Coin Shop Owner on BANKS HATING COIN SHOPS

[@MichaelRighi]

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

[@cottonclarksa]

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.

[@Rob_F8F]

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

[@RMUNOZ1963]

Harry is a top professional. I learn from him.

[@BigTomInTheBasement]

Forcing people to move into or out of certain currency or money would also be part of profit/loss schemes. It's not crazy if it's actually happening. BASIL 3 plan does make gold a tier 1 asset, so we're kinda safe with that. Never forget that the government made the US people turn in their gold in 1933 and made it illegal to hold until 1974.

[@hirisquvidson7625]

people act on ego, lust and wrath just as much as greed. its short sighted in my opinion to think that all of this is simply for economic reasons. if nothing else control is a partial explanation. I believe it puts to much faith in raw human rationality to think we would not be animalistic and act on lower instincts, remember we are animals, and animals hunt for fun, often. if anything i believe this overly logical and rational explanation is a projection of the part of its believers. Gold and Silver and then cash are not credit, they can not be as easily manipulated or rather stolen from. the people making these decisions do not see money as yourself or i do. they see money not as a tool but rather their entire world view. Money to them is a way of life a religion with rituals. Perhaps not numerous, there are absolutely individuals whom take personal offence to anyone trying to wield the power of capital. i want you to think back to when bitcoin and Crypto currency was becoming so popular years back. there were individuals both in government and the private sector that were feverishly enraged, drumming up stories of how this would allow the very worst of America to compromise our country. making claims that only psychopathic hate groups, child predators and the drug cartel would benefit from the advent of this new and dangerous technology. yet none of that was true. it was all irrational fear and anger, fear of losing control, of losing power, in addition to the palpable feelings of disgust, and personal offense that anyone would dare create a currency system parallel to their own. Recognizing human nature is not crazy, I would argue ignoring it would be.

[@ProjectEric2024]

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.

[@mikes9759]

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!!

[@karlklein2966]

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]

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]

@@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]

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

[@matthewbyrns-sp8lb]

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

[@MHanes-m4f]

​@@gchsbuswhat bank

[@er-ick]

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

[@bobsal5776]

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

[@johnlowell5905]

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 KZbin stars.

[@MrTruckerf]

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

[@EzleRS]

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

[@JohnnyTaxonomy]

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.

[@r.e.b8395]

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

[@jaicehough6184]

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

[@wantsome-zs5sq]

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

[@jeremyt5399]

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]

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]

???

[@pkmblcknwht]

Waiting to get your own money is mind blowing.

[@ColtonJohnsonBrice09]

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!

[@RaspingPompano2]

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]

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.

[@philippesauvie639]

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!

[@dlmac]

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.

[@SantasGoldfish]

So as a former bank teller… the point about ordering cash and a wait of 3 days does make sense, in some regards. You would think after obtaining this particular customer, you would ask for an increase of the back stock for cash from the feds. Most people don’t know but the bank you go to, orders cash from the Fed’s and then also ships them cash when over their “suggested” reserves. We would hand count 200k every week to ship out and receive 150k in other denominations like 5s, 10s coins for change.. whatever and ship out the excess notes. But as a branch manager you would assume they would take into account their new customer and change their shipments accordingly

[@iamgabriel5823]

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.

[@shadowsmirk]

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.

[@mr.hightower925]

It may not be just cash but the number of transactions or deposit per month. And it a liability to hold large amounts you need double the number of safes.

[@tallgoofyb]

They’re a bank, that’s their job

[@mercurialmagictrees]

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.

[@Sh311Sh0ck3d]

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]

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

[@Sh311Sh0ck3d]

@@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.

[@yokaibyte2133]

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.

[@kenporonin1]

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]

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]

they are going to ban hard currency

[@greyfox78569]

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

[@Theactualcurrentsea]

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]

@@Razor__1972 And we'll all be screwed.

[@bigo2032]

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

[@tommystacker3286]

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]

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]

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

[@johnpglackin345]

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

[@FreedomKat]

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]

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.

[@rd9102]

Yea, that's Harry, pretty straight up with no BS. No conspiracy theories, just real life facts and down to earth opinions. Almost time to go see him again for some fun coin shopping.

