Coin Shop Bank Account AUDITED for Cash Deposits? Owner Speaks Out!

Video quality	The size	Download

Information Coin Shop Bank Account AUDITED for Cash Deposits? Owner Speaks Out!

Title	:	Coin Shop Bank Account AUDITED for Cash Deposits? Owner Speaks Out!
Lasting	:	20.06
Date of publication	:
Views	:	13 rb

Thanks again for the chat today, Silver Seeker I always appreciate it!
Comment from : Minot Coin & Bullion

Structuring deposits to fly under 10k “money laundering 👍🤔🙀”
Comment from : donald robinson

Most IRS audits are done when inland revenue want to find money that is not going to child support
Comment from : Robert Lee

16:24 public and private don't mix
Comment from : TOWGUY

It seems to me that any money laundering involving coin shops would be attempted by nefarious customers, not the business owner
Comment from : Conrad

Scary as hell!
Comment from : Richard Metcalf

Money in bank - nobrMoney in liberty safes - nobrTransactions over 600 br50k new irs agents brFed central brbrThis is how 81 million people build back beter :(
Comment from : Firecrest

This was very eye opening At least his bank gave him a warning on software notifications The others got no explanation and closed personal accounts as well
Comment from : SalivateMetal

The government are the crooks they need to be audited
Comment from : BOB P

It’s stupid crazy! Keep your cash locked up in different safes outside the bank What do they do for us anyway? brI think something big is coming down the pipe to axe cash
Comment from : Silver Junkie4

It's control
Comment from : Mary Mastromauro

Great video Very eye opening 👍
Comment from : Noicue

It’s a power grab, absolutely Exactly the same with the 80,000 new IRS agents Folks, you can never ever vote Democrat
Comment from : Brian Lippa

The coin shops that now sell on YouTube 8 would think need good accountant taxes And so on
Comment from : perplexedmind

Artificial Intelligence , algorithms , and computer software Ain't life grand lol
Comment from : virgil kane

What's wrong with deposit report, why avoid Take your bankers advice
Comment from : William Guy

One of our local gun shops had it's account closed Atoo much cash Bthe Legal merchandise that they were selling
Comment from : Michael Caristo

Everybody forgets that that all those millions of dollars for 85,000 new IRS agents is so those new agents can Harass every penny they can get outta every Small business that deals in cash in America The Goverment is Gonna Squeeze every penny they can and they write the Laws so Banks have to have these systems in place to Detect suspicious activity and report it and if they Dont catch it they get Fined Millions so they have to be delligent and strict on policies ,Like he said guy didnt want to make the call but its Protocal put in place above his pay grade its every Bank , wont be long you want have Cash because everyone will have to buy with a card anyway and you will buy their stuff with a card The End
Comment from : K-TOWN DADDY

This surprises me Minot ought to know taxes and death are a certainty I couldn't do this as a taxpayer and not be audited
Comment from : H Tub

Is there something in the Federal registry under the IRS with banks reporting to the IRS when a certain dollar amount is flagged for being under $10,000 but over a certain number? I would look at the 5 years before covid
Comment from : Brett J

It's foolish to use banks anyway
Comment from : X95 23

New approach Every dealer and business makes every deposits possible right at or over the Red Flag ammount to overwhelm the fed fellon workers responsible for oversite
Comment from : Steve Lucier

Nice to hear from Josh again Josh, I will stop in and see you when I take a drive home from KC…I want to help out a “home store shop” even though Grand Forks is actually home The recent pull back on silver was as was in historical ups and downs You’ll need to take into consideration any recessional, no matter how small to it, Although the values were lower, you have to go back 8 yrs and follow forward May not be as drastic but, the same directional move is a mirror image You’ll have to also work any recessional report of the period as well
Comment from : Kevin Bye

This is definitely the war on cash and small business My bagel shop was debanked by Capital One a few weeks ago We are cash only and make deposits less than 10,000 dollars There was no notice and we bounced one of the kids checks We did receive a notice on restructuring a month or more earlier, but thought it was sent to everyone I got one for an old ING account that Capital One took over Btw they closed that account and my brother’s who is my partner, but with notice,around 10 days to switch banks I learned a lot from this video,thanks
Comment from : Jim Restaino

