New Bank Closes Coin Shop Account - Owner Rants and Names Bank
HTML-код
- Опубликовано: 25 окт 2024
- My local coin shop owner is PISSED! Please keep the kids out of the room. Sherrie's language is a little "colorful" at times. In this video, she will tell a familiar story. Her coin shop business was dropped by her bank, but that's only part of the story. Watch to find out what else happened. She and I pondered as to WHY this happened. And typical Sherrie, she doesn't mince words. She even named the bank. This has happened to other dealers and it's not the first time it has happened to Sherrie. Share this video and help get the word out. Something strange is happening! As always, thank for watching! ~T
Join me or Sherrie on our next Whatnot auctions and receive a $15 credit on your purchase by using this link:
whatnot.com/in...
Collector's Gallery WEBSITE: www.collectors...
Collector's Gallery Phone: (708) 633-8394
Sherrie on Whatnot: collectorsgal
Website: tthesilverstac...
Want to support my efforts to bring you videos like this one by becoming a channel member?
Click here:
/ @tthesilverstacker
Support the efforts to bring you videos like this one with a donation: www.paypal.me/...
T the Silver Stacker
P.O. Box 695
Crown Point, IN 46308
Want to SELL on Whatnot? Use this link and tell ‘em T sent ya! www.whatnot.co...
Disclaimer: T the Silver Stacker LLC video's typically consist of conversations surrounding education regarding and the acquisition of, but not limited to the following: silver, gold, platinum, silver coins, generic silver rounds, collectible silver rounds, fractional gold coins, pre-33 gold coins, ancient coins, American Silver Eagles, Perth Mint Coins, Mexican Silver Libertads, Fractional Libertads, Proof Libertads, Mexican silver Onzas, junk aka constitutional silver, silver bars, vintage silver rounds, platinum, vintage silver bars, Morgan Dollars, Peace Dollars, paper currency, coin collecting in general, silver spot price, gold spot price, coin shops, coin dealers, coin shop videos, how to sell silver, how to sell gold, and more. Please understand that although the conversation frequently touches on the state of the economy and how it affects the accumulation of precious metals (stacking), T the Silver Stacker is no way shape or form a financial advisor. Glean what you will from the silver stacking philosophy shared, but ultimately the viewer is responsible for making their own decisions. Some of the links in this description are affiliate links that provide me a very small commission at no additional charge to those who use them.
#silverstacking
#banking
#coinshop
#tthesilverstacker
#coinshopsherrie
#gold
#silver
#localcoinshop
#coincollecting
#preciousmetals
#coincollecting
#spotprice
#bank
#whatnot
![Diggy Graves - Red Vineyard [Official Lyric Video]](http://i.ytimg.com/vi/8Ro085T0mnQ/mqdefault.jpg)
Use this link to sign up for Whatnot and hang with Sherrie and me each week. You’ll also save $15 on your first purchase with this link: whatnot.com/invite/t_the_silver_stacker
There are many credit unions that have nothing to do with unions or military or anything else
@@freedom4all581 ty
The Whatnot app won't open for me
a credit union is for anybody who needs a bank account...not for people who are in a union
Good to know.
Correct, that's old news. No affiliations needed. I'm with a CU for several years. No more big banks, please !
@@Grayskull66 i bank at a credit union and all i did was go in and open an account..i am not affiliated with any form of union or organizations that belong to the credit union in order for me to be a part of it.its just a bank lol
@@steveg5576 no more banks at all please
Yes it used to be that way but not anymore. At least most will let anyone in. There are a few exceptions like Union Hall credit unions are exclusive.
You can absolutely join a Credit Union. Most offer you the option to buy shares in the company. 1 share or as many as you'd like to purchase.
Stay strong....."They" don't want cash. Fed Res. Would like us us all on digital.
That's a crying shame.....
The Person With The Most Shares In A Credit Union (IS) The CEO Of The Credit 💳 Union. My Uncle Was And Didn't Want Another Job, ALBEIT He Became The Manager. He Had 3 SheLL ⛽ GAS Stations And Really Didn't Want That Responsibility. Yet He Got IT.
Please let her know that we have her in our prayers.
Will do!
The most shorted ( manipulated) commodities are silver, platinum and gold in that order. Silver has been shorted the most in the past 45 years. Considering the metals are the bank’s kryptonite, it makes sense.
Thanks
Wow. I'm so sorry to hear about the 2nd bank closure and pray for quick and speedy healing for Sherrie's husband. I hope that the third time is the charm with regard to the bank situation. God bless you all!
