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.
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.
@@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.
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.
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.
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.
This was certainly a different kind of video but these issues need to be discussed and I for one appreciate that you talked about them with Harry. Thank you!
Harry of course is wrong about the reason cash businesses are being targeted. Yes its more trouble for banks to deal with cash but a CBDC would hand complete control over to banks and government and take all our monetary freedom at the same time.
@@stratcaptain66i agree, the globalists are lining up the agenda to lock us down (takeaway our freedom) any and every way they can. I like Harry and think he is an honest man, but he isn’t seeing the big picture!
This guy is so easy to listen to. Unbelievable. Even when he is asked a question I would exect a strange or weird answer from he gives a fantastic response. This guy is on point.
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!!
Old Norm MacDonald Joke: "Ya know I went to the bank the other day to make a deposit into my account. I handed the teller the the deposit slip and the checks, and she then asked me for ID. I said...I'm making a deposit, what do you need my ID for? She said that's bank policy. So I asked her 'You mean people are trying to put money in my account...and you're stopping them?" 😄
Chats with Harry and the team = my favorite videos on RUclips!!!!! THANKS!! I NEED to make a pilgrimage to Oregon to visit the shop (and spend way more money than I should)!
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.
Harry!! I always appreciate his POV he always comes from a logical, level headed, and well thought out place instead of escalating to the doom and gloom. So refreshing.
You are not alone, banks seem to even hate their customers.🇬🇧 I went into mine to buy €50 and was told that I had to buy a minimum of €200. I went to the travel agent and bought €50. No problem. On another occasion I went into my bank to open a savings account only to be told I had to go home and open one on line. Needless to say I was not to happy , went home and phoned their complaints dept who opened the account for me. They won’t be happy until all of the branches are shut and all the ATM’s are removed to force us into a cashless society while increasing their profits at the same time.
Hey great video Dragon and thank you very much for giving the daily on the JUNK SILVER, SOVEREIGNS, ROUNDS AND BARS. WE REALLY APPRECIATE THAT INFO. ITS THE FIRST THING I THINK OF EVERY TIME YOU START A VIDEO AT HARRYS. THANKS AGAIN FRIEND.
I've owned businesses here in Canada. It's common to pay for "handling physical cash" on deposit. It still goes on here. I often wanted to collect $1000 in nickels and dimes just to get my money's worth LOL
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 RUclips stars.
It is specific to cash-heavy account. i used to own a business that was also cash heavy; same issue. I also agree with Harry on CBDCs. A lot of hype over nothing; central banks have been digital for decades. CBDCs are just the process being moved out from central to local banks...only really affects banking system (my opinion). (I need to pop up there sometime to meet Harry and crew since he's in my neck of the woods [~1.5 hrs away]. Nice post guys!)
They already are a bank so for any shop to use a "bank" seems ridiculous to me. Actually, everyone ought to be their own bank. Unfortunately, most people are pure idiots.
in holland the same paying to deposit money, even from a childrens piggy bank on a childrens savings account they charge you money. but also when a shop wants to get cash money to use as change for customers, you need to pay to get cash.
No one should be buying Liberty Safe from here on out...PERIOD! You're fortunate to have Harry to bounce things off of. So many people, including myself, might be too quick to reflexively assume an anti-coin shop or anti-cash type of attitude from banks, when that might not always be the issue. It's useful to hear more moderate and well thought out points of view that can serve as a corrective for those of us who are sometimes too quick to leap to certain assumptions consistent with our own prior views.
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.
They don't hate it per se, it's just business. When I deposit cash and then write a check, the bank has to send money, either electronically or physically, to the Federal Reserve to cover that check. Not everything is electronic, so eventually, they'll have to send physical money. When they do, the armored car companies charge them a fee which is typically a combination of weight and value. Send a lot of pennies, pay a lot of money percentage wise. Send a lot a 100's, pay a lot of money due to the liability involved. What I do believe though, is with the current interest rates, they should be able to earn money from deposits and not have to charge money for cash transactions. I had an account at US Bank that was charging me cash deposit fees, so I switched banks to one that doesn't charge any such fees, and has lower money transfer fees too.
