My thoughts on: Why banks are closing coin shop bank accounts.

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Information My thoughts on: Why banks are closing coin shop bank accounts.

Title	:	My thoughts on: Why banks are closing coin shop bank accounts.
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An argument for Bitcoin
Comment from : Big_Iron_Operator

Can't speak without having your hands in constant motion, see a neurologist!
Comment from : Charles Savoie

Its bullshit Its our money we should be able to use our money
Comment from : Robin Halbert

Major changes Electric rates are skyrocketing Which is the major resource mines use to operate I know for a fact the Ray Mine in Pinal county Arizona is the largest user of electric power here There fore prices of what they are selling has to go up to cover these cost Hyper inflation is a coming, if not already here
Comment from : Troy B

The cost of an audit is not the reason why banks are closing coin shop bank accounts Banks do not want to risk being fined by the Federal Reserve for unknowingly facilitating money laundering operations For example, this past July the Federal Reserve fined Deutsche Bank and its US affiliates $186 million for failing to sufficiently address money laundering control problems and other shortcomings previously flagged by the US central bank Small banks are less capable of absorbing these fines Unfortunately, LCS business models which use a lot of cash can serve to launder money or appear to launder money So, I think it's a risk management decision on the part of banks to close LCS bank accounts rather than risk being fined
Comment from : Robert Bigney

This does make sense Gov no incentive to change when benefits them 🐵
Comment from : Eric Quasney

FINALLY a theory that actually makes sensebrWAAY too many channels are playing stupid with this and making some really moronic videos about their theory as to what is going on herebrThis is the first one that ive seen today that actually might make sense lol
Comment from : THESHIT SHOW

If the customer hasn’t done anything wrong it should be illegal for the bank to close the accounts as long as it’s not overdrawn or something like that
Comment from : Silvercrypto2022

BOA just abruptly closed my business account I own a laundromat I got a very sick feeling about these sudden account closures, something bad is coming
Comment from : 1Real truth Right now

It's possible to diversify your investments at any stage in life I personally sought out new investment options as I am in my 40s I received a recommendation for a trustworthy broker from influential figures in the market and with her assistance, I was able to significantly grow my assets from $250,000 to $1,000,000 within the first two months of the year
Comment from : Chloé Avery

It's about personal freedom, our over lord's, you know who I mean public servants don't want us living a life of liberty there's no money in it for them
Comment from : Tom Powers

Biden's new America brLock n load
Comment from : Dont ask

Peeps are using these shops like banks that's competition they'd just soon not have
Comment from : Wes Welk

cash cost money 💰 they have to pay to get it delivered
Comment from : Brian leonard

Banks are vulnerable to pressure from government and so have been historically eager to help them out For example, we know that the government requires them to be notified if someone makes deposits of $5,000, but did you know that most banks volunteer to inform them about customers making $1,000 deposits? Probably not
Comment from : Richard Lucas

Trump2024 🎉🎉🎉🎉2A🎉🎉🎉🎉
Comment from : Steve Newberry

The bottom line is that it's our money It's normal for businesses to deal with high amounts of cash
Comment from : Maurice ORay II

Thanks This has been the most reasonable explanation that I have heard In the end no matter what anybody thinks it’s all about the money and business Secondly the stigmatization of cash is getting worse and probably this is antecedent to reinforcing the coming of a CBDC
Comment from : Robert Walker

What about bank accts of self car wash owners?
Comment from : Koin Kollector

Time to become your own bank
Comment from : Ronald Gartner

My lcs deposits thousands a day from public purchases
Comment from : chris price

The woke government is only going after pre-crime—they say you are a conspiracy theorist because that is factually what they are brbrThat simple
Comment from : Temporary

Y’all better learn BITCOIN
Comment from : cramsa

One solid reason that my LCS dealer told me was simply that businesses are not properly keeping records of there sales This to me sounds like money laundering The banks will shut you down if your not keeping proper records and paying your taxes from sales This is definitely one of the most common reasons that some coins shops will never admit to
Comment from : ChefStackerLA

Just another sheep cowering to the governments overzealous control
Comment from : Scullan Bonecrusher

You're focusing on the wrong area Even if what you say about the auditing is true, do you really think it's just a fortunate side effect that the gov'ts need to implement CBDC's will benefit greatly from reducing/closing businesses that transact primarily in cash, which also inhibits people from being able to buy gold/silver outside the gov'ts purview? brbrAlso, in addition to coin shops there have been some jewelry store accounts closed; this tends to underscore/highlight the need for the gov't to inhibit gold/silver purchases
Comment from : hottuna7

You shouldn't really talk about something that you don't know the facts about Law enforcement cannot simply seize money from a person because the person is in possession of a large amount of money There has to be evidence present that the money was obtained through some type of illegal activity ( scales in the vehicle, plastic baggies, ect) Money cannot be seized simply because it's a large amount The actual seizure of the money or property by law enforcement is a civil matter and is separate from any criminal case filed against the person owning the money I know this because of 23 years in law enforcement in Virginia
Comment from : Bevs Man

People will talk about unintended consequences of dumb lawsno longer These are in fact intended consequences of tyrannical control These cabal monsters are very calculating and they know exactly where this goes
Comment from : SilverLining

It makes sense now Thanks Those making decisions on our lives do what ever is easier for them
Comment from : Ted Hext

