Coin Shop Owner on BANKS HATING COIN SHOPS

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  • เผยแพร่เมื่อ 11 ก.ย. 2023
  • 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:
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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
    #silver #gold #coins

ความคิดเห็น • 797

  • @karlklein2966
    @karlklein2966 10 หลายเดือนก่อน +451

    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.

    • @gchsbus
      @gchsbus 10 หลายเดือนก่อน +112

      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.

    • @willscottrell6919
      @willscottrell6919 10 หลายเดือนก่อน +34

      @@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.

    • @gchsbus
      @gchsbus 10 หลายเดือนก่อน

      @@willscottrell6919 I wanted a police report incase I wanted to sue them.

    • @matthewbyrns-sp8lb
      @matthewbyrns-sp8lb 9 หลายเดือนก่อน

      ​@@gchsbusWow, just pile up cash, then turn into gold, have to hooard cash

    • @user-nw1cz2in5s
      @user-nw1cz2in5s 9 หลายเดือนก่อน

      ​@@gchsbuswhat bank

  • @Rob_F8F
    @Rob_F8F 9 หลายเดือนก่อน +45

    Love this business owner. He believes in the profit/cost motive and not in crazy conspiracies.

    • @RMUNOZ1963
      @RMUNOZ1963 7 หลายเดือนก่อน +5

      Harry is a top professional. I learn from him.

  • @MichaelRighi
    @MichaelRighi 6 หลายเดือนก่อน +47

    I love how pragmatic and rational Harry is. A breath of fresh air.

    • @cottonclarksa
      @cottonclarksa 28 วันที่ผ่านมา

      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.

  • @ProjectEric2024
    @ProjectEric2024 10 หลายเดือนก่อน +34

    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.

  • @TheQuickSilver101
    @TheQuickSilver101 10 หลายเดือนก่อน +62

    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!

    • @stratcaptain66
      @stratcaptain66 10 หลายเดือนก่อน +6

      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.

    • @100fold64
      @100fold64 10 หลายเดือนก่อน

      @@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!

    • @bensherman8976
      @bensherman8976 27 วันที่ผ่านมา

      ​@@stratcaptain66I agree 👍🏻

  • @paulwier7005
    @paulwier7005 10 หลายเดือนก่อน +58

    Coin shop owners should start there own bank or Credit Union. I would think this would stop this B.S.

    • @paulrichards383
      @paulrichards383 10 หลายเดือนก่อน +8

      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.

    • @zenvultra
      @zenvultra 9 หลายเดือนก่อน

      @@paulrichards383 How would someone go about operating as their own bank?

    • @Seth9809
      @Seth9809 9 หลายเดือนก่อน

      @@paulrichards383 Credit Unions are great, what are you talking about?

    • @marcuschonglanceanderson2390
      @marcuschonglanceanderson2390 8 หลายเดือนก่อน

      @@paulrichards383wise

    • @busterbiloxi3833
      @busterbiloxi3833 6 หลายเดือนก่อน

      Start your own bank or STFU!

  • @mikes9759
    @mikes9759 10 หลายเดือนก่อน +13

    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!!

  • @kenporonin1
    @kenporonin1 10 หลายเดือนก่อน +126

    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.

    • @KozmoDyne
      @KozmoDyne 9 หลายเดือนก่อน

      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.

    • @Razor__1972
      @Razor__1972 9 หลายเดือนก่อน +4

      they are going to ban hard currency

    • @greyfox79007
      @greyfox79007 9 หลายเดือนก่อน

      No banks carry the minimum required to cover deposits that was 20% until Covid then they reduced it to 0%

    • @Theactualcurrentsea
      @Theactualcurrentsea 9 หลายเดือนก่อน +9

      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.

    • @TrustyZ900
      @TrustyZ900 9 หลายเดือนก่อน

      @@Razor__1972 And we'll all be screwed.