Henry is spot on with his answers regarding fees on the account. All cash intensive businesses have this expense. I’ve worked in banking 25 years and cash intensive businesses are ALOT of work. We had a vending machine business that we gave them the option to increase fees OR they could get their own service to pick up their deposits. They left our bank for a competitor. As soon as the new bank saw just how intensive the work required was they closed out their account.
One time I sold some coins to a coin shop and asked for a check. The check was written on a small bank in the same city as my big bank branch. It wasn’t a huge amount of money. Less that $20k. Anyway, the bank placed a hold on the check for two weeks. Their excuse was that, based on available information, the check was not likely to clear. Something like that. Of course, local checks don’t take that long to clear. Obviously, the bank was just giving customers of the coin shop a hard time. And of course, the check cleared.
@@samlevites9824 I didn’t want to have to deposit more than $10k into my bank. I wasn’t in immediate need of the money, so I figured a hold on the check would be ok. It never occurred to me that the bank might put a two week hold on a local bank’s check.
For anyone who isn't aware, anytime someone writes you a check, you can always go to THEIR bank and cash it (you don't need an account there yourself). My mind was blown when I first learned this, and I've done it several times when it's convenient. No need to wait longer for the check to clear, if the check writer's bank is not out of your way.
@@brennelement6451 Even that might not always work, depending. One of my friends has a law firm and had a large check to cash to pay a client who needed the cash that day for another transaction. Anyway, he went to the bank with a $35,000 check and asked for cash. They told him no, at first, but he finally got the money after a heated conversation with the bank manager. I once had a similar situation, years ago. I went with a large check to the same bank, but to a different branch from where the account was opened. I had no choice but to go to the other branch. The moral of the story: banks don't like to part with cash.
I worked in banking two decades ago and the attitude towards cash was still similar. Banks don't want to keep too much cash on hand not out of concern about a bank run but because of liability - they want to keep their insurance rates low and one way to do that is limit how much they could lose in the event of a robbery. Also banks generally don't want the liability of dealing with cash heavy businesses not just because of the increased risk of robbery but also cash heavy businesses require more paperwork and reporting because of various anti-money laundering laws.
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.
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.
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.
O have learned so much from this channel. They should hire you guys to give talks to graduate level economics majors before they release them to be advisors. Your knowledge only comes through years of experience.❤( With everyone jawking metals now thos channel is invaluable as a resource)! ( Please excuse typos , engineering major here).
Harry is a very reasoned person when he talks about the cash issue. Banks have been changing their procedures on cash for some time, but it is only now becoming more apparent to us here in the USA. A few years back when there was a financial crisis in Europe, banks started charging customers a small percentage for parking money in money market accounts. The simple answer was that they had too much cash on hand and were restricted in what they could do with it. Cash is becoming inconvenient and takes employees to handle it, which Harry discusses. My banks main branch in a city of 100,000 people now only has two tellers normally. This is in an office with six teller windows that at one time were all staffed. The offices once occupied by financial advisors are only used by appointment. Covid put the nail in the coffin so to speak with people working from home and it is unlikely to go back to the good old days. Cash is on the way out for many reasons, some of them not good, but I doubt there is anything we can do to stop it. The best we can do is put the correct people in State and Federal offices and trust them to do the right thing, instead of restrict what we can buy.
I worked at one of the large banks and I do not remember the exact numbers, but for illustrative purposes it was something like ..... It costs a bank $1.25 to process your check deposit with a teller. It costs them $0.65 to accept your deposit at an ATM. It cost them $0.25 to process an electronic deposit. There was a large push to move habits to online which even included making in person bank visits inconvenient with long lines and bombarding people with new products.
Some small Canadian jewelery companies are being de-banked without explanantion. Told they have a week to close their accounts and move along. Appreciate Harry's perspective.
