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
@@lumendelsol I have heard that basically every day since I can remember (late 1960's). Always, always, always.... It's going to get worse. Tha Man is going to stick it to ya ! We'll all be selling our bungholes for pocket change, RUN ! -And all bulls**t.
@@homerj806 I could buy that explanation, if it weren't for the fact that all my machines run off of debit cards and tokens. So there is absolutely NOTHING I can do to make my laundromat less cash intensive because it already is. No, something else is going on here.
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!😳
They are supposed to ask what it is for. That is how they are trained. A lot of scams have (usually) older people withdrawing a large sum of cash at their bank. If they hear something suspicious they will deny the transaction to protect the customer in this type of case. It goes both ways... to protect themselves and also to protect the customer (potential victim).
I honestly LOVE my current bank. They REALLY do watch out for everyone!💓 Small bank, they remember everyone, our lives, interests, My guy,my 10 year old, our DOG! Lol. Small local bank, with customer service beyond compare! Even helped me set up successorship to my accounts to the person I want to be able to access them. I've seen them help elderly and confused customers very gently. On a first name basis with everyone! I feel REALLY good knowing their my bank in case something happens to me. You DON'T generally get that kind of customer service anymore honestly. They are a true gem.
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.
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
Of course, scammers are regular people. Also, the unknowing victims that are withdrawing large sums are also regular people. Now to avoid the banks many of them will have the "victims" buy gift cards. This way they avoid the banks which have caught on and also the cash which is a red flag.
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.
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.
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.
It’s not the audit. Its really because every bank has a massive hole in their balance sheet. The bank only holds a fraction of your liquidity. If you take large sums from your bank account.. it’s similar as if you had a loan and bank called and said we need the money right now. Say you didn’t have it so you had to sell your car for cash to pay the bank the money they want to withdraw. Instead of having a car available to sell to come up with the funds… the banks have govt bonds. And the rate hike the fed just did… caused these massive losses for banks… that really aren’t reported. Unless they are sold. If you could be a customer that might be high risk for bank… withdrawing large sums from bank… AND most importantly.. not putting it right back into the banking system. I doubt credit unions are closing accounts like this.. but maybe I’m wrong. But there is something callinng the repo market… or overnight lending market.. where banks lend each other cash to maintain compliance. This wasn’t available to smaller banks. Not sure if that has changed.
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.
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!!!
LOL. Yes, there is ALOT of criminals out there, ALWAYS has been. Frankly they KNOW better ways to launder money😜 Heck I can think of a dozen😂 It's not difficult if that's your goal. This has NOTHING to do with them! The government just wants all up in your business, THAT is scary. I DON'T keep large amounts of money in the bank. I don't bury it in the yard either. 😂 I put it in money orders * watch expiration dates. Make it out to YOURSELF. If you do it at your bank it can be replaced.( currently saving to pay off mortgage) Anyone can take cash. They just want all up in your business. If you've paid your taxes on that money, it's no longer their business how you spend it. I once told a teller I was using it to wipe my ass!😜 * During TP shortages. Point being they can ASK. What you tell them is at your discretion. * Heads up, they DIDN'T find the " hookers and drugs " comment funny😂 acted like I was serious for a minute cause I said drugs, apparently hookers are fine however!😜 At the end of the day, if you ARE paying taxes on the money, THAT is where their nosiness SHOULD end! * reason most criminals launder money is to AVOID paying taxes. A BANK would NOT be their first choice as that money IS reported. NO, the government is starting to cross the line. CASH businesses have existed FOREVER. You just deposit enough cash into your accounts to show a small profit, pay your bills out of there, pocket or reinvest the rest. It REALLY isn't their business WHAT you buy, as long as they get their taxes. My guess is along the way.. A few folks flipped their " ill gotten gains into coins " which would make sense as an outlet to launder. Therefore red flagging the whole industry. They will move onto something else. However in the mean time, the whole industry will suffer for it.