God bless you Sal!
Credit Union. Good video!
Good to see Sherrie and so sorry for all the troubles she's enduring. Hopefully everything will be looking up, and this past time period will be a distant memory. Best wishes to Sherrie, you, and Mrs. T!
Thank you Gary! Much appreciated!
Somebody needs to go and see this bank president and find out what his deal is! And I think that he needs an investigation done on him!
For future reference, you do not have to be with a union to be with a credit union bank.
Thank you.
Gorgeous butterfly bar. Looks great painted... Mamy community credit unions allow the public in those communities to join. She just needs to walk in to a couple of them and ask.
Stay Strong Sherrie, stay positive!
Amen!
You never heard of a bank closing accounts going back 5 or 10 years unless you over drafted your account to many times. I guess banks don't like cash anymore. I've heard on several RUclips channels there accounts are being closed. That's just wrong.
Exactly. Times are changing.
They choose the worst possible time to do this to small business owners like her because it's a purposeful attack on legitimate gold and silver brokers. Imagine a world where all gold and silver is bought(&tracked) online instead of with cash in person. Scary.
Scary indeed
It's horrible crazy and yes I believe it's all planned
NAILED IT! There ain't new shops opening, in fact some are closing.
U are correct online orders they know who has it.
Credit Unions have various requirement - many locals CUs are for people who live in the area, or like USAA is for current or former military, and some are for school employees. Just call them and ask. CUs are better then banks.
I have been through a similar experience with my own personal banking. Mid-size bank. All they need to say is "We don't feel comfortable..." no matter how long you have been a customer or how much business you do. It's like everything else, there is no loyalty.
No loyalty indeed.
Anyone can join a credit union better than bank anyways
Ty
I second this
There's more to the story than we're being told...
People take your money out of that bank !!!!
Ty
IF YOU'VE GOT SILVER OR GOLD YOU (ARE) THE NEW BANKING SYSTEM. 🤠 YEEHAW 🤠
Yes
You should be more than aware of the crack down on cash. They are limiting cash withdrawals. Asking for ID to make cash deposits (in your own accounts).
Sqeezing the cash supply and making transactions as difficulting as boarding a plane. All in preparation for the CBDC conversion.
It shouldn't be shocking. You should be reconsidering how you hold your assets.
Agreed!
Check a local credit union. You absolutely do not have to be in a union
Ty
@@TtheSilverStacker you're absolutely welcome. I am from the Roseland area,but I live in Wisconsin. Next time I'm in town I will be stopping by. God bless you,and take care.
Good to see Sherrie! Hopping for the best for her, her husband and the shop!
I hope so too
That monarch butterfly is simply beautiful! Well done, Mrs. T! 👏 😊
Thanks for sharing Sherrie.
Thanks for watching!
it's about cash deposits and withdrawals. banks are scared about the chances for money laundering and tax evasion. also, it's about money fees for deposits. if the bank gives you a low fee or no fee account rather than raising fees, they can just drop you thus still follow the contract with you. it' easier to drop you than violating their contract with you by raising fees for cash deposits. if they are not making money from you why keep your account. think about it!
i can not stand banks, not only is the interest on most savings under 2% annuallly but the fees are out of control. MY checking account has a 12 dollar fee monthly!
Get free checking with gift at a regional bank, keep away from nationals
I hear ya!
You can get a checking account through your credit union. Most only require five or $10 in a savings account to get you started. Fortunately my small bank has free checking still! But I am trying to Branch out to different banks two credit unions and a base Bank of operations
$12 eh? My bank (credit union)PAYS me $12 a month to bank with them. Well, as long as I make 12 point of sale transactions(debit swipes), and one auto deposit, or bill pay ACH's.
US Bank irritated me several years ago with some weird behavior, and my brother in law recommended "Old West Credit Union". I think they're pretty local here though, so not really established beyond Oregon's borders.
They've been very good to me. Other than a strange look withdrawing $4,000 cash a few months ago, smooth sailing.
I strongly recommend a good credit union. The regular banks need to be more competitive...
I use online high yield savings. There are many to chose from. Amex currently 4.25% and never had a customer service issue. Can most always handle my items online myself. Also look at treasury bills currently paying around 5% with no state income tax.
You're all great Americans!
Sorry to hear about the cancer! Prayers and best wishes!
Amen!
While we feel comfortable with investing billions of dollars in questionable derivatives and are in some cases forced to buy bad debt from other bank's balance sheets, we feel uncomfortable investing in a bullion business that's buying and selling in true value.
Thank you.