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!
I saw Armando and Richard at the Long Beach Coin Expo!!!!!. They were great. They gave a Harry's Coin shop business card. Got a picture with them too!!!!
I just paid for the first time in my life a $6 fee on a checking account that I have had for 24 years. The banks are going after everyone they can to take other people's money. The financial system in this country is getting out of control.
if you have a decent balance, every bank offers free checking. costs banks money to maintain your account, if your deposit amount is low, you pay a fee to offset this cost and provide them a profit for the service. Can always switch to another bank.
@theboringchannel2027 The point is I have never had to worry about that. Now I have to. It just seems like every bank, every company, and every government has to nickel and dime the crap out of everybody. Eventually, there won't be anything left.
9:55 Employee time to count it? The bank I use is very behind the times in technology. Still all cash deposits and withdraws are handled by a machine. There’s no till or cash drawer. The 4 teller stations share a pair of cash handling machines.
The safest way to prevent the safe companies from giving out a master / backdoor code is a mechanical /analog lock. That being said , if the law enforcement agency has a warrant they will get entry into the safe by any means. Liberty has done this thousands of times I suspect without ever actually seeing a warrant . Ask any locksmith or safe technician what they have to repair more of, mechanical or digital locks. They usually have boxes of bad electronic locks.
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.
Ya Harry is great. Cool and clear minded, cuts through the rhetoric like a hot knife through butter. This man has a mind, a emotional IQ, we all can appreciate.
In the UK Charity/Thrift shops near me prefer to be paid electronically now, because the bank charges are higher for depositing cash. The 3 bank branches in my local small town centre have all closed. I have to drive to the next large town over to pay in a cheque, or do it by post. At a branch that has 1 teller and half a dozen machines to pay in and withdraw money.
Would a safety deposit box work for coin stores?? Between depositing and withdrawing...your own cash might be better. Then only deposit for company bills etc
That is a "pass through" account and would be shutdown for the exact reasons these others have been. To the banks, which are "businesses" that seems like ALOT of risk for an account doing $xxx,xxx.00 dollars in transactions. Checks, wires, etc. To only be keeping $xx.00 in the account. All while making $0 off that customer. You'd shut that customer down to before something happens and you "the bank" paid a check that doesn't have funds and guess what... John doe died now you gotta fight for your money or sell it to a collection agency. That is the simple premise for these account closures..... mostly
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
@NA-me6sh They are... called conspiracies for a reason. If it WAS truth, you'd have the burden of proof. If it did somehow BECOME true after years, you could then of course, rather stupidly, claim that you knew all along, lol. 😂
The Liberty Safe co has that backdoor code so that it can be reset if the owner loses the combo or the safe changes hands and the combo is not known. I own a 2nd hand Liberty safe and the local Liberty Safe Rep came out and reset the combo to the factory default and I set it to my own after.
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!
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!!!
Way back in 1998 i lived in Sacramento, California. I went to a B of A to cash a check that had been written on a B of A account. They refused to cash the check. They said tha they would not cash a check for that amount. I had to take it to my bank and deposit it in my account. It cleared about 3-4 days later.
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!
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.
6:50 dont forget if that backdoor code is leaked, according to a different video the manufactor said its hard coded so all their safes would be screwed.
Hey silver dragons, can you do a video and what are the best saves for home use. When that is good to keep coins in valuables and can be insured. I’ve heard that there are only particular safes that will be covered by insurance because they are fire proof.
Chase already has branches with no tellers. my mind was blown when i walked into a branch and was told i could not deposit cash into a business account without a debit card / using the ATM
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?
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.
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.
I own a small business and at one point we were an outlet for our cities bus tickets and monthyl passes. We were a main outlet. A lot of cash at the first of the month came through and we wer charged to deposit the cash if it was over a certain amount and this was 15 years ago. So thats nothing new. I too tried to find a bank that didnt do that as it ate into the profit I'd make from selling them but they all did the same. If course having a customer use a card also incurs a fee, sometimes a set fee like for debit and sometimes a percentage. I eventually stopped selling them. Too much hassel and accounting for too little.
