Bank Account Closing! Coin Dealers - Am I Next?
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- čas přidán 28. 08. 2023
- Banks Closing Coin Dealer's Accounts! Am I Next?
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Banks Closing Coin Dealer's Accounts! Am I Next?
I worked for a credit card company for 15 years and internally there was a “behavior” score that determined if you were profitable enough to do business with. If someone had a card for years and never paid a penny in interest or fees, that behavior was not profitable so if you called to close your account hey just let you. If you were paying interest, you were worth keeping around so they would work with you to lower APR or grant a credit limit increase. So sometimes these things just come down to the banks not wanting your business anymore because you don’t make them money. Like a relationship that has no love. Just end it.
The coin dealer who had this happen was caught completely off guard. Anyone who operates a business that deals in cash should not have all of their accounts in one bank. At least they left the accounts open long enough for him to move his funds, but he had to shop around to find another bank willing to take on his business model.
It is so sad that it’s coming to a time when you can’t use your own cash and money.
The IRS does not like people using cash for business transactions because its too easy for them to avoid paying taxes on it. It is that simple.
What is happening to The Land of The Free? Freedom is disappearing at an alarming rate!
I do a lot of metal detecting and I used to let my change pile up before cleaning and rolling. I made a nearly $400 deposit last fall and the teller told me that my account was flagged due to multiple cash deposits that year. The fact was I had sold several older detectors and my collection of scrap metals, brass & copper. I discussed this with my bank manager who explained that multiple large cash deposits will now get your accounts flagged under the new federal guidelines. I now spend the cash I get and I sell my change to the local mom and pop store.
Once they control your money, they control behavior!!!
He needs to let us know the name of the bank. That’s how we put an end to this !! 🇺🇸
Finally someone makes a video with a decent take. Banks have to watch for structuring, pay for the handling of cash, pay for the movement of cash, and assume the increased risk of robbery. This isn't a huge conspiracy. Cash is a PITA for financial institutions. Why take the added risk, paperwork and cost for the very few customers that deal in large amounts of cash?
And when a bank “fails “….who gains possession of the bank’s servers and data within….???
The fact you have to hire a lawyer to comply with the book of laws as a small business is obscene. They are trying to run all the competition out of business and monopolize everything
Great video Daniel! As a former banking employee, I can confirm that what you said is true. It is a red flag with most financial institutions if any business or person deals in large amounts of cash, and this is primarily because institutions can be held legally responsible if they are used for money laundering purposes. When accounts are shut down, the institution would also shut down any related individual accounts, as the individual could still use their personal accounts for money laundering if they are open. I say financial institutions, because credit unions are also subject to these regulations, as well as full service banks. The institutions are not targeting coin shops or precious metal dealers as some have said, they are targeting cash based businesses. Since your business is mostly cashless, I would hope that your accounts would be safe from these closures. I would encourage everyone to have accounts open with multiple banks, and if you don't like how your bank treats cash businesses, vote with your wallet and move your funds to a different financial institution.
Mark of the Beast System....it's just another small step toward it.
Great video! As a person with a law enforcement background, I have so many thoughts on this. But that aside, while I understand the need for security, banks and the regulations are putting way too much stress and control over American businesses to thrive and survive.
They are figuring out either coin dealers are laundering money or are paying themselves with the gold and silver bypassing taxes.
Banks dont want people using cash because they get to charge businesses 2%-3% on all credit & debit card transactions
Its all about going to digital currency down the road, get rid of cash and the govt can track
Coin Shows. Think about how much cash goes through a regular medium sized coin show.
Absolutely ridiculous these banks doing this to all the coin dealers can't imagine the reasoning behind it but in time we'll find out !! Thanks for sharing Daniel !!