[@libertyjones1451]

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

[@thepvporg]

If you are able to analyse your cash flow of what you put in and take out, you can keep a float to allow you to function on your daily needs vs losing out to paying for a banking service that they will make money out of anyway. For every $1 you put in, you are letting the bank make money and its usually $1 means that they are able to lend $9 as loans, so $10,000 deposit means that they can generate $90,000 ready for loans or investments out of thin air.

[@arthurskim7898]

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

[@SilverWingnut]

Next time i go to the bank, im gonna ask the tellers "what are they gonna do for work, when we go cashless?".

[@svbarr]

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.

[@daylan233]

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.

[@Krombop.M]

I would open accounts at multiple banks if they were sticking it to me for depositing too much..

[@phrozen4life]

Banks in many cases do not have a whole lot as you would think in a Branch on any given time, rather they send most of everything out of their typical daily operations back to their central Vaults. This is to reduce liabilities. We would have customers come in and if they wanted anything over $20k Regardless if we had it or not we would tell them we would order it and call them when it was ready. We refused to give a date as that sets you up to be robbed when they know you have the cash. we would wait 2~4 days call the customer and have them come in and collect their cash. Many procedures aren't in response to customers but rather protecting themselves from being robbed.

[@cairpreliffechair832]

Thank Harry for rational explanation of an obvious thing: banks charging a percentage of handling piles of cash. We forget that banks are employers as well and that extra work costs money over the standard depositor. I, too, was upset on this unusual charges, but it makes sense!

[@gen10nine43]

Wow, I like this guy, he's got a real common sense way of seeing things. But, the move to digital does have bad intent, it's not just about business, it may be now, but in the end, it will be about control and over control by the wrong people.

[@tgabe6163]

YES!!! ONCE AGAIN, FIRST PERSON TO VIEW, LIKE AND COMMENT!!! BOOH-YAH!!!! LOL Love what you guys do, keep up the good work!!!

[@1972Russianwolf]

banks don't store as much cash as people think. Especially smaller branches. They have a certain number of days between armored deliveries and they have to make the cash they received last that long. So if you need a large amount of cash. let them know a few days ahead of time and they won't have any issues. I used to work for a law firm and had to Western Union the Lead Partner in one of our foreign offices a portion of her salary each month. The bank got to know me very well. Call, let them know which day I was coming, get between $10-35k in cash. Walk three blocks to Western Union and send the money to her. All reported to the IRS too. Oh those fun days.

[@harryscoinshop]

Harry’s Coin Shop Beaverton, Oregon

[@stevejava4336]

Good video. You shed light on some important questions.

[@Rmercer911]

As a small business owner who deals in cash the 20k deposit per month is pretty competitive. When I was looking for a bank I saw lower limits and very high fees after limit.

[@bullionbob8710]

Harry is a very wise man

[@ejkalegal3145]

Not as wise as you think. Extremely questionable position on some zionist related issues.....

[@krisspkriss]

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.

[@Matt.P.]

I have trouble asking for 5kish or more at one of my banks. Another one would let me empty it if they have it on hand, and they always have it.

[@jonathanflores9874]

Yep its the smaller banks that are not going to be able to handle the cash flow

[@beauporter8440]

If banks can show that less people are withdrawing a lesser amount of cash they can use it as an excuse to close branches or fire employees etc A lot of the time a bank is self fulfilling a narrative for it's own benefit. We have seen examples of this in Australia. I read that 1600 branches have been closed in the last 5 years heavily impacting rural areas. I think banks have forgotten why they existed in the first place. Banks were given the ability to make profit by lending cash because they also provided a basic service. They seem to want the profit without the Social responsibility.

[@wheelman0799]

No bank is EVER gonna charge me to take my cash lol ill just keep it.

[@MrTruckerf]

Right On!

[@benmiller3358]

This is probably a stupid question but if this business is both depositing and withdrawing large quantities of cash on a regular basis, wouldn't it make sense to begin holding on to more of that cash in the vaults at the store (or perhaps off site) instead of even involving the bank so as to avoid their fees? Or is that deemed too much of a security risk?

[@kennethhowell1272]

I can understand a business (like Harry's) having to use a bank. But from my perspective banks could end up being an "enticing piggy bank" to an overextended American government, so I only keep a bare minimum in the bank.

[@alex71504]

Chase drop me because they don't like it when I pull out a lot of cash and I am not even a coin dealership or rich. I sold my home and wanted to pull 150k cash. They said it takes 2 weeks. After I pulled it out I got a letter from the mail and It says we are closing your account. I went to my Chase branch and they say Chase didn't give a reason and they can do that. But now I understand from watching this video.

