincts, remember we are animals, and animals hunt for fun, often. if anything i believe this overly logical and rational explanation is a projection of the part of its believers.
Gold and Silver and then cash are not credit, they can not be as easily manipulated or rather stolen from. the people making these decisions do not see money as yourself or i do. they see money not as a tool but rather their entire world view. Money to them is a way of life a religion with rituals. Perhaps not numerous, there are absolutely individuals whom take personal offence to anyone trying to wield the power of capital. i want you to think back to when bitcoin and Crypto currency was becoming so popular years back. there were individuals both in government and the private sector that were feverishly enraged, drumming up stories of how this would allow the very worst of America to compromise our country. making claims that only psychopathic hate groups, child predators and the drug cartel would benefit from the advent of this new and dangerous technology.
yet none of that was true. it was all irrational fear and anger, fear of losing control, of losing power, in addition to the palpable feelings of disgust, and personal offense that anyone would dare create a currency system parallel to their own.
Recognizing human nature is not crazy, I would argue ignoring it would be.
This was certainly a different kind of video but these issues need to be discussed and I for one appreciate that you talked about them with Harry. Thank you!
Harry of course is wrong about the reason cash businesses are being targeted. Yes its more trouble for banks to deal with cash but a CBDC would hand complete control over to banks and government and take all our monetary freedom at the same time.
@@stratcaptain66i agree, the globalists are lining up the agenda to lock us down (takeaway our freedom) any and every way they can. I like Harry and think he is an honest man, but he isn’t seeing the big picture!
@@stratcaptain66I agree 👍🏻
1400 a month service fee is a tough nut to handle!! Always good to see Harry and the guys in his shop!! He's a welth of knowledge. I hope he and all the other good shops out there can stay in business for years to come!!
This guy is so easy to listen to. Unbelievable. Even when he is asked a question I would exect a strange or weird answer from he gives a fantastic response. This guy is on point.
Harry is one of a kind giving an honest non-conspiracy opinion here. I love these videos. More Harry content please. Actually as much as possible just shadow him for a week in his shop.
Chats with Harry and the team = my favorite videos on UA-cam!!!!! THANKS!! I NEED to make a pilgrimage to Oregon to visit the shop (and spend way more money than I should)!
What an honest gentleman. Hands down my favorite coin shop owner on UA-cam.
Harry!! I always appreciate his POV he always comes from a logical, level headed, and well thought out place instead of escalating to the doom and gloom. So refreshing.
I love it when you visit Harry’s shop! Keep these videos coming 🇺🇸😊
You are not alone, banks seem to even hate their customers.🇬🇧
I went into mine to buy €50 and was told that I had to buy a minimum of €200.
I went to the travel agent and bought €50. No problem.
On another occasion I went into my bank to open a savings account only to be told I had to go home and open one on line. Needless to say I was not to happy , went home and phoned their complaints dept who opened the account for me.
They won’t be happy until all of the branches are shut and all the ATM’s are removed to force us into a cashless society while increasing their profits at the same time.
I’ve been waiting for this video. Lol. Been waiting to hear what Harry has to say about this.
Thanks for kindness and help!!
Harry really seems like such a nice guy.
Harry and his team are great.
I love harry. I could listen to him explain things all day haha. Such a wise man with a kind heart!. Great video Dragon.
Talked to a Liberty Salesman and he justified their divulging the codes. Took my mule and walked on!
Harry is such a great guy. I met him years ago and it is still the best experience I’ve ever had with a coin dealer.
This is crazy! I was at Harry's an hour before this video was posted and thought about mentioning this topic. I was too busy joking about them all being UA-cam stars.
Well, I do like to hear what Harry has to say. I respect the man for his knowledge and honesty.
I enjoy listening to intelligent people having serious conversations.
I've owned businesses here in Canada. It's common to pay for "handling physical cash" on deposit. It still goes on here. I often wanted to collect $1000 in nickels and dimes just to get my money's worth LOL
Coin shop owners should start there own bank or Credit Union. I would think this would stop this B.S.
They already are a bank so for any shop to use a "bank" seems ridiculous to me.
Actually, everyone ought to be their own bank. Unfortunately, most people are pure idiots.