  • @zuke5432
    @zuke5432 10 หลายเดือนก่อน +26

    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

  • @santoroproject8753
    @santoroproject8753 7 หลายเดือนก่อน +4

    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.

  • @er-ick
    @er-ick 10 หลายเดือนก่อน +13

    Chats with Harry and the team = my favorite videos on TH-cam!!!!! THANKS!! I NEED to make a pilgrimage to Oregon to visit the shop (and spend way more money than I should)!

  • @bobsal5776
    @bobsal5776 10 หลายเดือนก่อน +8

    I love it when you visit Harry’s shop! Keep these videos coming 🇺🇸😊

  • @kevincrock1202
    @kevincrock1202 10 หลายเดือนก่อน +6

    Great show and great advice well taken thanks for your candidness!

  • @joshuajones8455
    @joshuajones8455 9 หลายเดือนก่อน +15

    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.

  • @nicoleh4780
    @nicoleh4780 10 หลายเดือนก่อน +9

    Harry!! I always appreciate his POV he always comes from a logical, level headed, and well thought out place instead of escalating to the doom and gloom. So refreshing.

  • @keegan773
    @keegan773 9 หลายเดือนก่อน +8

    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.

  • @EzleRS
    @EzleRS 9 หลายเดือนก่อน +5

    I love harry. I could listen to him explain things all day haha. Such a wise man with a kind heart!. Great video Dragon.

  • @jimmyquick1282
    @jimmyquick1282 9 หลายเดือนก่อน +3

    What an honest gentleman. Hands down my favorite coin shop owner on TH-cam.

  • @SilverTiger86
    @SilverTiger86 10 หลายเดือนก่อน +8

    I’ve been waiting for this video. Lol. Been waiting to hear what Harry has to say about this.

  • @McMannis505
    @McMannis505 10 หลายเดือนก่อน +17

    Harry really seems like such a nice guy.

  • @Dave_9547
    @Dave_9547 10 หลายเดือนก่อน +31

    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.

  • @zuke5432
    @zuke5432 10 หลายเดือนก่อน +6

    Another great video with great insight. Thanks!

  • @JohnnyTaxonomy
    @JohnnyTaxonomy 9 หลายเดือนก่อน +2

    Harry is such a great guy. I met him years ago and it is still the best experience I’ve ever had with a coin dealer.

  • @williamfender661
    @williamfender661 10 หลายเดือนก่อน +80

    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.

    • @theboringchannel2027
      @theboringchannel2027 10 หลายเดือนก่อน +7

      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.

    • @williamfender661
      @williamfender661 10 หลายเดือนก่อน +13

      @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.

    • @theboringchannel2027
      @theboringchannel2027 10 หลายเดือนก่อน

      @@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.

    • @tjmmcd1
      @tjmmcd1 10 หลายเดือนก่อน

      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.

    • @lilPerc30
      @lilPerc30 9 หลายเดือนก่อน +1

      In Canada if you have at least 4000 in your account you dont pay a monthly fee at some banks.

  • @glockumollie1230
    @glockumollie1230 10 หลายเดือนก่อน +1

    Hey great video Dragon and thank you very much for giving the daily on the JUNK SILVER, SOVEREIGNS, ROUNDS AND BARS. WE REALLY APPRECIATE THAT INFO. ITS THE FIRST THING I THINK OF EVERY TIME YOU START A VIDEO AT HARRYS. THANKS AGAIN FRIEND.

  • @pkmblcknwht
    @pkmblcknwht 10 หลายเดือนก่อน +8

    Waiting to get your own money is mind blowing.

  • @stephaniesinger1159
    @stephaniesinger1159 3 หลายเดือนก่อน

    Always enjoy your show, good information and you are a pleasure to watch.

  • @r.e.b8395
    @r.e.b8395 10 หลายเดือนก่อน +7

    I think if there is a back door code it's no longer a safe it's just a lock box

  • @bujmoose3992
    @bujmoose3992 10 หลายเดือนก่อน +28

    Maybe cash transaction heavy business should form some sort of Credit Union, where they actually own a share of the financial institution.

