Coin Shop Owner on BANKS HATING COIN SHOPS
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- Опубліковано 30 вер 2024
- In this video I talk to a coin shop owner about banks hating coin shops and closing coin shop owner's bank accounts. Coin shops use lots of cash and this can be one of the reasons that banks do not like coin shops. This bullion dealer talks about how his bank charges him to deposit cash. We also talk about Liberty safes and if they are a good safe to buy for silver stacking or not. When it comes to buying silver, silver stacking, or investing in silver I love talking to the coin dealers. The owner of a coin shop can have great advice. I think that the banks simply do not like cash heavy businesses and many more coin shops may have their bank accounts closed for that reason. Does this have anything to do with CBDCs or a digital dollar coming soon? Feel free to check out the other videos filmed at Harry's Coin Shop:
Harry's Coin Shop Videos:
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Topics I cover in this video: banks hate coins shops, coin shop bank account closed, banks closing coin shop accounts, bank closes coin shop account, coin shop bank accounts closed, coin shop, coin dealer, bullion dealer, local coin shop, coin store, coin shop owner, liberty safe, coins, coin, rare coins, silver coins, gold coins, coin shop coins, buy silver, harry's coin shop, silver price, silver investing, silver stacking, silver and gold, invest in silver, invest in gold, cbdc, cbdcs, digital dollar, war on cash
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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
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.
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.
Good video. You shed light on some important questions.
Just draconian banks taking advantage of the lil guys
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.
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.
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!
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 👍🏻
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.
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
I think if there is a back door code it's no longer a safe it's just a lock box
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.
Looks like cash needs to be stored and considered as inventory.
Not in a world of civil forfeiture...
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.
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!!
Harry really seems like such a nice guy.
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)!
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.
I’ve been waiting for this video. Lol. Been waiting to hear what Harry has to say about this.
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.
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!
Harry is a class act.
Harry and his team are great.
My guy starts talking about AI bankers, then remembers about ATMs... lol
I’ll take the cash for free 😏
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
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.
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.
Chase drop me because they don't like it when I pull out a lot of cash and I am not even a coin dealership or rich. I sold my home and wanted to pull 150k cash. They said it takes 2 weeks. After I pulled it out I got a letter from the mail and It says we are closing your account. I went to my Chase branch and they say Chase didn't give a reason and they can do that. But now I understand from watching this video.
When they close your account did they give you cash or a check? I am guessing a check.
@@MrTruckerf No Sir, they give you about a month or a time frame what day your account will be closed. So you have to find another Bank as quickly as possible. Set-up your billing and automatic payments again and make sure there is no pending checks or they will not go through. It's basically your responsibility to empty your account. I'm not sure if they will issue you a check and send it to you incase there is money left on your account.
I love it when you visit Harry’s shop! Keep these videos coming 🇺🇸😊
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.
Waiting to get your own money is mind blowing.
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.
Harry is crushing.
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 would open accounts at multiple banks if they were sticking it to me for depositing too much..
The banks are going Bubba's peoples....
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.
If its just because the banks are losing money.. Than why are the also closing there personal accounts and there familys accounts?..
YES! The closing of associated personal accounts supports the theory that the banks has malevolent intent.
Didn't all banks have to count the cash that was deposited into them.....? This is insane...... This is why everyone needs to continue using cash in their everyday transactions.
When banks think that handling cash is beneath them, then they have reached so much sense of entitled privelege that its time to rethink the institution. They are basically trying to use shame (again) to get us to surrender personal sovereignty for (again) the "common good". Meaning, commonly only good for them.
they are going to ban hard currency
No banks carry the minimum required to cover deposits that was 20% until Covid then they reduced it to 0%
Won’t happen cause people are too lazy. Everyone needs everything to be super easy and even faster. Thing is nobody knows why or where they need to go so fast. Bunch of people in a hurry not knowing where they are going, the American dream.
@@Razor__1972 And we'll all be screwed.
I'm in Canada not the US and I have to call in advance if I'm looking to make a large withdrawal and I've had them say that for as little as $300
That is total lunacy! Banks should have enough cash to cover what is deposited in them. It is our money, not the bank's. They seem to forget that.
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.
Another great video with great insight. Thanks!
I had Paypal put a 180 day hold a $9500 transaction, that is always helpful for a small business.
No bank is EVER gonna charge me to take my cash lol ill just keep it.
Right On!
Silver is getting smashed! Will Silver drop to $11.75?
SILVER IS 29.61 5/16/2024 SO MUCH FOR IT GETTING SMASHED.I MADE 651,000 DOLLARS IN PROFIT SO FAR THIS YEAR IN 4 MONTHS.
Great show and great advice well taken thanks for your candidness!
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 love harry. I could listen to him explain things all day haha. Such a wise man with a kind heart!. Great video Dragon.
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.
Like the old saying goes, the west will learn why Germans had to use wheel barrows of cash to buy a loaf of bread.
Funny thing I learned Roman Numerals from 3rd grade and still remember them
Why not just use a MASSIVE safety deposit box for your deposits and withdrawals?
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.
What was the manufacture of the safe Harry has?
So when the banks make big loans that go south our tax $ bail them out and now charge to deposit cash. Win win for them. I have a savings account at the best rated credit union in my state. Usually go into the big fancy main office once a year to cash in maybe a $125 in change to pay for a nice meal while on vacation. Foolish me went there to get a form notarized for free. Had to wait over 20 minutes for a person to come out of their private office to wait on me. They did away with the 4 to 6 tellers they always had.