@@paulrichards383 How would someone go about operating as their own bank?
@@paulrichards383 Credit Unions are great, what are you talking about?
@@paulrichards383wise
Start your own bank or STFU!
Harry is a class act.
Great show and great advice well taken thanks for your candidness!
Brought my first Silver and absolutely stunned by it thanks Harry and Dragons for the great videos
LOL If you establish a nice hoard of metals Good luck selling it if you need to.
Hey great video Dragon and thank you very much for giving the daily on the JUNK SILVER, SOVEREIGNS, ROUNDS AND BARS. WE REALLY APPRECIATE THAT INFO. ITS THE FIRST THING I THINK OF EVERY TIME YOU START A VIDEO AT HARRYS. THANKS AGAIN FRIEND.
Waiting to get your own money is mind blowing.
Maybe cash transaction heavy business should form some sort of Credit Union, where they actually own a share of the financial institution.
Good idea. They will literally do away with physical money eventually though. Its coming. Make no mistake.
Great idea!
Wonderful idea! You would need some type association for the field of membership.
Wonder when the majority will discover crypto and see it was better than cash and banks all along.
@@togowack that's all well and good if you have electricity. I can trade with cash, gold, or silver.
Another great video with great insight. Thanks!
I just paid for the first time in my life a $6 fee on a checking account that I have had for 24 years. The banks are going after everyone they can to take other people's money. The financial system in this country is getting out of control.
if you have a decent balance, every bank offers free checking.
costs banks money to maintain your account,
if your deposit amount is low,
you pay a fee to offset this cost and provide them a profit
for the service.
Can always switch to another bank.
@theboringchannel2027 The point is I have never had to worry about that. Now I have to. It just seems like every bank, every company, and every government has to nickel and dime the crap out of everybody. Eventually, there won't be anything left.
@@williamfender661 times change. think about all the things that are different today, than 30 years ago.
30 years ago TV was free,
you pay today.
Right, yet Harry is actually PROMOTING and DEFENDING the fact that banks have a RIGHT to charge us to DEPOSIT money into our bank accounts.
In Canada if you have at least 4000 in your account you dont pay a monthly fee at some banks.
No one should be buying Liberty Safe from here on out...PERIOD! You're fortunate to have Harry to bounce things off of. So many people, including myself, might be too quick to reflexively assume an anti-coin shop or anti-cash type of attitude from banks, when that might not always be the issue. It's useful to hear more moderate and well thought out points of view that can serve as a corrective for those of us who are sometimes too quick to leap to certain assumptions consistent with our own prior views.
Would the owner prefer the police to con in with blow torch? Once the court order is signed kiss it goodbye. At least now he still has a safe to use.
It seems unlikely that they are the only manufacturers that do this
I worked in banking two decades ago and the attitude towards cash was still similar. Banks don't want to keep too much cash on hand not out of concern about a bank run but because of liability - they want to keep their insurance rates low and one way to do that is limit how much they could lose in the event of a robbery. Also banks generally don't want the liability of dealing with cash heavy businesses not just because of the increased risk of robbery but also cash heavy businesses require more paperwork and reporting because of various anti-money laundering laws.
One time I sold some coins to a coin shop and asked for a check. The check was written on a small bank in the same city as my big bank branch. It wasn’t a huge amount of money. Less that $20k. Anyway, the bank placed a hold on the check for two weeks. Their excuse was that, based on available information, the check was not likely to clear. Something like that. Of course, local checks don’t take that long to clear. Obviously, the bank was just giving customers of the coin shop a hard time. And of course, the check cleared.
@@samlevites9824 I didn’t want to have to deposit more than $10k into my bank. I wasn’t in immediate need of the money, so I figured a hold on the check would be ok. It never occurred to me that the bank might put a two week hold on a local bank’s check.
For anyone who isn't aware, anytime someone writes you a check, you can always go to THEIR bank and cash it (you don't need an account there yourself). My mind was blown when I first learned this, and I've done it several times when it's convenient. No need to wait longer for the check to clear, if the check writer's bank is not out of your way.
@@brennelement6451 Even that might not always work, depending. One of my friends has a law firm and had a large check to cash to pay a client who needed the cash that day for another transaction. Anyway, he went to the bank with a $35,000 check and asked for cash. They told him no, at first, but he finally got the money after a heated conversation with the bank manager.