    • @joshuagibson2520
      @joshuagibson2520 10 หลายเดือนก่อน +1

      Good idea. They will literally do away with physical money eventually though. Its coming. Make no mistake.

    • @jaya.0069
      @jaya.0069 10 หลายเดือนก่อน

      Great idea!

    • @loomsmcgooms824
      @loomsmcgooms824 9 หลายเดือนก่อน +2

      Wonderful idea! You would need some type association for the field of membership.

    • @togowack
      @togowack 9 หลายเดือนก่อน

      Wonder when the majority will discover crypto and see it was better than cash and banks all along.

    • @joshuagibson2520
      @joshuagibson2520 9 หลายเดือนก่อน

      @@togowack that's all well and good if you have electricity. I can trade with cash, gold, or silver.

  • @SilasMarnerAuAg
    @SilasMarnerAuAg 10 หลายเดือนก่อน +2

    another great video. love these guys. i hope im out that way soon as i would love to stop by and help support harry and his shop

  • @samlevites9824
    @samlevites9824 5 หลายเดือนก่อน

    I just subscribed to your channel because of Harry! I very much enjoy watching and learning from him in your videos!

  • @MarcoEmeryLinden
    @MarcoEmeryLinden 10 หลายเดือนก่อน +16

    Harry is a class act.

  • @scottamcfarland
    @scottamcfarland 10 หลายเดือนก่อน +15

    Harry and his team are great.

  • @lindab2062
    @lindab2062 10 หลายเดือนก่อน

    Really enjoy these videos. Thank you!!!

  • @johnlowell5905
    @johnlowell5905 10 หลายเดือนก่อน +8

    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 TH-cam stars.

    • @MrTruckerf
      @MrTruckerf 9 หลายเดือนก่อน

      Well, I do like to hear what Harry has to say. I respect the man for his knowledge and honesty.

  • @SHOCKWAVEDAVE
    @SHOCKWAVEDAVE 9 หลายเดือนก่อน

    Learn a lot on your content. Harry is a classy smart guy. Great shop. Subbed. Thanks!

  • @brackishbass
    @brackishbass 10 หลายเดือนก่อน +74

    **ATTENTION** I just walked up to a local coin shop "LCS" and they had one of those palm readers that map your veins. When they told me to scan my palm for security purposes, I immediately walked out. I called them back to inquire if it was a mandate or business decision, and they advised me that "it is a business decision for security purposes." I explained the machines have a deeper implication, and I meant no disrespect. I will not be returning, nor will I give any store my patronage who has one of these machines.

    • @lostincyberspaceIII
      @lostincyberspaceIII 10 หลายเดือนก่อน +3

      I am curious what your reasoning is? is it just tracking or is there something more?

    • @bujmoose3992
      @bujmoose3992 10 หลายเดือนก่อน +35

      @@lostincyberspaceIII You might not be a believer, but some of us think it is just one step closer to "the mark of the beast"

    • @neilforeman
      @neilforeman 10 หลายเดือนก่อน +6

      Good call friend.

    • @sixinchhiheels
      @sixinchhiheels 10 หลายเดือนก่อน

      @@lostincyberspaceIII Oh dear. Yea, I highly recommend you conduct your due diligence. Smart cities, Agenda 30, MAUI FIRE, MORROCCO EARTHQUAKE, PARADISE, CA FIRE, ETC, ETC. The rabbit hole runs D E E P! Brackishbass is right on!

    • @sixinchhiheels
      @sixinchhiheels 10 หลายเดือนก่อน

      @@bujmoose3992 The book of Revelations

  • @stevejava4336
    @stevejava4336 10 หลายเดือนก่อน

    Good video. You shed light on some important questions.

  • @rzbkfan190
    @rzbkfan190 10 หลายเดือนก่อน

    Interesting video. Answered some questions for me and gave me a different way to see this.