[@MrTruckerf]

When they close your account did they give you cash or a check? I am guessing a check.

[@alex71504]

@@MrTruckerf No Sir, they give you about a month or a time frame what day your account will be closed. So you have to find another Bank as quickly as possible. Set-up your billing and automatic payments again and make sure there is no pending checks or they will not go through. It's basically your responsibility to empty your account. I'm not sure if they will issue you a check and send it to you incase there is money left on your account.

[@livinthedream7714]

It COSTS THE BANKS $$$$$ TO HANDLE $$$$. FEES ARE REASONBLE!!!!

[@totallynotthebio-lizard7631]

Their primary money maker is loaning, not fees.

[@stevepettersen3283]

The reason for charging for cash deposits "because they have to have more armored car service", I understand to a point but banks and Credit Unions aren't the buildings they used to be. Years back they were mini-fortresses with huge vaults and probably had more cash on hand. Now so many of them are small and unimpressive buildings, they don't want to maintain the bigger ones ($) so they're stuck with more armored car service. Like hiring less tellers because of ATMs, it was going to save them a ton of money, they said, but apparently that wasn't enough.

[@timm8220]

It's also because banks use predictive analytics to determine how much cash to order from or send to the armored car company and if there are random large withdraws or deposits it could leave them with a surplus or shortage. A constant recurring surplus of cash in your branches can raise the risk profile of the bank which will increase the amount the bank has to pay the FDIC for insurance premiums. It can get extremely expensive for small banks to pay those premiums. It's one of the reasons you read about banking deserts in dangerous inner city neighborhoods. Credit unions try to make up for this by being more willing to open locations in those areas but they are even less equipped to handle cash than banks are since they are not for profit they are even more risk averse and legally don't have the ability to invest their deposits in higher risk/return investments to offset the costs of dealing with cash.

[@mercurialmagictrees]

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

[@fredjones2841]

It's called an ITM. It's an atm with a screen on it. The tellers work from home or in the basement in the main office. When you walk up to the ITM you get the teller person on the screen. My bank is converting to this at most of their branches. Most of their clients are not happy about this. There is no longer cash in a safe at some locations.

[@basillah7650]

pointless having a person on the screen if just a atm anyways

[@nightmansmemo]

I'm in Canada not the US and I have to call in advance if I'm looking to make a large withdrawal and I've had them say that for as little as $300

[@MrTruckerf]

That is total lunacy! Banks should have enough cash to cover what is deposited in them. It is our money, not the bank's. They seem to forget that.

[@steveib8118]

Great video, and I hope Harry's right about his bank. My thoughts were the banking fees as well, until you listened closer to some stories and realized that they clearly targeted an entire family associated with the coin store. The other family members are not part of the business, yet their accounts are closed. What really poggels my mind is why any bank would want to keep getting rid of cash. At some point, the government is going to create its digital currency, and then the need for local banks shrinks. But if you are still working with cash then maybe you keep some customers.

[@theboringchannel2027]

costs money to store cash, and eventually you run out of space in the vault. cash loses value sitting there collecting dust. bank makes money by lending out money, not storing it.

[@jesuschrist69]

The video gave really good and clear reasons why a bank doesn't want large amounts of cash. They need staff to count it, they have to deal with inaccurate cash counts, & they need armored vehicles to transport it. All 3 of those problems are negated when the cash is just digital numbers.

[@theboringchannel2027]

@@jesuschrist69 Ignoring the reality you mention is how they come up with the conspiracy the banks are targeting coin dealers and bullion owners. It helps drive fear and thus sales for the dealers. The conspiracy minded customer, which are a high percentage of stackers, look at this as proof their investment in metals is the right choice, and spurred on to buy more, from the dealers. Why the dealers push this narrative. Along with advise that paying $10 over spot last year was "reasonable"

[@240dc]

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

[@WorldMoneyWins]

I remember back in 2010 the Britannias were more expensive than American Silver Eagles. Wild times for sure.

[@MrTruckerf]

We sold silver for $40/oz and a friend bought a 10 oz bar for $500! He thought the market would soon be there and above. That was 13 years ago and he still has the silver, and he can get about $200 for it.

[@locolunch]

Gotta love the fractional banking system.