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)
if you're holding cash, you're losing 7%-9% year due to inflation. Hold gold. In 2003 gold was $400oz. Today its $1,930 or so. Gold will probably go above $2,000 by year end as the effects of China Yuan, Russian ruble collapses, and Euro's deep recession kick in to create global fear Further bad news to come by year end: global food grain stocks decline precipitously, and inflation takes off again, especially with oil now approaching $100/bbl.
Bitcon is trackable by Gov. It can be tracked and has also been confiscated by Gov's. It's an open source ledger and the "Pipeline extortion" was a perfect example of the FBI tracing and getting the bitcon back.
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.
Obviously you are not aware of the cases that innocent people were traffic stopped by the cops with lots of money, and it was confiscated and never returned. And they have no legal reason to take your money, but they do, and they get away with it.
You are incorrect. Police seize money all the time, and its the rare case when anyone can get it back (and in a recent case the legal fees to do so far exceeded the 5 figure value of the cash sized - and the local police/State/Feds don't have to pay those legal fees). One trick is to turn the cash over to the State of Feds; and the local cops who seized the money no longer has it. Since the State or Feds didn't seize it you virtually cannot sue them for it. I have heard stories that, depending on the State, that the local or county police department gets some form of "grant' based off of the value of the money turned over after a period of time.
My local coin shop cuts a check for ANY amount of metals or anything else you sell to them. They will never give you cash. IF this theory here is accurate, then they shouldnt have any problems since they arent moving physical cash around.
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.
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
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't.s purview? Also, 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.
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.
I used to work, in Financial Crimes, in a top 50 Company, in the US, a Financial Institution. Banks are all about ROI (Return on Investment). They calculate everything to the $0.0001. When you make large dollar deposits those have to be reported to the Federal Govt. They decided it costs too much to handle your account and closed it. It was a financial decision. There are at least THREE OR MORE people that have to deal with each large dollar transaction you make. The teller has to take time to fill out a large dollar deposit form that goes to an internal dept. It gets reviewed and revised to be in the Federal government format. If it’s not in the correct Federal govt. format, the govt. will reject it and it will have to be done again. So, after is formatted by the 2nd employee, in the Federal govt. format, they send it to a third employee that verifies the format is correct before sending to the govt. These take a lot of time for each person that has to touch/review that particular transaction. The Federal Banking format for large dollar transactions is archaic and very unusual. It’s almost like another language. Who would have guessed with the federal govt computer systems. If you’re not used to it, it takes a long time to word everything correctly into the right format. After so many rejections for improper formatting, the bank can be fined for not submitting them in the correct format. Bank is calculating how much time each person spends on that transaction, how much they make per hour, and ultimately how much each of those transactions cost for the Bank to process. Banks calculate how much each of your transactions cost to process and they aren’t making money if you’re a small business making a lot of high dollar deposits. As long as you are a profitable customer, they will continue to eat the costs of those transactions because they make it up, in other areas. If you are not making the bank money, they don’t want your business. They aren’t going to tell you this. This is if you are on the up and up. If you’re a shady business the govt. may request more information and for your account to be tracked which costs them even more $$$. The larger institutions can afford not to have you as a customer, compared to a smaller institution. You were not making them any money and they decided they didn’t want you as a customer. Everyone gets worked up because it's your bank, your money, and they don't want to explain themselves. Think of it in abstract terms. A business has a customer that causes them to repeatedly lose money by doing business with them. Are you going to continue to take a loss for this particular customer or are you going to cut them loose? Every business needs to make a profit to stay in business. With the financial trouble all the banks are under, in the current financial climate, they are looking at every way possible now to save money.
I used to be chagrined because I was always getting hundreds and fifties in my change and out of the ATM. I have not received either notes since the fall of 2019. A five hundred dollar withdrawal at the ATM is all twenties, every time. Pulling the big notes out of circulation is what they always do in preparation for the CBDC.
Once you deposit money in your account it no longer belongs to you. I went to withdraw 6 thousand out of my account bank asked me what did I need my money for. I told them it’s none of there business.
