I live in the USA but every time I need to get a lot of cash for metals purchases, they ask what it's for and I tell them I'm going to Vegas. Never an issue at all.
That’s so funny. The fact that you are planning to go to vegas to blow the lot and possibly have nothing to show for it is fine as far as your bank is concerned. A sound investment into precious metals on the other hand is a much more questionable reason to take your money out. It’s a strange world we live in isn’t it.
See, the bank’s buddies are making boku on your withdrawal to Vegas but no one in “the Club” is making a dime on your silver purchase. These jokers are so predicable. BTW, great excuse.💪🏻👍🏻
They want you poor so they favour any transaction that facilitates your downward trajectory down the greasy pole. Banks are weapons systems against the people.
My bank account is always on 0, i dont trust the banks i will pay my debts buy my gold and silver and withdraw my cash every single month what remains in my account, in Cyprus people lost their money because of the banks during the staged financial crisis.
Same thing happened to me. I wanted to take $20,000 out in cash. They kept me there for two hours. The bank manager tried to talk me out of it. Finally I got very angry. After a long time, they gave me my money.
My bank wont let me take more than £999 in cash on demand. I ask for £1,000, they refuse. So I now have to take just £999. Cash will soon be illegal…..
Life hack...... The next time the bank starts giving you the runaround and wants to hold your money against your will, Tell him that you would like to close up your account and take your money to another establishment. I've had to do once before and I did not hesitate to pull my money. The teller was super accommodating but the bank manager was a real dick and I told him that's why I was leaving their business.
@@ehrenkrause9861 ha! I wish I would have. It was over 20 years ago, I was in my 40’s at the time. I’m now in my 60’s, wide awake, and I am not to be trifled with.
@@michellejoy6752 refuse it, they have to give your cash, they cant say no, tho they can take time to get it, but you can also charge interest, which they have to agree to when they refuse to cash out the account. just inform them that everyday beyond the day you requested you money will incur a 30% interest fee per day so for everyday you dont have you moneythey owe you $30 for every $100 dollars of yours they hold onto lol they dont have to agree to it, bythem refusing to cash you out then and there they are already agreeing to t and their own security cams can be used as evidence in court. and arbitration can be tossed if you claim duress for the signing of it. works for prenups too lol
@@thesecondsilvereich7828that may work in your mind like that, but you have to think, gold and silver are the only things that have been used as currency for all of history. The different countries currencies come and go as the countries come and go, but gold and silver always stays
@@thesecondsilvereich7828 Banks still base the value on solid assets, that's why the banks don't want to hand out gold/silver anymore or solid cash, that's how they control what you can and can't buy
That's not even the worst part! Think about how you get paid? Yep, it's an unsecure loan to the bank. Even the fruits of your labour are not yours. They let you have some if you are good. We all saw what happened to the Canadian truckers, Nigel Farage and on a bigger scale Russia. So technically, you actually work for the banks. Who has more control over your life, bankers or government? Who is really in control of the government?
@@Rhombic1.0 That's not true, at least in the States it isn't. Your money is yours, and is backed by the federal government. Russia got locked out of many avenues of our financial framework because they were actively exploiting it and attempting to undermine it. They were using it with one hand, making money hand over fist, then trying to burn it down with the other hand. It was only a matter of time before we slapped both hands away. Now Russia sells its oil for Indian rupees that they can't even repatriate or convert to any other currency. Must suck for them!
The FCA litrally protect you for up to £85,000 per bank, building society or credit union, and will automatically compensate you should they fail .. In the UK you have absolutely nothing to worry about.
Bank staff have no direct or indirect incentive to keep your money from you. I worked at a bank, and there are very strict external and internal controls over how much cash a bank is allowed to keep on hand (I live in the U.S. and can only speak for currency control practices in the U.S.). I would prep shipments to and from the federal reserve based on a number of factors (customer deposits, orders, time of year, etc.). Running out of cash or having too much on hand was simply never an option. The shipment from the Fed came once a week, and although we could schedule an additional shipment as needed, it was extremely expensive to do so. Any vault custodian who needed 2 visits from the armored truck didn't tend to keep their job for very long. It was never a matter of bank liquidity. It was always a matter of adhering to standards and practices. I'll probably copy/paste this comment a few more times in other threads for no other reason to inform some folks (especially U.S. viewers). Give your bank proper notice, and they'll get you as much as you want! And yes, they absolutely can deny your request if it messes with their vault cash levels and you did not give proper notice.
Or... if you just listen to the video, pretty much everything the bank here did was reasonable to just a bit overprotective in terms of scam protection. No evil system conspiracy
That would be true if buying Silver wasn't a normal thing for a business to do. It's more because banks are liable if you're scammed so if it looks slightly fishy they'll do everything they can to stop it.
It's more for accountability. If you were scammed and then went to them to complain, they can say "you told us it was not a scam so it's not our problem." By putting the question to you, they can wash hands of responsibility.
@@BWA85It’s also a very valid question, if you’re coming in to make a $20k purchase on metals it’s not out of the realm of possibility there are some morons not buying from a reputable dealer. Unfortunately this space can lead to alot of newbies rushing in out of fomo or panic and getting screwed.
And I bet you don't have much savings as you will never earn interest on that money with it just sitting under your mattress. I get 4% APR with my money sitting in a bank. Enough to pay for my groceries every month, and the balance keeps growing every month.
Banks have become very invasive/intrusive to account holders over here in the Netherlands. Basically any transaction over 10k done as a private party is automatically flagged as "suspicious". It gets put on hold and you have to prove what you're doing with the money, supposedly to "prevent money laundry"...
I understand your way of thinking and somewhat think the same way as you do. We should be able to do what we want with OUR OWN money ... But as am working in law enforcement i've seen approximately over 500k euros been stolen by scammers straight out their bank accounts which could've been prevented if banks had some sort of security check in place for example holding the payment and verify with the person being scammed ...
I've done more CTRs and SARs than I care to think about (I used to work for a bank). I've also prevented 3 people from losing every cent they had. You'd be surprised how many instances of fraud and abuse are stopped at the bank level. Just food for thought.
@@thebeardeddog8904 Don't bother pandering to these people....I would do the exact same thing. The bank doesn't want to have to refund money for a scam.