They need to have a business bank account.
This guy is money laundering. LOL according to another video.
bizarre they resent him for bringing cash, then make him wait days before he can get cash. I guess banks just don't like to have much cash on hand. def a sign of the times and all the digital payments people are making instead of using physical.
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.
There's machines for counting bills & coins! So go blow sand, banks!
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?" 😄
In the short run, fiat is extremely important, and we need to keep it available... which means out of banks and into safer locations.
I got a few AU Mercury Dimes in and they are beautiful junk indeed.
U.S. minted coins are real money. Banks only want to deal with debt notes.
This coin shop guy hes being nice but he really knows deep down what's going on...
He knows that banks are private businesses that are profit driven?
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
10 ounce bars are the best! :)
I actually like the 1/2 oz Canadians, it would be cool to have a tube with 20pcs containing 10 oz if I was short on cash but still want to get a complete smaller tube with mini coins. I REALLY LIKE THEM! COOL
I WOULD LIKE TO CARRY A TUBE AND HAND THEM OUT AS THANK YOU TOKENS TO PEOPLE THAT TOUCH MY HEART OR MIND OR A FEW FOR HELP THEM OUT GIFTS. I'M GOING TO GET SOME 😊
Make sure you tell them what they are! Many people would have no clue and try and put them in a vending machine or something.
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.
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.
So much for being all for law and order huh? They had a warrant, they had probable cause to get the warrant, fighting execution of the warrant would be pointless. LAW AND ORDER.
The warrant is to the safe owner, not the safe manufacturer, bootlicker
Maybe I’m wrong, but it seems like telling the public on UA-cam you can’t get banking will make coin buyers unsafe due to a greater chance of robbery, kinda like the weed stores….or just as bad, “Asset Forfeiture”….if your pulled over….
Asset Forfeiture.....Steve Lehto clued me in on that. What an absolute travesty when the cops become the robbers.
Maybe Local Coin Shops will replace banks. 😉
I would NEVER own a Liberty Safe after what they did!
We tried withdrawing $30,000 and it was a nightmare runaround
When I was at the bank, I asked for 100 dollar bills for my 20's and they said they dont have any:( so I think the banks dont want or just dont keep large amounts of cash on hand.
This has been going on for a couple months. I cashed a large check and asked for 20 and 50's I received exactly that. I worried all the way to the bank though.
You’re a bank you have one job
Where you just swapping out?
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!
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!!!
???
Why don’t they call the customer in and explain if we can’t do this with fees then we will be honoring this contract and drop you as a customer? Working with them would be better than just dropping them.
problem is no one reads the terms and conditions. It states banks can close your accounts at anytime.
@@serene889than what you are saying that banks are useless. And everyone should start keeping cash at home. And using cash to buy stuff.
SOUTH AFRICAN ELEPHANT 🐘 😊 SA MINT!👍👍🇿🇦🇿🇦🇿🇦
cash is freedom
Go Silver 🥈🥈🥈
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.
Harry’s Coin Shop
Beaverton, Oregon
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.
Hey if they don't want our money lets not give it to them!!!
Hey Harry!
if there is no warrant tell them nope go see a judge
That's crazy paying money to deposit money to keep the wolves at bay.
It is.
It COSTS THE BANKS $$$$$ TO HANDLE $$$$. FEES ARE REASONBLE!!!!
Their primary money maker is loaning, not fees.
banks don't store as much cash as people think. Especially smaller branches. They have a certain number of days between armored deliveries and they have to make the cash they received last that long. So if you need a large amount of cash. let them know a few days ahead of time and they won't have any issues.
I used to work for a law firm and had to Western Union the Lead Partner in one of our foreign offices a portion of her salary each month. The bank got to know me very well. Call, let them know which day I was coming, get between $10-35k in cash. Walk three blocks to Western Union and send the money to her. All reported to the IRS too. Oh those fun days.
I can understand a business (like Harry's) having to use a bank. But from my perspective banks could end up being an "enticing piggy bank" to an overextended American government, so I only keep a bare minimum in the bank.
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
Dude behind the camera was really searching for some major banking conspiracies. What a joke.
That store owner has more common sense than 50 of the guy behind the camera.
Cash keeps governments accountable...which is why current governments are wanting to get away from coinage and cash...coins have been around for thousands of years for a reason. The depression in the 1930's really brought the value of cash in hand vs. Stock Market and credit...my kids will probably see a correction in their lifetime, where if they don't have their money in their hands, they don't have money saved anywhere.
I have the same safe. Weighs 4300 lbs he forgot to mention
Would a safety deposit box work for coin stores?? Between depositing and withdrawing...your own cash might be better. Then only deposit for company bills etc
That is a "pass through" account and would be shutdown for the exact reasons these others have been. To the banks, which are "businesses" that seems like ALOT of risk for an account doing $xxx,xxx.00 dollars in transactions. Checks, wires, etc. To only be keeping $xx.00 in the account. All while making $0 off that customer.
You'd shut that customer down to before something happens and you "the bank" paid a check that doesn't have funds and guess what... John doe died now you gotta fight for your money or sell it to a collection agency.
That is the simple premise for these account closures..... mostly
What an honest gentleman. Hands down my favorite coin shop owner on UA-cam.
Wow, I like this guy, he's got a real common sense way of seeing things. But, the move to digital does have bad intent, it's not just about business, it may be now, but in the end, it will be about control and over control by the wrong people.