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
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
If I were a coin shop, I would try to get my initial capital from a bank, but then try to be my own bank, since it's a cash business. That doesn't mean that they can't have any interaction with the bank, but I'd try to reduce it to bare minimums. That would necessitate probably more than one vault, and a lot of security that the average LCS might not be able to afford. But personally, I wouldn't even use a bank, if it wasn't necessary to pay certain bills. But yeah, government regulation has made dealing in cash a lot more difficult.
The government will crush that as well. It will be in the interest of national security and they’ll eliminate any other options. The take over is well underway.
So what if the bank gets an audit? They can write all of the expense off. However maybe it's more the time involved in the audit that's really the issue, that would be my guess and just the fact they are being scrutinized.
@@DanielJohnson-ec8rk with regards to banks you are correct I don't know, I only assumed. I know with my business even with thousands of dollars in expenses annually I cannot write them off if they are less than the standard deduction and have to be higher than the standard deduction. I just would have thought a bank would be allowed to write off such a large expense. So what do the banks do with that large audit expense?
@@ButcherBird-FW190D Yes, I'm aware. With my business I've noticed that for every dollar I spend where I've qualified for a write-off, It really only saves me from paying about 30 cents of every of those dollars in taxes but it still helps somewhat and I might as well take advantage of that.
@@song2001september Yes Sir, excellent response and you are entirely correct. The problem is that most people erroneously view a write-off as making the item "Free". Clearly that is not the case, but that is the perception in the majority of people's minds. Take care.
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 U.S. affiliates $186 million for failing to sufficiently address money laundering control problems and other shortcomings previously flagged by the U.S. 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.
I DON'T BELIEVE THAT...I HAVE A DIFFERENT THEORY. I 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 CASES. SAME REASON BANKS ARE NO LONGER KEEPING HUGE AMOUNTS OF MONEY IN LOCAL BANKS . HOPE THIS MAKES SENSE.
ALSO, REMEMBER...SILVER AND GOLD ARE THE COMPETITION TO DOLLARS, SO THEY WILL TRY TO ELIMINATE YOU AS A COMPETITOR. COULD BE A SETUP FOR ALL I KNOW. IF YOU DON'T BANK WITH THEM AND THEY "ROB" YOU, THE BANKS DON'T LOSE ANYTHING
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 U.K the Loser pays and rightly so
FINALLY. a theory that actually makes sense. WAAY too many channels are playing stupid with this and making some really moronic videos about their theory as to what is going on here. This is the first one that ive seen today that actually might make sense lol
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
ur on the right track. think much worse now.
@@lumendelsol I have heard that basically every day since I can remember (late 1960's). Always, always, always.... It's going to get worse. Tha Man is going to stick it to ya ! We'll all be selling our bungholes for pocket change, RUN ! -And all bulls**t.
@@homerj806 I could buy that explanation, if it weren't for the fact that all my machines run off of debit cards and tokens. So there is absolutely NOTHING I can do to make my laundromat less cash intensive because it already is. No, something else is going on here.
@@homerj806 Nice and succinct answer, Homerj806. Right on target.
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!😳
They are supposed to ask what it is for. That is how they are trained. A lot of scams have (usually) older people withdrawing a large sum of cash at their bank. If they hear something suspicious they will deny the transaction to protect the customer in this type of case. It goes both ways... to protect themselves and also to protect the customer (potential victim).
Last time I told them Hookers and Drugs😜 * I did explain I was JOKING after
I honestly LOVE my current bank.
They REALLY do watch out for everyone!💓 Small bank, they remember everyone, our lives, interests, My guy,my 10 year old, our DOG! Lol.
Small local bank, with customer service beyond compare! Even helped me set up successorship to my accounts to the person I want to be able to access them.
I've seen them help elderly and confused customers very gently.
On a first name basis with everyone! I feel REALLY good knowing their my bank in case something happens to me.
You DON'T generally get that kind of customer service anymore honestly. They are a true gem.
I tell em it for hookers and black jack 😂😂😂😂
@@don951, you left out the reason which is because they are nosey , and being funny because you taking your valuable stuff from them
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.
Pretty soon the grocery bill will be 10k with the way inflation is going.
It makes sense now. Thanks. Those making decisions on our lives do what ever is easier for them.