[@TheFutureisTheFuture]

If anyone has ever watched It's a Wonderful Life, there is nothing new going on here. Banks don't store a lot of money and never have. But I do enjoy the videos implying they do and suddenly don't... (not this one but others 🙂) Banks are a business and want to make money either with your money or on your money... shop around but yeah sometimes you have to pay for services.

[@succatash]

My family used to own a check cashint business, banks rarely have a lot of cash in them. We would always have to order money. Eventually the bank started making us use Brinks. Before they all together got rid of us.

[@ArizonaGeek]

With the cost of the depositing cash, do coin shops still prefer cash as opposed to credit or debit cards? Does it matter these days?

[@lostincyberspaceIII]

Yes even with the bank fees its still much cheaper than the card fees. For cash it's probably less than 1/2% where as credit is 3%-6% depending on who it is with.

[@slowride9994]

bizarre they resent him for bringing cash, then make him wait days before he can get cash. I guess banks just don't like to have much cash on hand. def a sign of the times and all the digital payments people are making instead of using physical.

[@azwelke2638]

Chase bank is already doing the ATMs inside instead of the tellers. They have one manager inside that cannot access cash. Everything have to be done through the ATMs. And the ATMs inside can give more cash than the ones outside. But nobody inside the bank can access cash.

[@ulexite-tv]

Oh, good -- another Harry's Coin Shop video! Almost out of Mercury Dimes -- hahaha! Someone must like them a lot! The information on the Liberty safes was interesting ... and highly disturbing. Harry's take on why certain banks might be refusing to deal with coin shops was, as always, wise, intelligent, and sensible. And a shout-out to Brandon for security!

[@DanielJohnson-ec8rk]

We tried withdrawing $30,000 and it was a nightmare runaround

[@rickylandry9979]

My bank had atm machines that have tellers on the screen at the atm working from home. It’s weird if you ask me.

[@pedrowilson6211]

The commonwealth bank of Australia (CBA), largest bank in Australia, is now charging small business owners $10 to deposit cash

[@louisstennes3]

I take a different take on banks. We are moving to a "cashless" society and they just want to get out of the business of handling cash. Heck even people that get gov't assistance, get a debit card. I bet if you go to a dept store like Kohls and spend a day there how many people would pay in cash? My guess would be a number I can count on two hands. So Harry is right , they are charging him to handle his cash.

[@idlsjay]

Come to Texas. No problem here unless it’s Wells Fargo😢. But I’d never use them!

[@TrevorsMailbox]

Not many Banks keep hundreds or millions in cash anymore, that's movie stuff. We order money and have a Forcast we follow to help us decide what amount we need to order from our main vault in a different city. A couple of times a week. A good bank will order however much you want if you give us a heads up. Just don't not show up, that leaves us with an overage and our numbers fall. Banks don't make money from physical cash. The goal is to operate with as little cash as possible while accommodating our customers. Keeping $500k for a "maybe I'll need it" customer hurts us and/or walking in and demanding $30-50k immediately could cause other customer to not be able to be serviced too. So just order ahead, a few days at most and any decent bank will gladly have your money ready. No conspiracy here, just a lack of understanding of modern internal banking structure.

[@arronhopsburg8532]

Cash transactions sometimes entail Fincen/Fintrac reports which add costs to the banks. Banks must now have a dedicated AML (anti money laundering) compliance officer.

[@Rick_Smith_440]

PNC Bank closed all of my accounts in 2015. 2 business accounts, a personal checking & a personal savings. I had opened a used car lot in mid 2014 and had no idea how much cash that tax season buyers would bring in which I needed to deposit. I now push customers to bring certified checks and have had zero issues since and FYI I use the same bank that Scott (the Ohio coin shop owner that had his closed) used. Scott shared the bank with me personally but until he breaks his silence on the bank name I will respect his wish of keeping it hush hush.

[@Smokey-bx2xn]

Just noticed the “pawn stars” intro…

[@Zman82]

Shop around for some different banks with online banks now you could do a lot

[@paulmcgreevy3011]

Cash deposits are always charged to business accounts as far as I know they always have. That’s why business try to reduce cash transactions as much as possible and why supermarkets offer a cash back service so they can reduce their cash holding.

[@garbo8962]

So when the banks make big loans that go south our tax $ bail them out and now charge to deposit cash. Win win for them. I have a savings account at the best rated credit union in my state. Usually go into the big fancy main office once a year to cash in maybe a $125 in change to pay for a nice meal while on vacation. Foolish me went there to get a form notarized for free. Had to wait over 20 minutes for a person to come out of their private office to wait on me. They did away with the 4 to 6 tellers they always had.