That part at the end is wrong. The banks are actively going against cash for private citizens. They just don't do it to their own customers. They do it to anyone who tries to cash a check from their customers. Want to cash the check someone gave you from their bank it's a ten dollar fee and you don't even bank there. So when someone tries to use a check I tell them to add the ten dollars or pay a different way. I expect the IOU to actually give me the amount they owe.
I've always kept a month's worth of cash at home for preparedness (power outages, card network going down, or emergency bank closures like on 9/11). It's also handy for large gun or coin purchases on a weekend. But considering the direction banks seem to be going, I think I'll bump it up to 2 months' worth. While many coin dealers' issues with banks may be due to simple profit motives, looking at places like Europe and Canada where strict anti-cash restrictions have been implemented makes me very concerned for the near future in the US.
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.
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.
@@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.
@@willscottrell6919 I wanted a police report incase I wanted to sue them.
@@gchsbusWow, just pile up cash, then turn into gold, have to hooard cash
@@gchsbuswhat bank
I love how pragmatic and rational Harry is. A breath of fresh air.
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.
Love this business owner. He believes in the profit/cost motive and not in crazy conspiracies.
Harry is a top professional. I learn from him.
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.
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.
This was certainly a different kind of video but these issues need to be discussed and I for one appreciate that you talked about them with Harry. Thank you!
Harry of course is wrong about the reason cash businesses are being targeted. Yes its more trouble for banks to deal with cash but a CBDC would hand complete control over to banks and government and take all our monetary freedom at the same time.
@@stratcaptain66i agree, the globalists are lining up the agenda to lock us down (takeaway our freedom) any and every way they can. I like Harry and think he is an honest man, but he isn’t seeing the big picture!
@@stratcaptain66I agree 👍🏻
This guy is so easy to listen to. Unbelievable. Even when he is asked a question I would exect a strange or weird answer from he gives a fantastic response. This guy is on point.
Talked to a Liberty Salesman and he justified their divulging the codes. Took my mule and walked on!
I don't own a Liberty safe and never will.
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!!
Old Norm MacDonald Joke: "Ya know I went to the bank the other day to make a deposit into my account. I handed the teller the the deposit slip and the checks, and she then asked me for ID. I said...I'm making a deposit, what do you need my ID for? She said that's bank policy. So I asked her 'You mean people are trying to put money in my account...and you're stopping them?" 😄
Chats with Harry and the team = my favorite videos on RUclips!!!!! THANKS!! I NEED to make a pilgrimage to Oregon to visit the shop (and spend way more money than I should)!
I love it when you visit Harry’s shop! Keep these videos coming 🇺🇸😊
I’ve been waiting for this video. Lol. Been waiting to hear what Harry has to say about this.
Great show and great advice well taken thanks for your candidness!
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.
What an honest gentleman. Hands down my favorite coin shop owner on RUclips.
Harry!! I always appreciate his POV he always comes from a logical, level headed, and well thought out place instead of escalating to the doom and gloom. So refreshing.
Harry and his team are great.
Thanks for kindness and help!!
I love harry. I could listen to him explain things all day haha. Such a wise man with a kind heart!. Great video Dragon.
Another great video with great insight. Thanks!
You are not alone, banks seem to even hate their customers.🇬🇧
I went into mine to buy €50 and was told that I had to buy a minimum of €200.
I went to the travel agent and bought €50. No problem.
On another occasion I went into my bank to open a savings account only to be told I had to go home and open one on line. Needless to say I was not to happy , went home and phoned their complaints dept who opened the account for me.
They won’t be happy until all of the branches are shut and all the ATM’s are removed to force us into a cashless society while increasing their profits at the same time.
I enjoy listening to intelligent people having serious conversations.