I once had a similar situation, years ago. I went with a large check to the same bank, but to a different branch from where the account was opened. I had no choice but to go to the other branch. The moral of the story: banks don't like to part with cash.
You know a sar report isnt a big deal i have had hundreds of em@jasjas-rm9kc
I’ve been a casual viewer for about a month now, but you can let Harry know that he earned you a subscription by doubting if only him and Brandon could carry an audience. They can!
Brandon was the man who won a stock car race and KNEW DARNED WELL that the croud was chanting, "EFF YOU BIDEN"..not... "Way to go Brandon", but,he pretended and acknowledged to the reporter that the crowd was praising him, for winning the race. BRANDON, is a total SELLOUT!!!
???
Harry is a very reasoned person when he talks about the cash issue. Banks have been changing their procedures on cash for some time, but it is only now becoming more apparent to us here in the USA. A few years back when there was a financial crisis in Europe, banks started charging customers a small percentage for parking money in money market accounts. The simple answer was that they had too much cash on hand and were restricted in what they could do with it. Cash is becoming inconvenient and takes employees to handle it, which Harry discusses. My banks main branch in a city of 100,000 people now only has two tellers normally. This is in an office with six teller windows that at one time were all staffed. The offices once occupied by financial advisors are only used by appointment. Covid put the nail in the coffin so to speak with people working from home and it is unlikely to go back to the good old days. Cash is on the way out for many reasons, some of them not good, but I doubt there is anything we can do to stop it. The best we can do is put the correct people in State and Federal offices and trust them to do the right thing, instead of restrict what we can buy.
I worked at one of the large banks and I do not remember the exact numbers, but for illustrative purposes it was something like ..... It costs a bank $1.25 to process your check deposit with a teller. It costs them $0.65 to accept your deposit at an ATM. It cost them $0.25 to process an electronic deposit. There was a large push to move habits to online which even included making in person bank visits inconvenient with long lines and bombarding people with new products.
What a nice and reasonable man. I don't use coin shops or have coins, so I'm not sure why I clicked on this video; but he seems like a great guy to talk with.
Henry is spot on with his answers regarding fees on the account. All cash intensive businesses have this expense. I’ve worked in banking 25 years and cash intensive businesses are ALOT of work. We had a vending machine business that we gave them the option to increase fees OR they could get their own service to pick up their deposits. They left our bank for a competitor. As soon as the new bank saw just how intensive the work required was they closed out their account.
love this guy. very real.
Love the Harry's ad spot at the beginning. Lol looking at the comments I don't think your viewers understand how much banks hate cash.
They don't hate it per se, it's just business. When I deposit cash and then write a check, the bank has to send money, either electronically or physically, to the Federal Reserve to cover that check. Not everything is electronic, so eventually, they'll have to send physical money. When they do, the armored car companies charge them a fee which is typically a combination of weight and value. Send a lot of pennies, pay a lot of money percentage wise. Send a lot a 100's, pay a lot of money due to the liability involved. What I do believe though, is with the current interest rates, they should be able to earn money from deposits and not have to charge money for cash transactions. I had an account at US Bank that was charging me cash deposit fees, so I switched banks to one that doesn't charge any such fees, and has lower money transfer fees too.
His thoughts on coin shop banking makes sense and I would’ve never thought of that! And he’s correct in saying he agrees with the fee’s because the bank have to make something or it just doesn’t make sense for them to keep the accounts open.
It's partially about them covering their costs but it's also partly because they want to disincentivize people from doing business in large amounts of cash because it can raise the risk profile of the bank which causes the amount they pay in insurance premiums to the FDIC to increase which is the real cost to the banks since it's a % of their total deposits.
Ya Harry is great. Cool and clear minded, cuts through the rhetoric like a hot knife through butter. This man has a mind, a emotional IQ, we all can appreciate.
It is specific to cash-heavy account. i used to own a business that was also cash heavy; same issue. I also agree with Harry on CBDCs. A lot of hype over nothing; central banks have been digital for decades. CBDCs are just the process being moved out from central to local banks...only really affects banking system (my opinion). (I need to pop up there sometime to meet Harry and crew since he's in my neck of the woods [~1.5 hrs away]. Nice post guys!)