I had a similar experience when I bought my driving school car from the company at the end of the lease. "How can you be certain the car really exists?" "It's been sitting on my driveway for the last three years"
Banks want your 'money' in the bank - weather it is a loan or mortgage agreement, a positive or negative bank balance. They can't 'fractionate' your assets if they aren't under their influence.
It happened to me when I bought a car from my friend that I have known for years. I had to jump through “hoops” just like you described. So much that they started to ask for the year make and model of the car. I stopped that person right there and said “it’s my money and I’m not financing it!” After a bit more red tape I finally got the money sent to my friend. Luckily he was patient. This was in the US.
I had a friend who brought a car from another friend and almost same thing happened. Then His friend decided to donate the car (I think, I'm not sure about the legal paperwork) and the money was given in cash, each day was 100 RON (aprox. 22 USD).
I had trouble putting money in to my account. It was £1200, some of it in fifties, which may have lead to them being arsey. Questions like where did I get, when did I get it, I answered that's not your concern, it's my money. I walked out, then three doors down and put in another account with another bank, no questions. I closed my accounts with the first bank the next week, they didn't even ask why, or is there anything we can do to help next time. I won't say it was Metro, oh bum, just did. Never mind.
1000 ounces-1 kilo at 30$ per oz is 30000$us how did you get 25 kilos for 20000 pounds do you really think it is lsilver? 25 times 30 thousand is a lot more t5han 20000 pounds
With the CBDC we are all going to be going thru this sort of thing all the time. Government will have absolute final say as to wether they approve any and every purchase you want to make.
I carried three 100oz (3 kilos+ each) bars of silver to a coin shop in a rucksack 15 years ago once - definitely not convenient. I swapped into 1oz gold bars which happily fit in my pocket ! Still have those gold bars today along with a ‘few’ others.
In the event of a global economic or financial crisis, silver will initially fall sharply. Demand is mainly from industry. That's why I have more gold than silver.
@@simonsays2774I own both but hear what you're saying. People treat silver like a safe haven when it's really more of a speculation. The speculation could work out if investment demand for silver spikes as people seek any physical store of value they can get their hands on, or if it becomes monetized in some places, but central banks own gold and that's what's most likely to become monetized. I also have some gold mining shares although those are also a speculation and subject to the risks of brokerage and/or government theft/nationalization.
One tip always keep over £20,000 some where but not in bank I always pay cash for silver I only get mine from a bullion dealer or a coin shop, so there's no record of it.
I bought Bitcoin that way. That was not easy but now I am free to do whatever I want with it. No more borders or regulations can stop me now and never again in the future. I am my own Bank now.
@@jsturm5hk8h The code is open source. You can read it yourself. I've been into programing all my life and believe it's solid. Now i'm all in. No more banks!
My bank said I couldn’t take more than £20,000 out to buy a £35,000 car from a main dealer and for that £20,000 there would be a £20:00 fee, I told them I would be back in 3 days time to take all my funds in cash and close my account, mind you I had only been banking with them for 55 years; they then said it would be ok to the £35,000 transfer with no fee.
Hi Backyard, I did similar across 2020 and 2021. In coins and old English and Irish 20th century silver (I dislike the term 'junk'). Bank resisted. Ulster Bank (RBS). Poor teller checking me to make sure I was ok and not under duress. My speech at the hatch about the bank itself being a casino didnt go down well. But then Ulster Bank closed up shop and I have my pile of silver and his job is no more. Not cause and effect, just how it happened. Later, a day or so later, I had 2 more calls from the bank. Just checking in etc. The acam is holding on to banknotes.
In Australia, I wanted $30k to buy a car. The bank outright refused and gave me all sorts of excuses. But they let me transfer 30k to a different bank without any transaction fees or questioning, and that banknlet me withdraw it same day. FUCK ANZ
The reason banks fight back with large movements of money like this is because you've given them a free loan and they're out investing your money through loans and more. Taking all your money suddenly to make a purchase messes with their own plans for your money and disrupts their own operations. Problem here is, they should be responsible and can handle occasional events like this. If they couldn't, suddenly they'd collapse from a bank run and the fear that causes one.
The reason the bank asked him the questions was to fight back against scammers. It has nothing to do with their balance sheets. Ridiculous thought. You clearly have no idea how rampant frauds and scams are, wiping out the elderly like crazy. Educate yourself.
@@nexeroth7151Pretty harsh comment. In the US, only a fractional amount of total savings and checking funds are physically cash on hand…and that’s because a bank lends out money borrowed from customers to make loans to other customers. So do not criticize others so quickly.
@@longgone9738 you are correct, less than 10% is held on hand. How is that relevant? That has zero, nothing, NADA, to do with the questions posed when people are withdrawing. That is a preposterous statement, and I am calling it what it is. These people have to watch people drain their entire lifes savings and legacy to just be scammed, and are doing their best to prevent it.
Be thankful for the hassle. Most bank staff know nothing about silver, but they know all about the bank's rules. I bought 5 $100 grocery gift cards and was asked why at the cash, I was happy they asked even though I knew they were for a family member at university. There are so many scams these days around gift cards, etc. Not scam related, but I took a $10 bill to a bank that seemed to be missing a feature; the teller said "thanks" and i walked out with $10 less. lol If it was for a bug out, I would have turned that silver into gold.
Was the $10 a fake or was it a genuine mint error? If a mint error you just threw away $$$! I’m an American coin and cash collector and just want to suggest asking a collector of currency the next time, for your benefit. Anyhow with Trudeau running your show 🙏🏻ing for you guys for sure. 🤔🇺🇸
every couple of months go in and say you need cash for a tattoo. They won't bother you. Also you can say you need Casino money. Also saying your going to a charity auction is a good one . I've heard people use wild excuses like " Gender reaffirming surgery "
I'd be willing to bet there are people out there who have met a random stranger off the Internet and bought 25 kilos. Probably not precious metals right enough...
I’ve had the same process and interrogation over the phone with fraud team for trying to send £126 to a business. Absolutely ridiculous, and the only way they would approve the transaction if I agreed that if I got scammed I’d not be covered for fraud.