Enjoyed the video and reading the comments Thank You!
Comment from : BigDaddyHoffman1911

I think the software things is an effort to avoid liability Some years back more than 40 people and several businesses were indicted, including Deutsche Bank 6 people turned snotch for reduced sentencing and there was a whole big to-do about it Deutsche Bsnk managed to dodged liability for laundering money and other unusual business practices brbrThe software angle gives the bank leeway to say no to a big time customer that is crooked and to tell the FEDs, "we're doing our due diligence, not a part of the crime" brbrThe big dogs in banking built a software shelf for themselves, and the little banks are starting follow suit and using the software shield toobrbrThe problem with software is that it cannot intuit the information, it only processes it If it sees dollar amounts that are commonly associated with money laundering on a regular basis, it has to flag the information A large bank doesn't staff enough people to handle every one on a case by case basis so it generally will have to freeze the account until it can investigate
Comment from : tgraymk

Lets not beat around the bush Put the blame on biden and the democRATS this is terrible and even worst is the reporting of the $600
Comment from : bucnbas

Not comment this video ,found you br$10 thou video brRespect ,brOverseas persons brWhat’s spot ,,brHave on screen , exchange rate+brbrUsa to Ozz dollar ,
Comment from : Paul Bailey

Gonna have to keep more cash simply as inventory
Comment from : Conrad

It's not the banks It's government afraid of money 💰 laundering
Comment from : Michael Belle

What kills me about the $10,000 limit is that was set about b50/b byears/b ago For some perspective, fifty years ago a gallon of milk was 62¢, a gallon of gas was 39¢, a Hershey's chocolate bar was 10¢, the average house was less than $33,000 and a new Ford pick up was less than $3,500 That the limit for reporting is bstill/b $10,000 is crazy and the fact that any bank will give you grief for coming close to that should be criminal
Comment from : QuickSilver

Actually, what the bank guy said makes perfect sense: The year I bought most of my bullion, I deliberately withdrew $11k on one occasion specifically so I would go OVER the limit and there would be no question of whether I was trying to "structure" withdrawals to avoid being reportedbrbrWe need to put the blame where the blame lies The banks are just following the laws and regulations they've been given The people to blame for all this nonsense are the POLITICIANS Make this an issue at election time Vote for LESS regulation, MORE freedom
Comment from : Uncle Putin

You, Me, Everyone, are Criminals in the government's eyes, and not just for stacking metalsbrbrWelcome to The New United States of America
Comment from : IRM

Just vote properly in 2024, and a good chunk of this problem will go away--at least for four years
Comment from : Orwellian Hater

If the banks and irs make it so annoying and difficult that coin shops close their doors, where will we sell our stack when we're ready to sell?
Comment from : Mr Main Event

This is actually a law the bank has to comply with on identifying someone doing “structuring”, which is deliberately keeping deposits under the 10k limit to avoid reporting It’s vague and could even be triggered by doing consistent daily amounts, that could total together as 10k or morebrSo the bank is covering their rear and if anything being really nice and saying “please don’t do that, we don’t want to report it either”
Comment from : LiquidZ2k

If possible, we should all start depositing $9999 and ask the manger if this is going to be a problem for them and where we should start shopping for our next depositorybrI dealt with this even years ago with my grandmother who started taking cash out, she told them “do you think this is yours?”
Comment from : Brandon Dockter

Our greedy country is getting out of control We need a MINIMAL government
Comment from : Dennis

Regarding Government Regulation & compliancy, I was talking with the owner, of the tyre (sorry, tire 🤪) shop I have dealt with for over 20 years He's pulling his hair our, as his compliancy requirements keep changing; & not for the better And, this is in a very small country: Auckland, New Zealand This BS is being forced on business, ALL over the Western World
Comment from : Citizen GKar