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
Heard the same
Of course, scammers are regular people. Also, the unknowing victims that are withdrawing large sums are also regular people. Now to avoid the banks many of them will have the "victims" buy gift cards. This way they avoid the banks which have caught on and also the cash which is a red flag.
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.
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.
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.
Derisking is becoming a big issue. And the sad part is regulators say you do not need to derisk but they make it difficult to do.
It’s not the audit. Its really because every bank has a massive hole in their balance sheet. The bank only holds a fraction of your liquidity. If you take large sums from your bank account.. it’s similar as if you had a loan and bank called and said we need the money right now. Say you didn’t have it so you had to sell your car for cash to pay the bank the money they want to withdraw. Instead of having a car available to sell to come up with the funds… the banks have govt bonds. And the rate hike the fed just did… caused these massive losses for banks… that really aren’t reported. Unless they are sold. If you could be a customer that might be high risk for bank… withdrawing large sums from bank… AND most importantly.. not putting it right back into the banking system. I doubt credit unions are closing accounts like this.. but maybe I’m wrong. But there is something callinng the repo market… or overnight lending market.. where banks lend each other cash to maintain compliance. This wasn’t available to smaller banks. Not sure if that has changed.
Thanks the audit makes sense. Still B/S control.
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.
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!!!
you couldn't be more clueless! LOL
The criminals are in government.
LOL. Yes, there is ALOT of criminals out there, ALWAYS has been. Frankly they KNOW better ways to launder money😜 Heck I can think of a dozen😂 It's not difficult if that's your goal.
This has NOTHING to do with them!
The government just wants all up in your business, THAT is scary.
I DON'T keep large amounts of money in the bank. I don't bury it in the yard either. 😂 I put it in money orders * watch expiration dates. Make it out to YOURSELF.
If you do it at your bank it can be replaced.( currently saving to pay off mortgage)
Anyone can take cash.
They just want all up in your business. If you've paid your taxes on that money, it's no longer their business how you spend it. I once told a teller I was using it to wipe my ass!😜 * During TP shortages.
Point being they can ASK. What you tell them is at your discretion.
* Heads up, they DIDN'T find the " hookers and drugs " comment funny😂 acted like I was serious for a minute cause I said drugs, apparently hookers are fine however!😜
At the end of the day, if you ARE paying taxes on the money, THAT is where their nosiness SHOULD end!
* reason most criminals launder money is to AVOID paying taxes.
A BANK would NOT be their first choice as that money IS reported.
NO, the government is starting to cross the line.
CASH businesses have existed FOREVER. You just deposit enough cash into your accounts to show a small profit, pay your bills out of there, pocket or reinvest the rest.
It REALLY isn't their business WHAT you buy, as long as they get their taxes. My guess is along the way.. A few folks flipped their " ill gotten gains into coins " which would make sense as an outlet to launder. Therefore red flagging the whole industry. They will move onto something else. However in the mean time, the whole industry will suffer for it.
@@dot-com9222 Why? Because I know better and don't buy into your conspiracy theory. Look up the Anti-laundering Money Laws for yourself. AH.
If you think you're taking any action on behalf of the people you're sadly mistaken
What about bank accts of self car wash owners?
Its bullshit. Its our money we should be able to use our money.
when banks close these accounts, are they confiscating the funds?
NO
No.
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)
This does make sense. Gov no incentive to change when benefits them. 🐵
Rats in a cage
cash cost money 💰 they have to pay to get it delivered
if you're holding cash, you're losing 7%-9% year due to inflation. Hold gold. In 2003 gold was $400oz. Today its $1,930 or so. Gold will probably go above $2,000 by year end as the effects of China Yuan, Russian ruble collapses, and Euro's deep recession kick in to create global fear Further bad news to come by year end: global food grain stocks decline precipitously, and inflation takes off again, especially with oil now approaching $100/bbl.
Leave your hands off camera while talking!
You will own nothing and.... Complain about it to no avail!
Good video & points
An argument for Bitcoin
Bitcon is trackable by Gov. It can be tracked and has also been confiscated by Gov's. It's an open source ledger and the "Pipeline extortion" was a perfect example of the FBI tracing and getting the bitcon back.