So glad I live not far away from Harry's Coin Store. I love the place!
Great to hear Harry’s opinion
another great video. love these guys. i hope im out that way soon as i would love to stop by and help support harry and his shop
I have relationships in the form of loans I get then pay off and I have a small line of credit and a few other services, I don't own a business but I do pay myself a $1000 weekly allowance in cash and never have a problem with cash. For me, I was informed its person to person transactions, for the coinshops, I suspect they are triggering a software alert that is not person to person transactions, thats way the bank employees can't do anything about. It's unfortunate cause coinshops are a legitimate business. Great videos and topic!
Harry seems like a really nice down to earth guy. I really like his crew of peeps. If Harry was near me I think I would make him my dealer.
Old Norm MacDonald Joke: "Ya know I went to the bank the other day to make a deposit into my account. I handed the teller the the deposit slip and the checks, and she then asked me for ID. I said...I'm making a deposit, what do you need my ID for? She said that's bank policy. So I asked her 'You mean people are trying to put money in my account...and you're stopping them?" 😄
That part at the end is wrong. The banks are actively going against cash for private citizens.
They just don't do it to their own customers. They do it to anyone who tries to cash a check from their customers.
Want to cash the check someone gave you from their bank it's a ten dollar fee and you don't even bank there.
So when someone tries to use a check I tell them to add the ten dollars or pay a different way.
I expect the IOU to actually give me the amount they owe.
Looks like cash needs to be stored and considered as inventory.
Not in a world of civil forfeiture...
Always enjoy your show, good information and you are a pleasure to watch.
I think if there is a back door code it's no longer a safe it's just a lock box
in holland the same
paying to deposit money, even from a childrens piggy bank on a childrens savings account they charge you money.
but also when a shop wants to get cash money to use as change for customers, you need to pay to get cash.
I had Paypal put a 180 day hold a $9500 transaction, that is always helpful for a small business.
At least he gives answers he believes in vs. the trend of diving into conspiracies that seem to be very popular on some other silver/coin channels.
conspiracies or truth?
You'll find out in the end
@NA-me6sh They are... called conspiracies for a reason. If it WAS truth, you'd have the burden of proof. If it did somehow BECOME true after years, you could then of course, rather stupidly, claim that you knew all along, lol. 😂
8:40 great perspective Harry. Thanks for sharing. I figured it was likely due profit margins and hassle for the bank. However I do think it is bad publicity for the bank and it may hinder their business.
Harry is crushing.
The safest way to prevent the safe companies from giving out a master / backdoor code is a mechanical /analog lock. That being said , if the law enforcement agency has a warrant they will get entry into the safe by any means. Liberty has done this thousands of times I suspect without ever actually seeing a warrant . Ask any locksmith or safe technician what they have to repair more of, mechanical or digital locks. They usually have boxes of bad electronic locks.
The Banks in the UK and Ireland have been charging customer to bank with them for years now. They also charge a fee to deposit cash as well as put limits on how much cash you can lodge into your account. These limits have only been introduced in 2023. Its costing me from £5 to £10 every time I lodge cash, depending on the amout I lodge. There's a £250 limit per day via the post office. This is causing me real problems and I've even been charged late fees because of these limits. Ive never been late paying until now.
CBA bank in Australia is now charging business customers $10 to deposit cash
@@pedrowilson6211 But when you do deposit cash into your account it's no longer yours! The bank says it's theirs!
These clowns want to start a Revolution.
Some small Canadian jewelery companies are being de-banked without explanantion. Told they have a week to close their accounts and move along. Appreciate Harry's perspective.
Another reason banks might close accounts that have a lot of cash deposits and withdrawals are the money laundering laws. The banks want to be very careful not to violate those laws since the penalties are stiff. They would rather chase away legitimate customers then take that risk.
The problem then is those laws that shouldn't exist.
The Canadian coins are normally in a plastic case with a case to hold the coin.
I grew up receiving one or two every year from my father.
He sold them on me.
what the hell... That is not right at all. How do they keep getting away with this. Frustrating. Love your videos Dragons, especially at Harry's. Very enjoyable and Knowledgeable. Thank you from Canada.