Bro you really need to hit the gym though;p I carried half an engine into the on-board luggage since they don't charge you on weight ;p And you know UK airports, you need to walk 5 miles to the gate;p
The reason they use gold is because it's corrosion resistant, but yes, silver is by far the best conductor of both heat and electricity and for exactly the same reason - free electrons.
@@lloydrobins6074Didn’t the Andalusian moors use silver for its antibiotic properties? I remember hearing they made wash bowls and tools out of silver..
Many celebrities and high profiles have been scammed by impersonation and then buying gold or silver bullion using their bank, so they are quite hot on this because it's very hard to recover funds if it does turn out to be a scam / fraud. Most of the time I would be annoied but I understand their diligence in this scenario.
Idk how it is in UK but in most of EU silver has VAT afaik. The only worth bullion to invest in here is 24 carat gold since it's seen as a currency and therefore tax free
I remember paying £450 for my first 1kg bar I thought that was expensive at the time but now they’re going for well over a grand on eBay etc The premiums in the U.K. are absolutely ridiculous
All UK pawn shops & jewlers only pay out SCRAP prices, I got offered £40 for a half sovereign, ten years ago While they had one in the window for £200.
@@JaSon-wc4pn well of course that's just business. Fortunately the internet age gives us more options than brick and mortar stores. You still get a premium scraped off your price but generally not 50+% like a pawnshop!
Very wise decision you are using a currency that the establishment print out of thin air. Yes we will increase wages that £10 in your pay packet buys less and less each day. Preserve your wealth buy precious metals.
When you say about metal testing equipment, what did you use for silver remotely, Also rucksack would have been more comfortable than duffel. Keep up the fantastic work!
I tried to take 20k out of my bank account and the manager kept refusing. This went back and forward for some time until I finally realised it was because I only had $12 in my account 🤓
The banks look at what may be out of the ordinary in purchase history. My bank block a $1k ebay purchase b/c was higher than usual. I had to go through same questions. Later after that they didn't block a random purchase in a state I don't live near. Someone lifted my number. They had to reimburse me.
in the Netherlands 250 bank (cash) windrawal, 1000 card withdrawal and max 2999 if you want to pay in cash .. else you need to use your card, also you always need proof else you will be considered as fraud for the whole system
Do NOT buy silver and gold by bank transfer! Banks are OBLIGED to KEEP A RECORD on your transactions. If you buy the precious metals either directly from the bank or pay via transfer they keep you on the regestry as a precious metal owner and in case of an economic downturn they could confiscate your assets.
Hey bud, 2024 has sure thrown a bunch of really interesting times and ? situations your way this year. I suppose that bunch of $ leaving their coffers may be a hack but as you say the 10th degree was totally not needed. You are BYB and BYB has an English accent that stands out like it is you. Even an untrained Canuckian can tell your voice against any other Cockney accent. I hope that wasn't an insult ? However, you got them straightened out and hopefully your seller wasn't too agrivated awaiting his money. That really is a lot of silver. Must feel great to have that pile to ponder my old friend. WOOHOO for you. A hundred ounces is the most I have ever had in hand. I have a video of it (10 x 10 ounce bars) being reduced to casting shot. I am sure glad I don't have to do that anymore as I finally found a trust worthy dealer for my needs. Generally a buck and a quaarter over spot. Good to see you today old friend. Shall we go pour something, LOL.
I would not buy that amount of silver from a private individual. You can do a heavy wrap of silver on a bar and it will pass ping test and machine test.
So by buying silver you gave 20% of the value to the Government in VAT. Not smart. That said your bank was wrong. You have a legal right to make mistakes.
For everyone praising cash: in Germany there is no limit on cash payments, which is the reason why it is the most Sicilian-mafia infiltrated county after Italy. They do business elsewhere and then easily launder money in Germany. Buying from a random guy on the internet in cash, I wouldn't be surprised to discover that the source of that silver isn't "immaculate"
Similarly, NatWest Chards. However, whenever I deposit or withdraw, the teller takes a disconcerting, long look at the screen and usually furrows their brow. Curious.
Thanks for that info. I've just had a email offering me £200 if i join Nationwide and dump my Barclays acct. So that's what I'll be doing tomorrow, then. I can almost buy a half gold sov with that £200!
I completely agree with you about the frustrations with bank systems and the limits they impose. I've encountered issues myself when trying to make large transfers on the same day, only to hit limits and be bombarded with endless questions about the purpose of the transaction. It feels intrusive, as if it’s really any of the bank's business. Their job is to hold our money, not to question how we choose to use it. However, it's important to consider the situation from a balanced perspective. Banks do face significant criticism when someone who usually spends a certain amount each month suddenly makes increases spending massively in a single day without any inquiries from the bank. We've all heard stories of elderly people being scammed out of their life savings, with people later blaming the banks for not intervening. I'm surprised it was so complicated with a business account, especially when your SIC code and business name clearly indicate the nature of your business. But it seems like bank procedures lack flexibility and rely strictly on a script that must be followed, regardless of logic or common sense.
Most bank accounts only have a 20k limit a day that you can withdraw or transfer. If you're trying to transfer that amount to a new payee, the bank will question this. It's fraud prevention
I would not stay in such Places because "Cut that" It is more secure with stupid Scammers but the Smarter ones still get to your money like a Cartel Member gives it back for 15% Profit and never is there again..
Same in Germany. Sold a flat and bought 34k € of silver from a bullion dealer. It took 3 days until the bank transfered the money. The money was gone off my bank account instantly but held at the bank. Honestly with the way banks work I would say they speculated with my money for 3 days...
Of course the banks would do this, they don’t want anyone pocketing precious metals since it’s the true money. They rather keep that stuff for themselves
do you have any The gold exchange TGE bars, i bought one the other day on the silver forum and when it arrived I googled the company, not much came up execept an old google maps page for them and companies house records so I had a look. It didn't look normal the director had been the director of over 300 companies and a lot of them were only in business for one day. Then it all went quiet on that name, just wondering if he was using a burner ID or if he might have got into some trouble?
When i tried taking out 15k to purchase a car a few years back they tried stopping me also like it's their money . This is why i don't keep all my cash in bank you absolutely can't trust them 100% cash is king ! Gold and silver are also good ! Physical money is the key to being sure you have it incase of an emergency.