Everybody loves Sherrie my wife's delt with cancer for over 20 years I understand the fight my heart and prayers go out to you and your husband positively is the best medicine keep your head up and you don't have to be part of a union to be a member of a credit union
God bless, Kevin.
Not true, anyone can open an account at a credit union.
Good to know.
Sherrie here's hoping your husband makes a speedy full recovery! Oh, and that you find an excellent new merchants bank to do your business with. have only watched from time to time but have enjoyed when I do.
Thanks for your kind comment.
@@TtheSilverStacker All we can do is just place, 'one foot in front of the other' sometimes, or so it seems in this life. Be strong.
Glad to see Sherrie again! We’ll be praying for hubby’s recovery! You absolutely do not have to belong to a union to become a member of a credit union. Each has its own membership requirements, but ours is just a nominal purchase of a share in the union. Perhaps consider multiple credit unions or banking institutions to diversify your risk. Hard to say from here if this would work for you, but it can help in the event that one of them wants to bend the knee to the money changers and cancel your business.
Thanks
You can get started on table top kiln enamel art for less than $1k. Ya'll might want to search the process, its not difficult. Table top kiln for small size projects is not expensive.
Ty
This is happening to so many coin dealers
Yes
I had the same cancer last year and had it removed in October... I am doing great and hope the same for you!
Very happy for you.
Thanks Mr Stacker
You bet
Sherrie, not fair what the banks are doing. Might come by your shop soon. I live in Oak Lawn. I am glad you named the bank.
She was rude as hell last time I went
Tell her T sent ya!
Which was rude 😂
Speaking from experience in WA state...I joined a credit union and I have never been in a union.
Ty
You don't have to be in a union to join a credit union,I and several of my friends use Corning Credit Union and I also use Farmers National Bank,prayers for you and your husband.
BMO kicked me to the curb last fall. Now with 1st American (funny radio commercials) I very happy. A month ago there was an FDIC report that almost 300 banks were close to closing. One or two weeks ago, in another report of 40 banks are all but bankrupt. (BTW, anyone can join a credit union). So, IMHO, these getting kicked to the curb is two fold. One is simply that because of the fed and their interest rates on government notes has cause many banks to be in trouble. Two, the fed is really forcing banks to stop cash transactions. That was the reason BMO canceled me. The last straw was taking $10K out in cash they gave two pages to fill out. I refused, changed the withdrawal to $9k which pissed off the teller whom I know took it upon herself to report me. Expect more of these disruptions if you're doing cash.
BTW, I'm in Joliet. I'm looking for a dealer in the area. When silver gets to $50 I have a few hundred oz to unload.
Man, they are making it hard these days.
You probably would be better off hanging onto your silver instead of unloading them in case when SHTF starts.
@@williamscott8229 It all depends on how family and friends are doing. I have been blessed in order to help those who are struggling.
A credit union you become part of their union dues are cheap and they treat you amazing
You should have multiple banks and not just the one that keeps closing you.
She’s jumping from one to another.
Sorry to hear about Sherrie's husband, but glad to hear he's doing better & basically cured.
Yes. Thanks
That's A beautiful Butterfly. Nice pour too. Hope your husband has afst recovery and that you find a good bank.
T- Whas that my belt Buckle? Ohhh man I'm going to wear that 2 dollar buckle everyday.
It’s a sweet one! Now you know where I got it.
You need to look into forming multiple LLCs and posting "losses". Holding, operating, cleaning company owned and staffed by you where you charge yourself $2000/.hr or whatever. Might take a hit on taxes, but you can mitigate that with a good CPA.
You can usually join a credit union if you are within like 5 miles. Worth checking into.
Thank
I run my own business, keep plenty of cash available and haven't needed a bank for years. Not as convenient as online but all bills get cash..
And a credit union has nothing to do with unions. It means the depositors own the bank.
Today you can do a credit union. I like small banks and credit unions. I never was part of a large bank
Thank you.
Blessings to Sherrie and her husband. Cancer is a very powerful adversary.....
Amen!
Had problem with BofA and Chase as a dealer. Wells Fargo loves coin dealers.
Ty
Vast majority of credit unions allow anyone in a given area to join & typically require just $5 to be held in an account as ‘dues’-one time to be a member
Ty
You are all good people here.
Ty
I agree with MPaco. You don't have to belong to a union. Usually you can join if you live in a location where the credit union is at. Herein Utah if a credit union is in your city/county, you can join it. If you work in another city, you can join one there if you want. It used to be you needed to have a tie to the place/company that provides the credit union, for example, a relative who works at a company sponsored CU. Good luck Sherrie, my thoughts and prayers are with you and your husband.