Hey Perp! ✌️
A Millon no way
that audit threat is fake; if anyone keeps your cash (stealing) then take it out of their hide - no matter who they are.
Dollars collapsing. Calling in Silver and Gold. Don't be caught.
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.
Obviously you are not aware of the cases that innocent people were traffic stopped by the cops with lots of money, and it was confiscated and never returned. And they have no legal reason to take your money, but they do, and they get away with it.
You are incorrect. Police seize money all the time, and its the rare case when anyone can get it back (and in a recent case the legal fees to do so far exceeded the 5 figure value of the cash sized - and the local police/State/Feds don't have to pay those legal fees). One trick is to turn the cash over to the State of Feds; and the local cops who seized the money no longer has it. Since the State or Feds didn't seize it you virtually cannot sue them for it.
I have heard stories that, depending on the State, that the local or county police department gets some form of "grant' based off of the value of the money turned over after a period of time.
My local coin shop cuts a check for ANY amount of metals or anything else you sell to them. They will never give you cash.
IF this theory here is accurate, then they shouldnt have any problems since they arent moving physical cash around.
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.
Time to become your own bank.
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
Ridiculous! Any business has the ability to choose who they want as customers
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't.s purview?
Also, 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.
Peeps are using these shops like banks ........... that's competition they'd just soon not have
Any smart person knows that you shouldn't keep your money in the banks.
The Fed is out of control. Anyone else just about FED UP?
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.
I used to work, in Financial Crimes, in a top 50 Company, in the US, a Financial Institution. Banks are all about ROI (Return on Investment). They calculate everything to the $0.0001. When you make large dollar deposits those have to be reported to the Federal Govt. They decided it costs too much to handle your account and closed it. It was a financial decision. There are at least THREE OR MORE people that have to deal with each large dollar transaction you make. The teller has to take time to fill out a large dollar deposit form that goes to an internal dept. It gets reviewed and revised to be in the Federal government format. If it’s not in the correct Federal govt. format, the govt. will reject it and it will have to be done again. So, after is formatted by the 2nd employee, in the Federal govt. format, they send it to a third employee that verifies the format is correct before sending to the govt. These take a lot of time for each person that has to touch/review that particular transaction. The Federal Banking format for large dollar transactions is archaic and very unusual. It’s almost like another language. Who would have guessed with the federal govt computer systems. If you’re not used to it, it takes a long time to word everything correctly into the right format. After so many rejections for improper formatting, the bank can be fined for not submitting them in the correct format. Bank is calculating how much time each person spends on that transaction, how much they make per hour, and ultimately how much each of those transactions cost for the Bank to process. Banks calculate how much each of your transactions cost to process and they aren’t making money if you’re a small business making a lot of high dollar deposits. As long as you are a profitable customer, they will continue to eat the costs of those transactions because they make it up, in other areas. If you are not making the bank money, they don’t want your business. They aren’t going to tell you this. This is if you are on the up and up. If you’re a shady business the govt. may request more information and for your account to be tracked which costs them even more $$$. The larger institutions can afford not to have you as a customer, compared to a smaller institution. You were not making them any money and they decided they didn’t want you as a customer. Everyone gets worked up because it's your bank, your money, and they don't want to explain themselves. Think of it in abstract terms. A business has a customer that causes them to repeatedly lose money by doing business with them. Are you going to continue to take a loss for this particular customer or are you going to cut them loose? Every business needs to make a profit to stay in business. With the financial trouble all the banks are under, in the current financial climate, they are looking at every way possible now to save money.
I used to be chagrined because I was always getting hundreds and fifties in my change and out of the ATM. I have not received either notes since the fall of 2019. A five hundred dollar withdrawal at the ATM is all twenties, every time. Pulling the big notes out of circulation is what they always do in preparation for the CBDC.
Trump2024 🎉🎉🎉🎉2A🎉🎉🎉🎉
The bottom line is that it's our money. It's normal for businesses to deal with high amounts of cash.