My bank wasnt bothered when i bought my tubes of gold britanias or tubes of sovereigns , i did buy on credit card ( paid in full end of month ) even got extra 50 days of interest and 1.5% cash back. My tubes are a lot easier to move they fit in my jeans pockets. I do have a coupl of 1kilo silver coins in my collection but never my stack
I understand you have to do business but I'D be (and am) worried about the money disappearing from the bank before you can make an AG purchase. Therefore you'd be out the cash AND the AG! Also to mention purchasing gobs of AG on the INTERNET?!!! YIKES! You must be fun at a CASINO! (I like the narrow kilo bars best!)
I had the bank's fraud squad phone me up when I tried to transfer £7000 to buy a bitcoin they were not happy. I bought the bitcoin then sold it at £11500 (BTC is now over £60000)
I live in the USA but every time I need to get a lot of cash for metals purchases, they ask what it's for and I tell them I'm going to Vegas. Never an issue at all.
Lots of people in the USA are having issues. Especially bullion sealees
Hookers and blow is apparently a bank approved endeavour. 😅
That’s so funny. The fact that you are planning to go to vegas to blow the lot and possibly have nothing to show for it is fine as far as your bank is concerned.
A sound investment into precious metals on the other hand is a much more questionable reason to take your money out. It’s a strange world we live in isn’t it.
See, the bank’s buddies are making boku on your withdrawal to Vegas but no one in “the Club” is making a dime on your silver purchase. These jokers are so predicable. BTW, great excuse.💪🏻👍🏻
They want you poor so they favour any transaction that facilitates your downward trajectory down the greasy pole. Banks are weapons systems against the people.
Not being able to get YOUR money out of the bank should be extremely alarming to the point you remove it All.
Also why if you get scammed the banks covers it not you because legally its “the banks” currency once you deposit it.
@A.Gardener ...and people still cant understand this, comprehend it even😬
I just did yesterday...Chase gave me the run around trying to tell me it would take over a week to get my money they would have to order it...
My bank account is always on 0, i dont trust the banks i will pay my debts buy my gold and silver and withdraw my cash every single month what remains in my account, in Cyprus people lost their money because of the banks during the staged financial crisis.
They pay you interest because it’s not your money when you deposit with them. You’re lending it to them so they can use it for their own investments
Same thing happened to me. I wanted to take $20,000 out in cash. They kept me there for two hours. The bank manager tried to talk me out of it. Finally I got very angry. After a long time, they gave me my money.
never back out of it. Do it until you eventually succeed
I took out 10k a day lol. Said it was preparing to buy a house
Tell them. It’s for a house or business. And no problem. And then tell them. H might need a loan in future if it’s possible lmao
I’ve not got that issue with about $2 in the bank most of the time 😂
You probably took their month of cash stocks
My bank wont let me take more than £999 in cash on demand. I ask for £1,000, they refuse. So I now have to take just £999. Cash will soon be illegal…..
who do you bank with as my bank does not have a cash counter and hasn't since covid times?
Can you do multiple withdrawals?
@@shanethrelfall416 no they will not allow this
You guys gave up on freedom decades ago. Liberal democrats are scum. Wake up. They hate freedom
fire your bank....these are the actions of a country in financial trouble
Life hack...... The next time the bank starts giving you the runaround and wants to hold your money against your will, Tell him that you would like to close up your account and take your money to another establishment. I've had to do once before and I did not hesitate to pull my money. The teller was super accommodating but the bank manager was a real dick and I told him that's why I was leaving their business.
I did that and the bank issued a cashiers check to me, they did not hand over a bag of cash.
@@michellejoy6752 wow. That is just some tyrannical BS . I hope you went right back I cashed it right there 😆
@@ehrenkrause9861 ha! I wish I would have. It was over 20 years ago, I was in my 40’s at the time. I’m now in my 60’s, wide awake, and I am not to be trifled with.
@@michellejoy6752 refuse it, they have to give your cash, they cant say no, tho they can take time to get it, but you can also charge interest, which they have to agree to when they refuse to cash out the account. just inform them that everyday beyond the day you requested you money will incur a 30% interest fee per day so for everyday you dont have you moneythey owe you $30 for every $100 dollars of yours they hold onto lol they dont have to agree to it, bythem refusing to cash you out then and there they are already agreeing to t and their own security cams can be used as evidence in court. and arbitration can be tossed if you claim duress for the signing of it. works for prenups too lol
@@michellejoy6752
I would cash that check right there on the spot.
God forbid you use digital numbers on a screen to buy a real currency that the bank / government can't control.
But it's not real currency if your not using it to buy anything is just a shiny rock
@@thesecondsilvereich7828 it will always be a form of currency. Especially bullion
@@thesecondsilvereich7828that may work in your mind like that, but you have to think, gold and silver are the only things that have been used as currency for all of history. The different countries currencies come and go as the countries come and go, but gold and silver always stays
@@thesecondsilvereich7828 stores of value are worth having to turn into the currency of the day
@@thesecondsilvereich7828 Banks still base the value on solid assets, that's why the banks don't want to hand out gold/silver anymore or solid cash, that's how they control what you can and can't buy
Just remember guys, that currency in the bank is not your currency. It's an unsecured loan to the bank. It's their currency now
Exactly, if you cant hold it in your hand then it isn't yours to own.
thats right and not near enough people know that or they wouldnt put their money in
That's not even the worst part! Think about how you get paid? Yep, it's an unsecure loan to the bank. Even the fruits of your labour are not yours. They let you have some if you are good. We all saw what happened to the Canadian truckers, Nigel Farage and on a bigger scale Russia. So technically, you actually work for the banks. Who has more control over your life, bankers or government? Who is really in control of the government?
@@Rhombic1.0 That's not true, at least in the States it isn't. Your money is yours, and is backed by the federal government. Russia got locked out of many avenues of our financial framework because they were actively exploiting it and attempting to undermine it. They were using it with one hand, making money hand over fist, then trying to burn it down with the other hand. It was only a matter of time before we slapped both hands away. Now Russia sells its oil for Indian rupees that they can't even repatriate or convert to any other currency. Must suck for them!