[@celestialtl]

Give me that Harry Monster Box…do it Now!

[@0311matt]

good insight

[@JackTheRabbitMusic]

I’ll take the cash for free 😏

[@christianmuller292]

In France this thing about getting cash has been going on for over 15 years. The max you can get out is 300€ which is 300$ and if you want to withdraw more you need to ask for it 10 days in advance !!! In Germany you can withdraw the amount you want and even pay your home In cash which is unthinkable In France where you can pay max 1500€ In cash In any shop. They want TOTAL control reason why governments are hugely interested in cryptos. They're taking away your freedom of owning in the US as I speak. Don't let them grt away with it because they'll never give it back.

[@CompetentSalesUSA]

Liberty safes , are high security, and made in USA.

[@thejohnsaye]

I think Harry's Coin Shop could be a complete spin-off

[@martinbayha9999]

Consumer action regarding the fake safes: Sue the manufacturer and demand refund of the article sold as clearly and in violation of cunsumer rights they have sold the scrapmetal hunks under the pretense that they are safes which they clearly are not. Therefore the contract is based on a malicious lie and fraudulent and requires refund and compensation for damages from the manufacturer… make those traitors go bankrupt as they deserve selling overpriced scrapmetalhunks….

[@blessusa123]

Silver is getting smashed! Will Silver drop to $11.75?

[@ScottOuellette-p1d]

SILVER IS 29.61 5/16/2024 SO MUCH FOR IT GETTING SMASHED.I MADE 651,000 DOLLARS IN PROFIT SO FAR THIS YEAR IN 4 MONTHS.

[@COM70]

Coin collecting is like diamond collecting. Demand is the only utility in coins.

[@deweyheminger9816]

could it be the banks want the card fees that don't come with cash. Open a second account at another bank.

[@scottsatterthwaite4073]

It's not about banks losing money. That isn't how they make money. Its all about seeing large cash businesses as cash cows. Ninety percent of bank profit is interest from loans and deposits in transit.

[@atomicskistuntman6754]

I could imagine Pawn Shops having the same high banking fees.

[@aaronwhite7404]

@SilverDragons47 Please also tell him that the other coin shop owners' family members (adult children and husband's accounts that were not in any way joined with the coin owner's bank account) were closed. Both widely known accounts of this on youtube contained this detail. Please ask him, knowing this, does it change his mind on the purpose of the closures. I believe they are closing the accounts because compliance officers don't like these shop owners keeping deposits and withdrawals just under the 10k limit that would trigger IRS reporting, which is only natural for the coin shop owners to do for good reason. This would explain the family member's accounts being closed because when the IRS audits someone they commonly audit the people directly around them because the accounts might overlap and they can get more than one individual for tax fraud during the same investigation. The IRS is likely cracking down on these types of transactions to get their conviction rate up to justify the recent massive increases in their budget. The banks would be the first ones to know this is coming.

[@steventrojanowski3595]

Just draconian banks taking advantage of the lil guys

[@JPumpkinKing]

Dude behind the camera was really searching for some major banking conspiracies. What a joke. That store owner has more common sense than 50 of the guy behind the camera.

[@louisstennes3]

I am not a lawyer, again not a lawyer but I thought that if the FBI wanted to get into the safe, even if they had a warrant , the warrant would have to be given to the owner of the property. I bet if the owner was never notified of the warrant any "evidence" in that safe would ne inadmissible. Am I wrong?

[@peteolesen265]

The Feds need to start charging higher rates to banks who are difficult about taking cash

[@Tocomaco]

I'm a glad there's coin shops, and a fan, but this is so funny, and that no one saw this coming?....coin dealers know about coins...but not about banks????...it's common sense, this guy is clueless, like most all coin dealers are on what's happening now, you don't need to be a coin, or bank expert to get the hint....doesn't the fact of banks reducing work staff, and creating short cuts, to consolidate work load and what may be so time consuming?...it's the day of automation...this happens in all businesses today! Not sure what may be an answer, but it might be a creation of a middle man entity of the sort, to make things flow easier for coin dealers, but you'll still have to pay for the flow either way!

[@dougdrummond9341]

Also with the touchpad combination like he has on his just like mine you can change the code and nobody has it but you. The dial Safe which mine was when I bought it and I had it removed