Cause they ain't creating new debt. Banks are weird now. It is like they are paid to be unconstitutional.
They get away with it because everyone stands around asking why isn’t anyone doing anything? There isn’t anyone coming to save us. Either stand up or be cut down.
another cost angle may be the bank complying with anti-money laundering laws. handling cash increases their compliance workload and exposure to fines and penalties. They probably factor in these costs when evaluating accounts. I worked at commercial banks and the federal reserve and EVERYBODY has to take money laundering classes even if you have nothing to do with transactions (for example, admin assistants and computer support people)
I saw Armando and Richard at the Long Beach Coin Expo!!!!!. They were great. They gave a Harry's Coin shop business card. Got a picture with them too!!!!
Went to the LBCE with my dad, first time in 1965.
Adrian and Richard, not Armando (sorry)
I have a liberty safe and lost the code last year. It was very convenient to request my code. It was not a back door code, it was the original code. They did not hide the fact that you could request your code. It is just a form you fill out. While I don't agree with giving the FBI the code, it was not like the hid the fact they have them. There are problems; what if the company database was hacked and all codes got out. For me it just didn't matter for my use case.
Liberty has since changed their policy to allow you to remove your code from their db. As well as be more strict with requests from the law enforcement.
They addressed the issues and I think Liberty still makes a good gun safe. IMO.
I work for a bank (east coast based, so not familiar with west coast banking regulations) and a lot of this information is factual. Banks are "assessed" on how much cash they should have on hand every day. Therefore, most banks don't have hundreds of thousands of dollars on hand at any given time. That explains why Harry has to place an order for a large withdrawal. And Harry's type of business is considered a "high risk" business which most likely factors in for the high fees. I don't necessarily agree with that but it is the regulation. Any transaction involving $10,000 in cash (deposit/withdrawal) requires a CTR (currency transaction report). Although every bank has their own regulation in which they do their own report, usually less than the CTR limit. Harry is right, with the liability of employees and miscalculations of cash can cause an issue for banks so it does increase expenses, however the increased "armored car service" i find hard to believe unless it's a local/smaller bank.
Those regulations should be considered unconditional. It looks like banking has now become more of a liability.
My local credit union, Used to be called the teachers credit union, now it’s something else, got rid of the tellers, they now have small offices, got rid of their drive up clerks, it’s now done by video screen from home office, Keep Stackin bro
When you said it was just with him 1 on 1 I was like.. I hope hes packing.. Then his buddy shows up next to him with an arm!!! Awesome!! Gotta stay safe!
I was just wondering what they did for security, and out steps a guard. Nobody wants a shootout, but honest businessmen who deal in cash and metals have to be prepared.
This is such a great channel. Makes me want to see Harry and associates but I’m stuck in Massachusetts
In the UK Charity/Thrift shops near me prefer to be paid electronically now, because the bank charges are higher for depositing cash. The 3 bank branches in my local small town centre have all closed. I have to drive to the next large town over to pay in a cheque, or do it by post. At a branch that has 1 teller and half a dozen machines to pay in and withdraw money.
Imagine that… Money in a bank! Imagine putting your money in the bank in a “savings”account, And they put a clause in there that if you don’t have enough money in your “savings” account they charge you a monthly fee of eight dollars and hope that you don’t see it. Oh there’s way more to this topic!
Yea, that's Harry, pretty straight up with no BS. No conspiracy theories, just real life facts and down to earth opinions. Almost time to go see him again for some fun coin shopping.
So as a former bank teller… the point about ordering cash and a wait of 3 days does make sense, in some regards. You would think after obtaining this particular customer, you would ask for an increase of the back stock for cash from the feds. Most people don’t know but the bank you go to, orders cash from the Fed’s and then also ships them cash when over their “suggested” reserves. We would hand count 200k every week to ship out and receive 150k in other denominations like 5s, 10s coins for change.. whatever and ship out the excess notes. But as a branch manager you would assume they would take into account their new customer and change their shipments accordingly
I like Harry as a person. A straight shooter. Bravo Zulu
Learn a lot on your content. Harry is a classy smart guy. Great shop. Subbed. Thanks!
Good video. You shed light on some important questions.