The FCA litrally protect you for up to £85,000 per bank, building society or credit union, and will automatically compensate you should they fail .. In the UK you have absolutely nothing to worry about.
Anytime you step outside 'the system' you will encounter resistance.
Bank staff have no direct or indirect incentive to keep your money from you. I worked at a bank, and there are very strict external and internal controls over how much cash a bank is allowed to keep on hand (I live in the U.S. and can only speak for currency control practices in the U.S.). I would prep shipments to and from the federal reserve based on a number of factors (customer deposits, orders, time of year, etc.). Running out of cash or having too much on hand was simply never an option. The shipment from the Fed came once a week, and although we could schedule an additional shipment as needed, it was extremely expensive to do so. Any vault custodian who needed 2 visits from the armored truck didn't tend to keep their job for very long. It was never a matter of bank liquidity. It was always a matter of adhering to standards and practices. I'll probably copy/paste this comment a few more times in other threads for no other reason to inform some folks (especially U.S. viewers). Give your bank proper notice, and they'll get you as much as you want! And yes, they absolutely can deny your request if it messes with their vault cash levels and you did not give proper notice.
Or... if you just listen to the video, pretty much everything the bank here did was reasonable to just a bit overprotective in terms of scam protection. No evil system conspiracy
That would be true if buying Silver wasn't a normal thing for a business to do. It's more because banks are liable if you're scammed so if it looks slightly fishy they'll do everything they can to stop it.
Not really, physical metal is a scam, just one you don’t understand the mechanics of
The irony of the bank asking you if you’re not being scammed is the bankers probably wouldn’t know real silver if it bit them.
It's more for accountability.
If you were scammed and then went to them to complain, they can say "you told us it was not a scam so it's not our problem."
By putting the question to you, they can wash hands of responsibility.
@@BWA85 Honestly, if I were a bank, I'd do the exact same thing
@@BWA85It’s also a very valid question, if you’re coming in to make a $20k purchase on metals it’s not out of the realm of possibility there are some morons not buying from a reputable dealer. Unfortunately this space can lead to alot of newbies rushing in out of fomo or panic and getting screwed.
which is why i cashout EVERY paycheck i get, so the bank cant keep my money
Nice one
Consider bitcoin…
It is the fix to this problem.
way to volatile for long term assets @@samc8183
@@samc8183it's not
And I bet you don't have much savings as you will never earn interest on that money with it just sitting under your mattress.
I get 4% APR with my money sitting in a bank. Enough to pay for my groceries every month, and the balance keeps growing every month.
Banks have become very invasive/intrusive to account holders over here in the Netherlands.
Basically any transaction over 10k done as a private party is automatically flagged as "suspicious".
It gets put on hold and you have to prove what you're doing with the money, supposedly to "prevent money laundry"...
As inflation goes higher.....
Well, thats not the banks fault. The EU lawmakers are to blame.
@@Morgemuffel91 They're both in it together...
@@QoraxAudioas we say: hand washes the other hand.
I understand your way of thinking and somewhat think the same way as you do. We should be able to do what we want with OUR OWN money ... But as am working in law enforcement i've seen approximately over 500k euros been stolen by scammers straight out their bank accounts which could've been prevented if banks had some sort of security check in place for example holding the payment and verify with the person being scammed ...
Ahhh, the old "we need more information to process this transaction"..
I always say "hookers and blow, baby".
Exactly!
I've done more CTRs and SARs than I care to think about (I used to work for a bank). I've also prevented 3 people from losing every cent they had. You'd be surprised how many instances of fraud and abuse are stopped at the bank level. Just food for thought.
@@thebeardeddog8904SARs are the bane of my life... Especially when it is 100% that shenanigans are going on.
@@thebeardeddog8904 Don't bother pandering to these people....I would do the exact same thing. The bank doesn't want to have to refund money for a scam.
To be fair, if my grandma wanted to buy £20,000 in silver I'd hope the bank would stop her.
...she's allergic to silver.
Lol 😆
I had a similar experience when I bought my driving school car from the company at the end of the lease.
"How can you be certain the car really exists?"
"It's been sitting on my driveway for the last three years"
I only keep enough money in the system that is necessary to pay my bills anything extra, I become my own bank
The only way. Banks can't be trusted.
Same here, and I spread my cash between several different banks.
@@nonjaninja4904 banks and courts
Fax. Ion keep much money in the bank anymore and I been taking out cash now to keep incase of apocalypse / loss of power grid
Well said, Sir.
Banks want your 'money' in the bank - weather it is a loan or mortgage agreement, a positive or negative bank balance. They can't 'fractionate' your assets if they aren't under their influence.
They weren't trying to prevent you being scammed. They were trying to prevent you buying silver.
The banks are run by werewolves!
It happened to me when I bought a car from my friend that I have known for years. I had to jump through “hoops” just like you described. So much that they started to ask for the year make and model of the car. I stopped that person right there and said “it’s my money and I’m not financing it!” After a bit more red tape I finally got the money sent to my friend. Luckily he was patient. This was in the US.
I had a friend who brought a car from another friend and almost same thing happened. Then His friend decided to donate the car (I think, I'm not sure about the legal paperwork) and the money was given in cash, each day was 100 RON (aprox. 22 USD).
I had trouble putting money in to my account. It was £1200, some of it in fifties, which may have lead to them being arsey. Questions like where did I get, when did I get it, I answered that's not your concern, it's my money. I walked out, then three doors down and put in another account with another bank, no questions. I closed my accounts with the first bank the next week, they didn't even ask why, or is there anything we can do to help next time. I won't say it was Metro, oh bum, just did. Never mind.
Metro, was recently taken over by a Columbian drug lord. The UK financial regulator has him flagged for financial crimes. True story
None of their business....Tell them to F. off and do their jobs !
1000 ounces-1 kilo at 30$ per oz is 30000$us how did you get 25 kilos for 20000 pounds do you really think it is lsilver? 25 times 30 thousand is a lot more t5han 20000 pounds
@@cappstreet1601 1 kilo is 32 ounces.
@@cappstreet1601It's 1000 grams in a kilogram! Which is more like 30 ounces...