  • @jaicehough6184
    @jaicehough6184 9 หลายเดือนก่อน +4

    Brought my first Silver and absolutely stunned by it thanks Harry and Dragons for the great videos

    • @wantsome-zs5sq
      @wantsome-zs5sq 9 หลายเดือนก่อน

      LOL If you establish a nice hoard of metals Good luck selling it if you need to.

  • @Link7029
    @Link7029 10 หลายเดือนก่อน

    So glad I live not far away from Harry's Coin Store. I love the place!

  • @blegend9351
    @blegend9351 9 หลายเดือนก่อน

    I enjoy listening to intelligent people having serious conversations.

  • @shadowsmirk
    @shadowsmirk 9 หลายเดือนก่อน

    What a nice and reasonable man. I don't use coin shops or have coins, so I'm not sure why I clicked on this video; but he seems like a great guy to talk with.

  • @jimblack5153
    @jimblack5153 7 หลายเดือนก่อน +2

    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?" 😄

  • @veritasfiles
    @veritasfiles 10 หลายเดือนก่อน +4

    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.

    • @RobertLee-wi5kc
      @RobertLee-wi5kc 9 หลายเดือนก่อน

      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.

    • @Paul-vf2wl
      @Paul-vf2wl 9 หลายเดือนก่อน

      It seems unlikely that they are the only manufacturers that do this

  • @aussiegirl6738
    @aussiegirl6738 10 หลายเดือนก่อน +2

    Great to hear Harry’s opinion

  • @RaspingPompano2
    @RaspingPompano2 10 หลายเดือนก่อน +1

    His thoughts on coin shop banking makes sense and I would’ve never thought of that! And he’s correct in saying he agrees with the fee’s because the bank have to make something or it just doesn’t make sense for them to keep the accounts open.

    • @timm8220
      @timm8220 9 หลายเดือนก่อน

      It's partially about them covering their costs but it's also partly because they want to disincentivize people from doing business in large amounts of cash because it can raise the risk profile of the bank which causes the amount they pay in insurance premiums to the FDIC to increase which is the real cost to the banks since it's a % of their total deposits.

  • @240dc
    @240dc 9 หลายเดือนก่อน

    Love the videos; wish I had a great coin shop like Harry's near me.

  • @privateuser9303
    @privateuser9303 10 หลายเดือนก่อน +1

    Love hearing from harry thanks SD

  • @conrad4667
    @conrad4667 10 หลายเดือนก่อน +16

    Looks like cash needs to be stored and considered as inventory.

    • @KirkFickert
      @KirkFickert 9 หลายเดือนก่อน

      Not in a world of civil forfeiture...

  • @RaithUK
    @RaithUK 9 หลายเดือนก่อน

    Interesting stuff guys, keep it up.

  • @nelsongsousa37
    @nelsongsousa37 6 หลายเดือนก่อน

    This is such a great channel. Makes me want to see Harry and associates but I’m stuck in Massachusetts

  • @Rambo1776
    @Rambo1776 10 หลายเดือนก่อน +1

    Harry seems like a really nice down to earth guy. I really like his crew of peeps. If Harry was near me I think I would make him my dealer.

  • @josephwilliamcosta
    @josephwilliamcosta 18 วันที่ผ่านมา

    love this guy. very real.

  • @jamesodell3064
    @jamesodell3064 9 หลายเดือนก่อน +5

    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.

    • @omgpickle
      @omgpickle 9 หลายเดือนก่อน +1

      The problem then is those laws that shouldn't exist.

  • @iamgabriel5823
    @iamgabriel5823 10 หลายเดือนก่อน +6

    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.

  • @philippesauvie639
    @philippesauvie639 10 หลายเดือนก่อน +6

    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!

  • @jeremyt5399
    @jeremyt5399 10 หลายเดือนก่อน +19

    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!

    • @tjmmcd1
      @tjmmcd1 10 หลายเดือนก่อน

      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!!!