Im not in to gold im not in to silver but this guy friendly service makes me want to buy good job
In the short run, fiat is extremely important, and we need to keep it available... which means out of banks and into safer locations.
YES!!! ONCE AGAIN, FIRST PERSON TO VIEW, LIKE AND COMMENT!!! BOOH-YAH!!!! LOL Love what you guys do, keep up the good work!!!
This is why I put a lot of my money in gold and silver. If I need 4 or 5k in cash i can sell some gold. I only have the minimum I need to survive in cash.
Really enjoy these videos. Thank you!!!
My guy starts talking about AI bankers, then remembers about ATMs... lol
It may not be just cash but the number of transactions or deposit per month. And it a liability to hold large amounts you need double the number of safes.
They’re a bank, that’s their job
As somebody who led a teller department for several years at multiple branches, I can confirm that credit unions, at least do not keep as much cash on hand, because it costs money for transportation, insurance, and ordering reasons. Also, it reduces the risk and liability of it being on hand, in case of theft, and therefore protects the staff in a way for not painting themselves as such a huge target. If you’re afraid of AI tellers, then your inverse of news because here in Kansas, at least we have an operation that provides tiller services in place of a “warm body” teller, but it is in the package of an ATM machine: the teller is just offsite at another location.
Why not bypass the bank and be your own bank? Just keep it in a very secure safe, and it’s there when you need it?
Not sure I understand the need for a bank other than to pay certain bills electronically.
Coin dealers often have to place orders with wholesalers, where they have to pay money by check, wire transfer, or ACH. So a dealer will sell items for cash, deposit most of that cash, and then use the money in the account to place an order. It's rare when in person buying and selling in cash is balanced to the point where a dealer won't have to go through a bank.
Many ppl are not banked and receive payments by check, then go to cash checking place. But fees are high
@@slapdat.bytemethat's how it needs to be done. Everything by cash.
9:55 Employee time to count it? The bank I use is very behind the times in technology. Still all cash deposits and withdraws are handled by a machine. There’s no till or cash drawer. The 4 teller stations share a pair of cash handling machines.
6:50 dont forget if that backdoor code is leaked, according to a different video the manufactor said its hard coded so all their safes would be screwed.
Cracks me up when he calls you silver dragons. He’s seems like a really cool
Guy. Super Approachable. Unlike a lot of the old timey coin dealers in my area.
Interesting video. Answered some questions for me and gave me a different way to see this.
This gentleman explained the reasoning for the dropping perfectly. The other main factor probably as those accounts were deemed "pass through". Any other reasoning is fear mongering, banks are not attacking coin shops.
The reason banks can't hand out cash at any amount to any person is insurance related. Banks are covered for only $XXXX cash on hand and order estimated cash weekly to meet business customers weekly needs and projected retail demand. Depending on the branches vault size and demand this can make this quite the juggle. Individual orders can be filled weekly our monthly or case by case.
And lastly
ALL BUSINESS CHECKING accounts are charged a cash deposit fee on avg of .002% over $xx,xxx monthly. Highest limit I know of is $100k but after that .002% reason being is like he explained the banks have to pay brinks etc to pick it up, count it, store it etc.
The fear mongering going on is very very worrisome.
My auto mechanic also informs that the bank charges him for cash deposits. It's just one more way for big brother to track our activities on the way to a total digital economy.
What you were talking about @ 12:30, they are already doing that where I live
I got a few AU Mercury Dimes in and they are beautiful junk indeed.
What was the manufacture of the safe Harry has?
Guys, coin shops have to worry about money laundering. Banks worry about this also. This is always an issue when large amounts of cash are changing hands. I have heard a rumor that Mexican gold coind are really popular with the drug cartels. This is why it is good to stack gold and silver. It is better to have an alternative to the banks.
Love hearing from harry thanks SD
I've always kept a month's worth of cash at home for preparedness (power outages, card network going down, or emergency bank closures like on 9/11). It's also handy for large gun or coin purchases on a weekend. But considering the direction banks seem to be going, I think I'll bump it up to 2 months' worth. While many coin dealers' issues with banks may be due to simple profit motives, looking at places like Europe and Canada where strict anti-cash restrictions have been implemented makes me very concerned for the near future in the US.