With the CBDC we are all going to be going thru this sort of thing all the time. Government will have absolute final say as to wether they approve any and every purchase you want to make.
It will probably be like America on the gold standard when personal ownership of gold was banned. Only government can control currency.
aka no and fu for every transaction they don't like
BOYCOTT CENTRAL BANKING DIGITAL CURRENCY
Don't worry. People will switch to a foreign currency very quick.
@@darek4488 you really think so?
I hope you're right.
I see the humans rolling over and obeying like good little dogs personally 😔
I carried three 100oz (3 kilos+ each) bars of silver to a coin shop in a rucksack 15 years ago once - definitely not convenient. I swapped into 1oz gold bars which happily fit in my pocket !
Still have those gold bars today along with a ‘few’ others.
Nice 👍
The gold bars are really old now, aren't they?
I like old stuff, will pay you 5£ a bar. Sounds good?
@@Kevin-bl6lg 1 oz is about a few grand
@@kubakielbasa5987 but so old and used? Not junk, but depreciation has to be considered for age.
@@Kevin-bl6lg How much does an ounce of gold cost, please tell me
5 years from now your going to be pretty happy you bought that .
Hes turning it into product. Not stacking.
In the event of a global economic or financial crisis, silver will initially fall sharply. Demand is mainly from industry. That's why I have more gold than silver.
@@simonsays2774 it falls at first then climbs
@@simonsays2774I own both but hear what you're saying. People treat silver like a safe haven when it's really more of a speculation. The speculation could work out if investment demand for silver spikes as people seek any physical store of value they can get their hands on, or if it becomes monetized in some places, but central banks own gold and that's what's most likely to become monetized. I also have some gold mining shares although those are also a speculation and subject to the risks of brokerage and/or government theft/nationalization.
Silver is useless and will remain so for the end of time.
We still have not tapped into biggest silver field.
One tip always keep over £20,000 some where but not in bank I always pay cash for silver I only get mine from a bullion dealer or a coin shop, so there's no record of it.
Always pay with cash !
Wise words. I am in a small town and all they ask is to let them know in advance a day to make sure they have enough cash on hand.
@@LoneWolf-qk9plnot convenient or possible nowadays.
In germany this not works anymore. Every gold or silver purchase above 2000€ must be reported...Socialists sucks...
Now they know
Beautiful silver mate 😍
I bought Bitcoin that way. That was not easy but now I am free to do whatever I want with it. No more borders or regulations can stop me now and never again in the future. I am my own Bank now.
like it 🧡😎💪
Bitcoin uses SHA 256
The NSA created SHA 2
Who do you think the "anonymous" creator of Bitcoin is?
@@jsturm5hk8h The code is open source. You can read it yourself. I've been into programing all my life and believe it's solid. Now i'm all in. No more banks!
@@jsturm5hk8h SHA 2 is open source and is used by many other things, not just crypto.
SHA256 is an open standard. Doesn't matter where it came from.
My bank said I couldn’t take more than £20,000 out to buy a £35,000 car from a main dealer and for that £20,000 there would be a £20:00 fee, I told them I would be back in 3 days time to take all my funds in cash and close my account, mind you I had only been banking with them for 55 years; they then said it would be ok to the £35,000 transfer with no fee.
Hi Backyard, I did similar across 2020 and 2021. In coins and old English and Irish 20th century silver (I dislike the term 'junk').
Bank resisted. Ulster Bank (RBS). Poor teller checking me to make sure I was ok and not under duress. My speech at the hatch about the bank itself being a casino didnt go down well. But then Ulster Bank closed up shop and I have my pile of silver and his job is no more. Not cause and effect, just how it happened.
Later, a day or so later, I had 2 more calls from the bank. Just checking in etc.
The acam is holding on to banknotes.
In Australia, I wanted $30k to buy a car. The bank outright refused and gave me all sorts of excuses.
But they let me transfer 30k to a different bank without any transaction fees or questioning, and that banknlet me withdraw it same day.
FUCK ANZ
Crazy!
The reason banks fight back with large movements of money like this is because you've given them a free loan and they're out investing your money through loans and more. Taking all your money suddenly to make a purchase messes with their own plans for your money and disrupts their own operations. Problem here is, they should be responsible and can handle occasional events like this. If they couldn't, suddenly they'd collapse from a bank run and the fear that causes one.
The reason the bank asked him the questions was to fight back against scammers. It has nothing to do with their balance sheets. Ridiculous thought. You clearly have no idea how rampant frauds and scams are, wiping out the elderly like crazy. Educate yourself.
@@nexeroth7151Pretty harsh comment. In the US, only a fractional amount of total savings and checking funds are physically cash on hand…and that’s because a bank lends out money borrowed from customers to make loans to other customers. So do not criticize others so quickly.
@@longgone9738 you are correct, less than 10% is held on hand. How is that relevant? That has zero, nothing, NADA, to do with the questions posed when people are withdrawing. That is a preposterous statement, and I am calling it what it is.
These people have to watch people drain their entire lifes savings and legacy to just be scammed, and are doing their best to prevent it.
Does your video software automatically insert your music? Because it happened twice starting from around 11:40 , over you speaking. Strange
I must have missed it during the edit
I noticed this as well and could hear you at these points in the video.
Be thankful for the hassle. Most bank staff know nothing about silver, but they know all about the bank's rules. I bought 5 $100 grocery gift cards and was asked why at the cash, I was happy they asked even though I knew they were for a family member at university. There are so many scams these days around gift cards, etc. Not scam related, but I took a $10 bill to a bank that seemed to be missing a feature; the teller said "thanks" and i walked out with $10 less. lol If it was for a bug out, I would have turned that silver into gold.
Was the $10 a fake or was it a genuine mint error? If a mint error you just threw away
$$$! I’m an American coin and cash collector and just want to suggest asking a collector of currency the next time, for your benefit. Anyhow with Trudeau running your show 🙏🏻ing for you guys for sure. 🤔🇺🇸
Yep… my bank tried to stop me buying metals… took hours to sort it out
If you're in the US:
withdraw in cash
say that you're going to las vegas
if not: say you're going gambling
Quark and his gold pressed latinum
Yes quark. Give me the gold. Keep the Platinum
every couple of months go in and say you need cash for a tattoo. They won't bother you. Also you can say you need Casino money. Also saying your going to a charity auction is a good one . I've heard people use wild excuses like " Gender reaffirming surgery "
I collect a platinum 1oz QB English Lion tomorrow, bringing it home will not be too difficult.