    • @floxy20
      @floxy20 9 หลายเดือนก่อน

      ???

  • @theHDP
    @theHDP 10 หลายเดือนก่อน +3

    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.

    • @BlaubartMT
      @BlaubartMT 10 หลายเดือนก่อน +1

      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.

  • @R3LI2UI
    @R3LI2UI 8 หลายเดือนก่อน +1

    It is specific to cash-heavy account. i used to own a business that was also cash heavy; same issue. I also agree with Harry on CBDCs. A lot of hype over nothing; central banks have been digital for decades. CBDCs are just the process being moved out from central to local banks...only really affects banking system (my opinion). (I need to pop up there sometime to meet Harry and crew since he's in my neck of the woods [~1.5 hrs away]. Nice post guys!)

  • @brandonjuber1586
    @brandonjuber1586 4 หลายเดือนก่อน +1

    I worked at one of the large banks and I do not remember the exact numbers, but for illustrative purposes it was something like ..... It costs a bank $1.25 to process your check deposit with a teller. It costs them $0.65 to accept your deposit at an ATM. It cost them $0.25 to process an electronic deposit. There was a large push to move habits to online which even included making in person bank visits inconvenient with long lines and bombarding people with new products.

  • @willybird2517
    @willybird2517 10 หลายเดือนก่อน

    Great coin shop, great team!

  • @mercurialmagictrees
    @mercurialmagictrees 10 หลายเดือนก่อน +1

    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.

  • @mane3763
    @mane3763 10 หลายเดือนก่อน +2

    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!

  • @jasjas-rm9kc
    @jasjas-rm9kc 9 หลายเดือนก่อน +8

    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
      @samlevites9824 5 หลายเดือนก่อน +1

      I’m curious, why did you prefer to receive a check vs. cash in hand type of transaction. I’m new to the precious metal collection and I’m curious as what is benefit in receiving a check and waiting 2 weeks vs money in hand (assuming receiving cash wash an option the shop offered you, but you asked for a check)

    • @jasjas-rm9kc
      @jasjas-rm9kc 5 หลายเดือนก่อน +1

      @@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.

    • @samlevites9824
      @samlevites9824 5 หลายเดือนก่อน +1

      @@jasjas-rm9kc interesting! Thank you for answering my question. I’m assuming, if you made money from this transaction, then you would likely have to report the income since you received the money via check? Not that you wouldn’t have reported any profit if this was a cash only transaction. I’m just saying some people probably won’t report any profit made when selling their coins and likely probably prefer a cash transaction probably for this reason, but then like you said, what would you do with the cash since depositing large amount of cash into bank raises alarms.

    • @brennelement6451
      @brennelement6451 2 หลายเดือนก่อน

      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.

    • @jasjas-rm9kc
      @jasjas-rm9kc 2 หลายเดือนก่อน

      @@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.

  • @AccumulationNation1
    @AccumulationNation1 5 หลายเดือนก่อน

    Some small Canadian jewelery companies are being de-banked without explanantion. Told they have a week to close their accounts and move along. Appreciate Harry's perspective.

  • @alanl.1379
    @alanl.1379 6 หลายเดือนก่อน +2

    At least he gives answers he believes in vs. the trend of diving into conspiracies that seem to be very popular on some other silver/coin channels.

    • @NA-me6sh
      @NA-me6sh หลายเดือนก่อน

      conspiracies or truth?
      You'll find out in the end

  • @8rlx0
    @8rlx0 10 หลายเดือนก่อน +6

    My guy starts talking about AI bankers, then remembers about ATMs... lol

  • @danielj3010
    @danielj3010 10 หลายเดือนก่อน +8

    Harry is crushing.