Once you deposit money in your account it no longer belongs to you. I went to withdraw 6 thousand out of my account bank asked me what did I need my money for. I told them it’s none of there business.
Than open crypto account..simple is that...be smart and there is options and way out.
Can't speak without having your hands in constant motion, see a neurologist!
Interesting take. I get "carded" every time I make a deposit.
I was getting that at the larger bank. Switching to a small local bank fixed that one for me.
Thank you for giving a different point of view.
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
My lcs deposits thousands a day from public purchases.
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
Probably why and it's a invasion of property
That makes zero sense. How would the bank know that? 🤪
@@dontask8979 it’s called an audit and yes the banks will be notified by the proper authorities
yet the banks are the biggest money launderers
If I were a coin shop, I would try to get my initial capital from a bank, but then try to be my own bank, since it's a cash business. That doesn't mean that they can't have any interaction with the bank, but I'd try to reduce it to bare minimums. That would necessitate probably more than one vault, and a lot of security that the average LCS might not be able to afford. But personally, I wouldn't even use a bank, if it wasn't necessary to pay certain bills. But yeah, government regulation has made dealing in cash a lot more difficult.
On ramps off ramps
Actually, it's not your choice as to what to do with it. You cannot fund illegal activities, to include terrorism, drug dealing, prostitution, etc.
Y’all better learn BITCOIN.
Backed by nothing
The government will crush that as well. It will be in the interest of national security and they’ll eliminate any other options. The take over is well underway.
So what if the bank gets an audit? They can write all of the expense off. However maybe it's more the time involved in the audit that's really the issue, that would be my guess and just the fact they are being scrutinized.
You obviously don’t understand how write offs work
@@DanielJohnson-ec8rk with regards to banks you are correct I don't know, I only assumed. I know with my business even with thousands of dollars in expenses annually I cannot write them off if they are less than the standard deduction and have to be higher than the standard deduction. I just would have thought a bank would be allowed to write off such a large expense. So what do the banks do with that large audit expense?
I trust you are aware that "writing an item off" does not make it free. It merely lowers taxable income.
@@ButcherBird-FW190D Yes, I'm aware. With my business I've noticed that for every dollar I spend where I've qualified for a write-off, It really only saves me from paying about 30 cents of every of those dollars in taxes but it still helps somewhat and I might as well take advantage of that.
@@song2001september Yes Sir, excellent response and you are entirely correct. The problem is that most people erroneously view a write-off as making the item "Free". Clearly that is not the case, but that is the perception in the majority of people's minds. Take care.
That makes a lot of sense. Liked and subscribed.
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 U.S. affiliates $186 million for failing to sufficiently address money laundering control problems and other shortcomings previously flagged by the U.S. 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.
Invest in liquor then 🤣🤔
Leave your hands off camera!
I kinda like it myself.
Better then just staring at slabs.
Real person etc.
That’s crazy! Good points & thanks for sharing this
Doug, I have heard this also. Do you think it also has anything to do with the push towards digital currency?
What about the Biden's LLC's ?!?!?!?!?!?
I DON'T BELIEVE THAT...I HAVE A DIFFERENT THEORY.
I 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 CASES.
SAME REASON BANKS ARE NO LONGER KEEPING HUGE AMOUNTS OF MONEY IN LOCAL BANKS . HOPE THIS MAKES SENSE.
ALSO, REMEMBER...SILVER AND GOLD ARE THE COMPETITION TO DOLLARS, SO THEY WILL TRY TO ELIMINATE YOU AS A COMPETITOR.
COULD BE A SETUP FOR ALL I KNOW. IF YOU DON'T BANK WITH THEM AND THEY "ROB" YOU, THE BANKS DON'T LOSE ANYTHING
Not particularly. Please edit and try again if you wish to be understood. It's possible you are incorrect. Hard to determine.
Have you seen the looting already happening.
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 U.K the Loser pays and rightly so
FINALLY. a theory that actually makes sense.
WAAY too many channels are playing stupid with this and making some really moronic videos about their theory as to what is going on here.
This is the first one that ive seen today that actually might make sense lol