Leave your hands off camera while talking!
Comment from : Cary Boren

Leave your hands off camera!
Comment from : Cary Boren

Great video! Even now your helping your LCS by paying by card The owner can write a check out to customer purchases Deposits and withdrawals look like money laundering
Comment from : Numismatic Stacker

As I’ve been saying for well over a year now, get your money out of the banks! I only keep enough for the bills Banks are slowly collapsing as the USD weakens and the Fed Reserve runs around with its head cur off like a chicken trying to save our economy It’s too late, our national debt cannot be sustained or even paid back It’s only a matter of time Stack gold and silver to your rafters with food , water and medicine
Comment from : Angry American

What about the Biden's LLC's ?!?!?!?!?!?
Comment from : Eric McDowell

I have never heard that before , normally if you win a Court Case the loser has to cover your Legal fees , it maybe different in America but in the UK the Loser pays and rightly so
Comment from : paul fensome

Thank you
Comment from : Vic

That makes a lot of sense Liked and subscribed
Comment from : Jewelry Enthusiast

Any smart person knows that you shouldn't keep your money in the banks
Comment from : Daniel Bull Runner Lamb

LCS’s need to think about being their own bank currency wise, tying up more capital in cash on hand, to make it through the peaks and valleys of whether more people are buying or selling
Comment from : Conrad

Hunter biden had something like 147 red flags and they won't touch him, Hmmmm Yes it is the same flags
Comment from : TruePatriot

The audit theory makes sense due to the high cost burden of filing SARs Banks probably aren’t as worried about people using the cash—companies already use sweep accounts to generate interest Corporate transaction volumes are far higher than your typical dealer, so there’s not much of an issue in terms of cash on hand
Comment from : Bulacano

Absolutely It is all about risk and compliance for the bank Sadly, the bad guys love cash and cash based business fronts So it is being watched It does make sense, it is not personal There are a lot of criminals out there making it tough for the rest of us Like anything it is all about risk/reward In my area the LCS now cuts you a check if it is more than a couple hundred dollars Thanks! Cheers!!!
Comment from : Don

The banks are absolutely fucked They bought a bunch of long term government bonds when interest rates were low to make money off our deposits Now bond rates are higher and they're stuck with losses because they still own those low interest rate bonds If a bank run happened now they wouldn't have enough money to give back to their depositors because of those losses My best guess they don't want people removing money from their accounts because their bank could collapse They're trying to control cash withdrawals
Comment from : VPX4

I DON'T BELIEVE THATI HAVE A DIFFERENT THEORYbrI BELIEVE THAT BANKS KNOW IT WILL GET REALLY BAD HERE IN AMERICA AND THEY ALSO KNOW THAT SILVER/GOLD SHOPS WILL BE A HUGE TARGET SO THEY DON'T WANT TO LOSE MONEY SPECIALLY BECAUSE INSURANCE WON'T HAVE THE MONEY TO SOLVE ALL CASESbrSAME REASON BANKS ARE NO LONGER KEEPING HUGE AMOUNTS OF MONEY IN LOCAL BANKS HOPE THIS MAKES SENSE
Comment from : saul jimenez

The banks are in bed with the puppet government and they are all evil and trying to push CBDC They are the thieves if they take your money period
Comment from : Malcolm Evans

Thanks the audit makes sense Still B/S control
Comment from : Qmeup

so basically joes yellen is making coin shop rules interfering with every bank account in america?-aka monitering all bullion storefront dealers? typical joe-rules by unelected dumb@@s's-the sick part is-most americans don't care-wake the he3l up america
Comment from : Jim Downey

Dollars collapsing Calling in Silver and Gold Don't be caught
Comment from : Silent Bruce

A Millon no way
Comment from : Two-Brothers-stacking

Interesting take I get "carded" every time I make a deposit
Comment from : Dancers Collectibles

Hey Perp! ✌️
Comment from : Anna T

That’s crazy! Good points & thanks for sharing this
Comment from : J Parker Silver Stacker

Doug, I have heard this also Do you think it also has anything to do with the push towards digital currency?
Comment from : Truth Lives

When making large withdrawls for my guys business ( ie: to buy expensive equipment) they act like your doing something wrong, even will ask what it's for!😳
Comment from : Jenny Konrath

Unfortunately I've found anytime you make a large withdrawal they are all up in your business I remember long ago, when purchasing a townhouse I had rented many years, they HELD my withdrawal for a period of time( really pissed me off)
Comment from : Jenny Konrath

At this point, the Fed's should raise the cash reporting paperwork to 20K+ from 10K It's been a 10K threshold since I can remember! Sorry to hear cash heavy business have this issue
Comment from : Silver Struck

Thank you for giving a different point of view
Comment from : Mistress Raven Ivy

Good video & points
Comment from : Mark Lewis

They want to be able to track you purchases by getting rid of cash and making credit cards only Won't be long you will see the Flea Market being told no cash transactions
Comment from : DALE STONER

Chad Wolfeschledgelsteinhausenbergerdorff

I heard something about that, they doing it to regular people too They dont like large withdrawal from anyone! My wife is under orders at the bank to make people's lives a living hell for anyone that withdrawals over 5k
Comment from : Chad Wolfeschledgelsteinhausenbergerdorff