Always great to hear content from my 3 favorite channels! Shout out to Dave from Coinhuskers, my go-to LCS!
Comment from : Kirk Weidler

Thanks for a fine interview -- Josh is honest, knowledgeable, and realistic "What is the point of having that ten thousand dollar limit if you get flagged at nine thousand dollars?" "It's the software" Sheesh
Comment from : catherine yronwode

So why deposit the cash at all, I mean, how much interest are you missing?
Comment from : Michael Ramsey

Moral of the story, deposit less than $9,249 Jeeeez This is getting silly
Comment from : Kacey Dillin

As someone who runs a business on eBay (and likes silver), I'm happy to see commentary on the $600 1099 threshold and, in general, the whole bureaucratic mess going on lately I definitely agree that not enough people, like you were saying towards the end of the video, are affected or even educated enough to understand the implications of everything going on
Comment from : Anthony W

Double check but think the legal limit is now $5250 or $5525
Comment from : Melissa Clark

You two would be a good team moving forward A shop and a stacker! Thanks gents! Watching both channels
Comment from : Tim P

Yes, not unheard of for cash intensive businesses, same thing would have happened with money orders
Comment from : Sasserexe

👍
Comment from : Nickel Nation Coins & More

i learned long ago never buy at the very end or very first of the month ive been purchasing at least once a month (with few exceptions) for years i dont know if the big players fill most of their orders at the end/beginning of the month or not but, that is my thinking it’s not fool proof but i always note spot during that timeframe and when i buy and ive beat it more than ive missed it since noticing it may just be coincidence or luck but i’ll never buy at the end/first of the month unless it nosedives
Comment from : Silas Marner

It's prob an irs algo Hang on tight The median house payment is now $2800 10k is the monthly salary for many households It's getting very bad in Europe Prepare for shenanigans
Comment from : youKnowWho3311

Be your own bank put your money in a whole life insurance and when you need money get a loan from the whole life insurance
Comment from : David Harpur

Another great video Maybe one of your videos can be calling random banks and asking what the current deposit limit is today as i won't have my account flagged Lol 😅
Comment from : 2$ Bill

The problem is bank’s insurance companies etc quit common sense are relying on computer programs and numbers where in the old days managers would have the final say on problems that trigger reports
Comment from : Jerry g

Met Josh today traded some silver for gold He was straight up and I will be seeing him again I deal with Ken in gf or ardie and grizzly in billings depending on my job location Very good first time with Josh the other guys go back years but I felt very comfortable with him and it may be my experience or knowledge over the years but I let him do the talking and knowing what I had at spot today I was very impressed with the honesty I left with a recent but not too worried about it iwould rather not
Comment from : Rick Waisanen

This $10k limit goes back to 1970 and has not been adjusted for inflation Would be $75k by now Us voters and citizens need to contact our US representatives and senators and ask them to increase this amount to allow for 50+ years of inflation
Comment from : drbcrb

Vote republican; they have plenty wrong, but it's the democrats who love the IRS and taxes And most of this is all about government control and hammering the self employed middle class My advice to Minot is to do less cash deposits and to open more bank accounts This is an excellent channel
Comment from : 888strummer

If transactions $600 or more have to be reported for these other channels, ur not hiding by depositing anything by making any deposit in a bank The reason for all this is that more taxes from the under the table folks Got a national debt to pay interest on 31T and growing will only make this worse
Comment from : Lee E

You are just as well to put deposits over $10K Under $10K can be construed as the "crime" of "structuring", that is according to the government splitting to under $10K and depositing in a series of transactions can be a "crime" Or, you can keep the deposits under $10K, but have many deposits under $5K, or for all random amounts along the way, made at random times The worst total to deposit is just under the $10K limit--this is what is generating the flag You should at the least make as many deposits over $10K as the number just under This would at least give the appearance that you are not deliberately structuring to stay under the reporting threshold The current law is crazy--but that's the way it is so you should at least try to comply, and save yourself grief And PLEASE--don't admit what you said to the banker as "of course this is what I did," because bad as the law is you just admitted your guilt to "structuring"
Comment from : KSASTAMPS