Ty
😊😊 Good to see sherrie & T 🇲🇽 🥈🥈again
Thanks Beto!
I would seriously try a credit union.
Certain credit unions you need to have another member refer you to get an account. That’s how Franklin minted and police and fire do it around me in the philly area.
Thank you.
I pray for speedy recovery...That is not a fun process...What a whirlwind she has been through... I cannot imagine. Personal and business being hit, she is going to need some balance. Is this political? This is nuts. I know they do not "have to" disclose reason...but a lawsuit would validate if you had concerns if it were political. A credit union should do business. I use a credit union and am not part of a union.
Thanks C of C!!
So good to see Sherrie!
Yes!
Big Brother is Watching All of are Transactions!!! 👁👁👁
Yep
If I owned an LCS I would have three banks and keep a lot of cash in the store safe. That's just me. These LCS's have to be their own banks as much as possible because eventually they will all be shown the door because of the elimination of cash. I have a friend who was only allowed to take out $300 yesterday from her bank. They used the excuse that the CrowdStrike software glitch was the reason. BS!!!! I got my entire paycheck out of the bank yesterday in cash with no issues. She said she thought of me when they refused her entire withdrawal. The day is coming when all the banks will have a holiday ( most likely a weekend) and nobody will be able to get their money.
Good ideas.
@@davidf3883 Day's Ahead Peeps Will Have To Rob Banks, To Get Their Own Money 💰💰.
Prayers for her and family 🙏
Amen!
One of my banks needed to see my ID because I was depositing $100 in cash! Ridiculous!
Crazy!
Some credit unions do let the people of the area join, check into it
Ty
Nice to hear from sherrie
Yes
Playing with idea of conspiracy is like viewers would play with idea that sheri has some credit issues. Reason simply is that bank needs to handle certain risk level, and kicking out volatile coin shops is easy way to lower risks.
You sound like a banker.
@@TtheSilverStacker As she says in video, she is looking for fourth bank/alternative, that is very wise. If that tiny bank gets bigger, it needs evaluate customers/profits/time/risks more often.
Cash means more work for bank = loss.
Metals and coins are risky/volatile, niche business = risk is higher.
Coin/metal buyers dont use much credit/finance = no profit.
And so on. And more advanced banks have this all automated. Certain levels are crossed or figures are compared to other customers, its not worth for bank to continue relationship. AI writes you a letter with presidents signqture to find a new one.
@@scandinavianstacker8485 Times are certainly changing. I wonder how a coin shop will possibly survive in 5-10 years.
@@TtheSilverStacker they will survive, like before. Its good to keep in mind that fear of future is what drives society (capitalist one) forward. They just will hit more online and become more niche. One dealer is pure bullion, one is morgan expert etc. And you never know if some bank changes strategy and wants to do things more traditionally (what is unlike because of regulations and generations changing how they do shopping).
+Gold and silver, through out history, have been traded all the time. Even numismatics pieces. Way we do payment/business just evolves. Before cash it was fur, food, gems and even at somepoint slaves.
More im worried about crappy content in social media (clickbaits, empty promises, politics mixed in hobby etc.). Because it makes stuff harder for beginners and some stackers disapointed in long run (fear baiting). Your content is rarer star in hobby, doing good for it.
Just the fact they don’t give a specific reason for canceling a business accounts is concerning. One thing that is obvious is that they are not able to make money from her account.
True
If she's got multiple millions in the bank, they can definitely make money off that.
You can't get an account at a credit union because you are not part of a union? can you get deliveries from Federal Express if you are not part of the Federal Government?
It does not work that way.
It USED to work that way. That's why so many people still believe that they can't join a credit union. It changed about 20 years ago.
Wish everyone well!!
Ty
Anyone can use a credit union!! I'd suggest using one good luck keep Rockin heads up✌️😎
Thanks
You don't need to be in a union to be part of a credit union. Period.
Many credit unions only require residence in the geographical area they are located. Credit unions are the best.
Ty
too many large transactions cause the bank to do more reporting with the Fed. Its not economical for the bank. It may help to bring up the fact you want to deal with larger cash transactions to find the right fit. The only other option is to eliminate credit card fees. offer cash app, offer crypto. Use more than one bank to spread out the transactions. Buy more safes and spread it around.
Good ideas.
Funny. As inflation grows, transactions will increase in size. We'll soon be needing the $1000 and $10,000 bills back again. The government stopped using them years ago because the people didn't use them.