I'd be willing to bet there are people out there who have met a random stranger off the Internet and bought 25 kilos. Probably not precious metals right enough...
Yep. Toys, clothes, electronics, furniture. You name it 😂
Be the bank.
If they deny any transactions the account goes elsewhere.
You're not wrong
They were probably just trying to protect you from wasting your money on silver instead of gold.
I’ve had the same process and interrogation over the phone with fraud team for trying to send £126 to a business.
Absolutely ridiculous, and the only way they would approve the transaction if I agreed that if I got scammed I’d not be covered for fraud.
Bro you really need to hit the gym though;p I carried half an engine into the on-board luggage since they don't charge you on weight ;p And you know UK airports, you need to walk 5 miles to the gate;p
The music was going over you at the 13 minute mark just to let you know if you didn't
Thanks, yeah I missed it in the editing process. Sorry!
@@BackyardBullion missed it twice
Its not funny its very concerning !
Fun fact silver is the best regular metal conductor for electronics, gold is actually worse than copper
Gold is corrosion resistant. Funny how all have pros and cons.
@@JavoCover thank you for your teachings king
The reason they use gold is because it's corrosion resistant, but yes, silver is by far the best conductor of both heat and electricity and for exactly the same reason - free electrons.
@@lloydrobins6074 yup that's why it's only used for plating contact pads
@@lloydrobins6074Didn’t the Andalusian moors use silver for its antibiotic properties? I remember hearing they made wash bowls and tools out of silver..
Many celebrities and high profiles have been scammed by impersonation and then buying gold or silver bullion using their bank, so they are quite hot on this because it's very hard to recover funds if it does turn out to be a scam / fraud. Most of the time I would be annoied but I understand their diligence in this scenario.
Did you use to (still do) play with Jenga? 😁
Idk how it is in UK but in most of EU silver has VAT afaik. The only worth bullion to invest in here is 24 carat gold since it's seen as a currency and therefore tax free
They are lovely!
Why is the bank treating me like an unsecured creditor when I'm legally an unsecured creditor WAHHHHHHHHH
Your comment is so funny, it made me poo
BYB do you even lift bro
What a lovely advertisement for bitcoin
Bitcoin uses SHA 256.
NSA created SHA 2.
Guess who the "anonymous" creator is.
@@jsturm5hk8h whichever it is btc is open source
@@jsturm5hk8hMakes no difference - it's completely open code.
I carried my Yamaha M2 Amp and C6 Pre amp home, yeah i know how heavy 25+ KG are over a distance of 3 Km
That's often not even the bakns fault, they follow what stupid laws the government came up.
Bro couldnt stop touching that shiny stuff
Whats wrong with this exactly? Why do people care!
@@BackyardBullion just an observation bro, chill 😂
Why would you mix in the audio at the end? It's almost impossible to still follow the story from that point onwards. Too bad ;)
Yesterday I was looking to buy a half-kilo silver bar and today I got this video recommended on RUclips :)
That's why im all in on cryptocurrency. Can't stop the music.
I remember paying £450 for my first 1kg bar
I thought that was expensive at the time but now they’re going for well over a grand on eBay etc
The premiums in the U.K. are absolutely ridiculous
UK charges VAT on silver but not on gold coinage, you will pay less premium on sovereigns or Britannia 1oz coins.
@@riverraven7359 makes buying silver pointless
All UK pawn shops & jewlers only pay out SCRAP prices,
I got offered £40 for a half sovereign, ten years ago
While they had one in the window for £200.
@@JaSon-wc4pn well of course that's just business. Fortunately the internet age gives us more options than brick and mortar stores. You still get a premium scraped off your price but generally not 50+% like a pawnshop!
Bullion dealers (Atkinson etc) are selling 1kgs sub £985. I'm not sure why anyone would pay over the odds on ebay, and from a total stranger
I’d close my account immediately if my bank tried this and request all my money right then and there. Refusal would result in grand larceny charges
those kilos bars look so awesome someday i be able to get just one not 25 lol nice vid from colorado usa
i started with with 2 bars of 25 grams silver and recently purchased one 100 gram bar
25 kg lol i used to throw around bags of flour 😂
That's what happens when you live in a nanny state....
They are all becoming nanny states.
Very wise decision you are using a currency that the establishment print out of thin air.
Yes we will increase wages that £10 in your pay packet buys less and less each day.
Preserve your wealth buy precious metals.
stop clunky them around ffs
They might go walkies if he stops touching them 🤣
It's easy, don't get in to silver. Cocaine is far easier to transport hahaha
When you say about metal testing equipment, what did you use for silver remotely,
Also rucksack would have been more comfortable than duffel.
Keep up the fantastic work!
If it ain't .9999 I ain't buying 😊
I recently bough two 5 oz gold bars, using my banks credit line.
Dumb
Wowee
I tried to take 20k out of my bank account and the manager kept refusing. This went back and forward for some time until I finally realised it was because I only had $12 in my account 🤓
ITS NONE IF THEIR DANG BUSINESS!!! It’s your money!!!! I hate this that’s why I love Crypto!!!
The banks look at what may be out of the ordinary in purchase history. My bank block a $1k ebay purchase b/c was higher than usual. I had to go through same questions. Later after that they didn't block a random purchase in a state I don't live near. Someone lifted my number. They had to reimburse me.
in the Netherlands 250 bank (cash) windrawal, 1000 card withdrawal and max 2999 if you want to pay in cash .. else you need to use your card, also you always need proof else you will be considered as fraud for the whole system
Do NOT buy silver and gold by bank transfer!
Banks are OBLIGED to KEEP A RECORD on your transactions.
If you buy the precious metals either directly from the bank or pay via transfer they keep you on the regestry as a precious metal owner and in case of an economic downturn they could confiscate your assets.
Not if he's already melted it down and resold it.
I didn’t know banks could just take your stuff
@@nekopop8159 where have you been living?