It’s the war against cash, in this case
Comment from : Lee E

All the banks are subject to these Fed rules At least the banker explained it, unlike the other banks that just closed the accts
Comment from : Lee E

This channel is great, so much info and tips
Comment from : jileel

I live in Oklahoma and deposited $8000 into my bank a couple of months ago They want to know where I got it It's coming they're coming after all of us
Comment from : Charles McBride

That was the first time that I heard about what dealers pay Thanks so much for that information! Question, why is it that the online dealers charge much more for premiums than the LCS do?
Comment from : Robert Laird

A banker trains a dog to not go into the street and to walk in the sidewalks , the dog walks in the sidewalks Later the banker tells the dog ; "seems like you are suspicious walking on the sidewalk, - I'm going to look into why you are doing that - aren't you sure you wouldn't rather just run into the street each time you go for a walk? "
Comment from : DiCelloPiano

Basically the way I view the conversation about bank deposits is the Mangers is basically saying hey keep the deposits under nine thousand or over 11 thousand to avoid any interference from either the regulators or government officials It’s above him no need to argue just listen to what is being said He’s telling you the truth
Comment from : Mark Nordhausen

My bank told me and I went online to some government site, that it's no longer $10K but actually $5K that triggers a government required report I got a call from my band because I was doing cash withdrawals telling me they were about to close all my accounts So I stopped for a couple of months Banks, like any business, don't want the paperwork especially to the gov When I did a large deposit of cash to make a wire transfer when buying two 10 oz gold bars, I had to fill out 2 pages of paperwork plus the bank questioning that lasted about 30 min for them to fill out their report If they can't stop you from buying S&G, they're going to make so that you can't cash them in locally SUX!
Comment from : Lee Fury

Operate 2 accounts, deposit 5k each 😅
Comment from : TS Lee

Banks want people to use credit cards so they get their 5 cut
Comment from : Tom Tharos

Are they going to go after diesel mechanic shops like I work in? Probably
Comment from : GHOST IN PLAIN SIGHT 2018

Question why would you want your cash in the bank
Comment from : Tim Ure

Sounds to me as though:br- No cash deposits under 10Kbr- Have more than one business account at different banks
Comment from : IM Dunn

Wow scary!
Comment from : Suzette Free

Thanks Josh and Silver stacker
Comment from : MikeSTGL

We are now seeing what happens when a SOCIALISTIC government runs things
Comment from : John Bethea

Did you hear what raven said the other day about this
Comment from : Mark Adkins

20k will buy you a big heavy safe Start making two deposits
Comment from : Mark Turner

16:17 you would operate the same way Peter Schiff would operate accepting crypto (his company, SchiffGold, uses BitPay to receive crypto payments) "As early as 2014, Schiffgold was one of the first physical gold companies to accept cryptocurrency via Bitpay We strive to stay on top of the market and offer our clients multiple ways to purchase their precious metals As always, we ensure the safest means of transactions and offer the best customer service within the market" Which reminds me, "Coloradans seeking to renew a driver license or vehicle registration online have a new payment option The Colorado Division of Motor Vehicles is pleased to announce that myDMV(opens in new window) now accepts cryptocurrency through PayPal for online payments" As a side note, one does not need BitPay, nor PayPal to transfer crypto, crypto was made for Peer-to-Peer
Comment from : ebzs seatbelt warning

No way!!!!, The bank wants you to deposit more than the limit because the Democrats want your records to tax you!!!!!😮
Comment from : Patriot csa

Your flagged if you do, your flagged if you don't Jeez!
Comment from : bowlmeoverva

These types of monitoring banking transactions are exactly why AI is a problem and will just get worse
Comment from : Grant Piche

🍔Whopper🍔of an episode 👑
Comment from : Seymour Rivers

I guess that were the new 88,000 IRS agents our coming in they need the money
Comment from : JT Hodges

it's called deposit structuring It's against the law All banks have to abide by it and send out a form 8300 on it The banker is right You are better off doing over 10k deposits
Comment from : MJ