  • @freegender930
    @freegender930 10 หลายเดือนก่อน +2

    Im not in to gold im not in to silver but this guy friendly service makes me want to buy good job

  • @partyintheusa2951
    @partyintheusa2951 10 หลายเดือนก่อน

    Great job keep it up

  • @scottamcfarland
    @scottamcfarland 9 หลายเดือนก่อน

    These are my favorite episodes

  • @michaelangelobergeron5980
    @michaelangelobergeron5980 10 หลายเดือนก่อน +2

    Funny thing I learned Roman Numerals from 3rd grade and still remember them

  • @FreedomKat
    @FreedomKat 10 หลายเดือนก่อน +2

    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!

    • @MrTruckerf
      @MrTruckerf 9 หลายเดือนก่อน

      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.

  • @bigo2032
    @bigo2032 10 หลายเดือนก่อน +1

    My local credit union, Used to be called the teachers credit union, now it’s something else, got rid of the tellers, they now have small offices, got rid of their drive up clerks, it’s now done by video screen from home office, Keep Stackin bro

  • @0311matt
    @0311matt 10 หลายเดือนก่อน +1

    good insight

  • @sportclay1
    @sportclay1 10 หลายเดือนก่อน +1

    The safest way to prevent the safe companies from giving out a master / backdoor code is a mechanical /analog lock. That being said , if the law enforcement agency has a warrant they will get entry into the safe by any means. Liberty has done this thousands of times I suspect without ever actually seeing a warrant . Ask any locksmith or safe technician what they have to repair more of, mechanical or digital locks. They usually have boxes of bad electronic locks.

  • @mauriceorayii2964
    @mauriceorayii2964 10 หลายเดือนก่อน +2

    In the short run, fiat is extremely important, and we need to keep it available... which means out of banks and into safer locations.

  • @wilfredprins9718
    @wilfredprins9718 9 หลายเดือนก่อน +1

    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.

  • @46kvolt
    @46kvolt 9 หลายเดือนก่อน

    What you were talking about @ 12:30, they are already doing that where I live

  • @FL5_OGryan405
    @FL5_OGryan405 2 หลายเดือนก่อน

    Cracks me up when he calls you silver dragons. He’s seems like a really cool
    Guy. Super Approachable. Unlike a lot of the old timey coin dealers in my area.

  • @willisshu7843
    @willisshu7843 10 หลายเดือนก่อน +1

    I saw Armando and Richard at the Long Beach Coin Expo!!!!!. They were great. They gave a Harry's Coin shop business card. Got a picture with them too!!!!

    • @williambranch4283
      @williambranch4283 10 หลายเดือนก่อน

      Went to the LBCE with my dad, first time in 1965.

    • @willisshu7843
      @willisshu7843 10 หลายเดือนก่อน

      Adrian and Richard, not Armando (sorry)

  • @JJRfromNYC
    @JJRfromNYC 10 หลายเดือนก่อน

    What do you know about the yearly FUN show held in Florida? Any good?
    I love your videos. Keep it up. ☮️

  • @Sh311Sh0ck3d
    @Sh311Sh0ck3d 9 หลายเดือนก่อน +2

    The Banks in the UK and Ireland have been charging customer to bank with them for years now. They also charge a fee to deposit cash as well as put limits on how much cash you can lodge into your account. These limits have only been introduced in 2023. Its costing me from £5 to £10 every time I lodge cash, depending on the amout I lodge. There's a £250 limit per day via the post office. This is causing me real problems and I've even been charged late fees because of these limits. Ive never been late paying until now.

    • @pedrowilson6211
      @pedrowilson6211 9 หลายเดือนก่อน +1

      CBA bank in Australia is now charging business customers $10 to deposit cash

    • @Sh311Sh0ck3d
      @Sh311Sh0ck3d 9 หลายเดือนก่อน

      @@pedrowilson6211 But when you do deposit cash into your account it's no longer yours! The bank says it's theirs!
      These clowns want to start a Revolution.

  • @bowlmeoverva
    @bowlmeoverva 10 หลายเดือนก่อน +1

    👍👍 TY!