@@pvshka Under the rock, a bug like me trying to survive
They can't take it if you sold it on again - who's to say that didn't happen
Hey bud, 2024 has sure thrown a bunch of really interesting times and ? situations your way this year. I suppose that bunch of $ leaving their coffers may be a hack but as you say the 10th degree was totally not needed. You are BYB and BYB has an English accent that stands out like it is you. Even an untrained Canuckian can tell your voice against any other Cockney accent. I hope that wasn't an insult ? However, you got them straightened out and hopefully your seller wasn't too agrivated awaiting his money. That really is a lot of silver. Must feel great to have that pile to ponder my old friend. WOOHOO for you. A hundred ounces is the most I have ever had in hand. I have a video of it (10 x 10 ounce bars) being reduced to casting shot. I am sure glad I don't have to do that anymore as I finally found a trust worthy dealer for my needs. Generally a buck and a quaarter over spot. Good to see you today old friend. Shall we go pour something, LOL.
I would not buy that amount of silver from a private individual. You can do a heavy wrap of silver on a bar and it will pass ping test and machine test.
So by buying silver you gave 20% of the value to the Government in VAT. Not smart. That said your bank was wrong. You have a legal right to make mistakes.
I didn't give 20% to the government. I didn't pay VAT as it was a private sale from a private individual
For everyone praising cash: in Germany there is no limit on cash payments, which is the reason why it is the most Sicilian-mafia infiltrated county after Italy. They do business elsewhere and then easily launder money in Germany. Buying from a random guy on the internet in cash, I wouldn't be surprised to discover that the source of that silver isn't "immaculate"
Bitcoin fixes this too…
Without the shipping/transportation issues involved also.
You're hardly the Hunt brothers. Honestly, shout out to The Nationwide. They don't seem to care what I spend my money on
The Nationwide has stopped people buying bitcoin, I had a right go at them, then I pulled all my money out of them.
Similarly, NatWest Chards.
However, whenever I deposit or withdraw, the teller takes a disconcerting, long look at the screen and usually furrows their brow. Curious.
Yes, agree about Nationwide. The best big bank/BS to deal with in the UK.
Thanks for that info. I've just had a email offering me £200 if i join Nationwide and dump my Barclays acct. So that's what I'll be doing tomorrow, then. I can almost buy a half gold sov with that £200!
@@meirionowen5979 They just paid out £100 profit share to the members.
I completely agree with you about the frustrations with bank systems and the limits they impose. I've encountered issues myself when trying to make large transfers on the same day, only to hit limits and be bombarded with endless questions about the purpose of the transaction. It feels intrusive, as if it’s really any of the bank's business. Their job is to hold our money, not to question how we choose to use it.
However, it's important to consider the situation from a balanced perspective. Banks do face significant criticism when someone who usually spends a certain amount each month suddenly makes increases spending massively in a single day without any inquiries from the bank. We've all heard stories of elderly people being scammed out of their life savings, with people later blaming the banks for not intervening.
I'm surprised it was so complicated with a business account, especially when your SIC code and business name clearly indicate the nature of your business. But it seems like bank procedures lack flexibility and rely strictly on a script that must be followed, regardless of logic or common sense.
Most bank accounts only have a 20k limit a day that you can withdraw or transfer. If you're trying to transfer that amount to a new payee, the bank will question this. It's fraud prevention
They Want to know what you have at Home after years it will show up as DATA BANKS want to see all you GOT..
I would not stay in such Places because "Cut that" It is more secure with stupid Scammers but the Smarter ones still get to your money like a Cartel Member gives it back for 15% Profit and never is there again..
Same in Germany. Sold a flat and bought 34k € of silver from a bullion dealer. It took 3 days until the bank transfered the money. The money was gone off my bank account instantly but held at the bank. Honestly with the way banks work I would say they speculated with my money for 3 days...
Stranger = danger, be careful
Of course the banks would do this, they don’t want anyone pocketing precious metals since it’s the true money. They rather keep that stuff for themselves
BTC will never decline a payment 😊
Hmm, but it is so slow and crap unless you pay big fees.
@@BackyardBullion ever used lightning?
@@BackyardBullionIt takes ~10 minutes to confirm and you can currently send $1,000,0000,000 for 50p.
Were you not worried that they could be fakes?
do you have any The gold exchange TGE bars, i bought one the other day on the silver forum and when it arrived I googled the company, not much came up execept an old google maps page for them and companies house records so I had a look. It didn't look normal the director had been the director of over 300 companies and a lot of them were only in business for one day. Then it all went quiet on that name, just wondering if he was using a burner ID or if he might have got into some trouble?
When i tried taking out 15k to purchase a car a few years back they tried stopping me also like it's their money . This is why i don't keep all my cash in bank you absolutely can't trust them 100% cash is king ! Gold and silver are also good ! Physical money is the key to being sure you have it incase of an emergency.
The banks are undergoing a financial crisis, they’re reluctant to lose any money, even if it’s yours.
Too bad it’s fake
I love comments like this. Good for you!!
If asked what the withdraw is for tell them "private debt".
Federal Notes can only be used for Public or Private Debt, nothing else.
My bank wasnt bothered when i bought my tubes of gold britanias or tubes of sovereigns , i did buy on credit card ( paid in full end of month ) even got extra 50 days of interest and 1.5% cash back. My tubes are a lot easier to move they fit in my jeans pockets. I do have a coupl of 1kilo silver coins in my collection but never my stack
I understand you have to do business but I'D be (and am) worried about the money disappearing from the bank before you can make an AG purchase. Therefore you'd be out the cash AND the AG! Also to mention purchasing gobs of AG on the INTERNET?!!! YIKES! You must be fun at a CASINO! (I like the narrow kilo bars best!)
Bank used AI to check abnormal big transaction...
They also want us to Investment in "Paper Gold" instead...
I’m guessing you lost a few ounces during the video from wear and tear
Um, how? What? That makes no sense!
🤣🤣🤣🤣
@@BackyardBullion rubbing them together so much 🤪
I had the bank's fraud squad phone me up when I tried to transfer £7000 to buy a bitcoin they were not happy. I bought the bitcoin then sold it at £11500 (BTC is now over £60000)
It’s not like you are sending a million to an African prince
Evils J banks