I just ❤ Sheri 😊. 🙏🏻 for her husband
And that butterfly 🦋 was awesome 👍🏻
Good job getting the band back together 😂
👍🏻🇺🇸🇺🇸👍🏻
Thank you Jason!
Four more months Sherry four more months❤ I love your show Miss you Hope your husband's doing good you can tell it's taking a toll on you but we still love you Best wishes to you and your family always and forever
: )
Hey T. Banks and financial institutions along with cash intensive "high risk" businesses such as pawn shops and coin shops have to provide and demonstrate the active use of anti-money laundering programs that they have established for their businesses. That would probably include the use of an outside independent accounting firm to perform periodic audits to show their compliance. It probably isn't good enough to say you comply with the mandated IRS 8300 form for cash outlays over $10,000. All this greater intensive scrutiny is the result of the passage of section 352 of the Patriot Act passed after 2001. Banks are in greater pressure to ensure they and their depositors comply with such mandates. Sherrie should reach out to other bullion selling businesses and determine what they are doing to stay in the good graces of the banks that they deal with. Also, mention to Sherrie that most Credit Unions used to have certain requirements for membership, but many have relaxed those same requirements over the years to increase their membership reach.
Thanks for sharing your wisdom.
You don't need to be in a union to join a credit union. Usually you just have to live in a certain area. Check into it.
Ty
30 years ago the rules were different they changed them around 20 years ago now anyone can join a c/u. Might have distance restrictions but once in that don’t matter.
Thank you.
Life is what happens when you’re planning other things. Or something like that. 🤷♂️👍
Yep
No fight with Mistress Sherrie, but a lot of daily life issues. My girls got similar problems with their banks, and Sherrie is absolutely right: they are not obliged to give you (as a customer) any kind of excuse ! So, they quickly changed their bank and got new accounts. No further issues during the past 8 months, so let´s wait what happens next. We shall see... Greets from GER, U.
Thanks amigo!
God bless Sherrie and her husband✝️❤️🇺🇸
Yes
The hell with the banks, Do your business one hundred percent cash only for buying and selling
It’s impossible when you’re making cross country deals.
Its got to be to do with cash and real money.
These institutions may realise that the cash coin shops need, is to soak up availble precious metals.
Also, if the cash is used to clear debts, the cash no longer circulates.
There's no way these are all simply cases of too much cash to process. If that were the issue, increased fees would be their solution.
This _must_ be pressure from regulators and Federal Reserve/IRS auditors. Even if it's as small as "Well, we have to bring in a different team/process to these accounts. It's going to take 2 extra weeks to complete, there's nothing we can do about that."
@@YouveBeenMiddled Yep!
You don't have to be in a union to join a credit union. Some will let you join without any affiliation. Also the Bank of International Settlement (BIS) controls all the lower banks. It an insestuious system. If they feel threatened by your business they will kick you out. Sorry you are going through this mess. They are 🤮.
Thanks for sharing!
Banks know the competition of real money is getting ready to destroy their business model.
Yep!
1st off she can joining most credit union banks without being In a union. 2nd it's my understanding that the paperwork for her business is more than alot of banks want to deal with.
Thanks
Hope Sheries husband gets better quick!
Yes
Thank you T having a bad day hit close to home probably shouldn't have responded sorry
It’s okay. Hope your day improves.
Sounds like a war on the coin shops to stop the use of gold or silver. The banisters obey the sinister voice on the other end with no reason needed. This way cash will disappear.
Yep!
There is too much security paper work with the SAR and UAR reporting required. An federal audit failure with the reporting will get a regulatory ding and will become a matter requiring attention - is to risky for the bank to have any large cash transaction accounts because they are considered as money laundering and or terrorist sources so the regulation - throw in the cost of armor cars and cash handling they just end the relationship 😊
I can’t stand both credit unions or any type of banks. I only keep enough cash in accounts for bills and monthly expenses.
Yep
What about BECU?
Boeing is based out of Chicago.
Not sure.
I belong to a credit union and the only requirement is to live in one of the counties they serve
Good to know.
Speedy recovery ❤
Yes
I joined a credit union to get a better car loan and not part of a union. Give them a call. Much better rates and service.
Good video
Thanks for the visit!
I think I would have walked in and asked for my account balance in cash, today.
⚖️ GREETINGS FROM LAS VEGAS
Hello!
You only need to meetwith the criteria to join a credit union.
Thank you.
Absolutely not true some credit unions require memberships but as a rule no you do not have to belong to a union there are several out there
Ty