  • @mercurialmagictrees
    @mercurialmagictrees 10 หลายเดือนก่อน

    1:30 I really like the 1 1/2 oz coins nice animal designs and the thickness is cool.

  • @krisspkriss
    @krisspkriss 9 หลายเดือนก่อน

    I really like your replies. Intelligent, well thought out, and shows an acumen for the theory of mind of others.
    I would like to point out one thing, that you probably already thought of and did a risk/reward analysis on. You can limit your frictional costs from deposits/withdrawals on businesses that do a lot of cash-in/cash-out transactions by having a cash safe that covers the day to day fluctuations in money on hand. If you have $200,000 in coins, how much more risk is holding $20k in cash? Insurance company might say a lot more risk, or maybe there is a way around that too.

  • @4metoknow
    @4metoknow 29 วันที่ผ่านมา

    great video
    great context
    question: should bullion owners purchase insurance?

  • @daylan233
    @daylan233 10 หลายเดือนก่อน

    As somebody who led a teller department for several years at multiple branches, I can confirm that credit unions, at least do not keep as much cash on hand, because it costs money for transportation, insurance, and ordering reasons. Also, it reduces the risk and liability of it being on hand, in case of theft, and therefore protects the staff in a way for not painting themselves as such a huge target. If you’re afraid of AI tellers, then your inverse of news because here in Kansas, at least we have an operation that provides tiller services in place of a “warm body” teller, but it is in the package of an ATM machine: the teller is just offsite at another location.

  • @wesmongold8703
    @wesmongold8703 10 หลายเดือนก่อน +2

    What was the manufacture of the safe Harry has?

  • @locolunch
    @locolunch 10 หลายเดือนก่อน

    Gotta love the fractional banking system.

  • @ezequiellopez8980
    @ezequiellopez8980 4 หลายเดือนก่อน

    What’s crazy is that a lot of coin dealers depend on us to invest in silver and gold , but then turn around and take them profits to the bank that we are buying gold and silver to stay away from

  • @libertyjones1451
    @libertyjones1451 10 หลายเดือนก่อน +2

    I got a few AU Mercury Dimes in and they are beautiful junk indeed.

  • @brianerrickson6584
    @brianerrickson6584 10 หลายเดือนก่อน +2

    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.

    • @johnpglackin345
      @johnpglackin345 10 หลายเดือนก่อน

      Those regulations should be considered unconditional. It looks like banking has now become more of a liability.

  • @svbarr
    @svbarr 5 หลายเดือนก่อน

    This Shop Owner seems like an honest guy. So many shysters on TV late at night schlepping what looks like overpriced crap. I would love to see specific "long term" investment advice for 5K, 10K and 20K. A very specific list like "Buy XXXXX Quarters from year YYYY to XXXX with a quality rating of no less than YXY". In 5k, 10K, 20K. For a period of 3-10 years.

  • @dlmac
    @dlmac 9 หลายเดือนก่อน +3

    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.

  • @yokaibyte2133
    @yokaibyte2133 9 หลายเดือนก่อน +1

    The Canadian coins are normally in a plastic case with a case to hold the coin.
    I grew up receiving one or two every year from my father.
    He sold them on me.

  • @arthurskim7898
    @arthurskim7898 9 หลายเดือนก่อน +1

    I like Harry as a person. A straight shooter. Bravo Zulu

  • @jamesd4013
    @jamesd4013 10 หลายเดือนก่อน

    Great video

  • @tommystacker3286
    @tommystacker3286 10 หลายเดือนก่อน +4

    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.

    • @BlaubartMT
      @BlaubartMT 10 หลายเดือนก่อน +2

      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.

    • @demri123
      @demri123 10 หลายเดือนก่อน

      Many ppl are not banked and receive payments by check, then go to cash checking place. But fees are high

    • @johnpglackin345
      @johnpglackin345 10 หลายเดือนก่อน

      ​@@slapdat.bytemethat's how it needs to be done. Everything by cash.