Hey great video Dragon and thank you very much for giving the daily on the JUNK SILVER, SOVEREIGNS, ROUNDS AND BARS. WE REALLY APPRECIATE THAT INFO. ITS THE FIRST THING I THINK OF EVERY TIME YOU START A VIDEO AT HARRYS. THANKS AGAIN FRIEND.
Brought my first Silver and absolutely stunned by it thanks Harry and Dragons for the great videos
LOL If you establish a nice hoard of metals Good luck selling it if you need to.
Harry really seems like such a nice guy.
I've owned businesses here in Canada. It's common to pay for "handling physical cash" on deposit. It still goes on here. I often wanted to collect $1000 in nickels and dimes just to get my money's worth LOL
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.
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 RUclips stars.
Well, I do like to hear what Harry has to say. I respect the man for his knowledge and honesty.
Harry is a class act.
another great video. love these guys. i hope im out that way soon as i would love to stop by and help support harry and his shop
I think if there is a back door code it's no longer a safe it's just a lock box
Waiting to get your own money is mind blowing.
It is specific to cash-heavy account. i used to own a business that was also cash heavy; same issue. I also agree with Harry on CBDCs. A lot of hype over nothing; central banks have been digital for decades. CBDCs are just the process being moved out from central to local banks...only really affects banking system (my opinion). (I need to pop up there sometime to meet Harry and crew since he's in my neck of the woods [~1.5 hrs away]. Nice post guys!)
Great to hear Harry’s opinion
So glad I live not far away from Harry's Coin Store. I love the place!
Coin shop owners should start there own bank or Credit Union. I would think this would stop this B.S.
They already are a bank so for any shop to use a "bank" seems ridiculous to me.
Actually, everyone ought to be their own bank. Unfortunately, most people are pure idiots.
@@paulrichards383 How would someone go about operating as their own bank?
@@paulrichards383 Credit Unions are great, what are you talking about?
@@paulrichards383wise
Start your own bank or STFU!
in holland the same
paying to deposit money, even from a childrens piggy bank on a childrens savings account they charge you money.
but also when a shop wants to get cash money to use as change for customers, you need to pay to get cash.
This is such a great channel. Makes me want to see Harry and associates but I’m stuck in Massachusetts
No one should be buying Liberty Safe from here on out...PERIOD! You're fortunate to have Harry to bounce things off of. So many people, including myself, might be too quick to reflexively assume an anti-coin shop or anti-cash type of attitude from banks, when that might not always be the issue. It's useful to hear more moderate and well thought out points of view that can serve as a corrective for those of us who are sometimes too quick to leap to certain assumptions consistent with our own prior views.
Would the owner prefer the police to con in with blow torch? Once the court order is signed kiss it goodbye. At least now he still has a safe to use.
It seems unlikely that they are the only manufacturers that do this
Always enjoy your show, good information and you are a pleasure to watch.
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.
Love the Harry's ad spot at the beginning. Lol looking at the comments I don't think your viewers understand how much banks hate cash.
They don't hate it per se, it's just business. When I deposit cash and then write a check, the bank has to send money, either electronically or physically, to the Federal Reserve to cover that check. Not everything is electronic, so eventually, they'll have to send physical money. When they do, the armored car companies charge them a fee which is typically a combination of weight and value. Send a lot of pennies, pay a lot of money percentage wise. Send a lot a 100's, pay a lot of money due to the liability involved. What I do believe though, is with the current interest rates, they should be able to earn money from deposits and not have to charge money for cash transactions. I had an account at US Bank that was charging me cash deposit fees, so I switched banks to one that doesn't charge any such fees, and has lower money transfer fees too.
Henry is spot on with his answers regarding fees on the account. All cash intensive businesses have this expense. I’ve worked in banking 25 years and cash intensive businesses are ALOT of work. We had a vending machine business that we gave them the option to increase fees OR they could get their own service to pick up their deposits. They left our bank for a competitor. As soon as the new bank saw just how intensive the work required was they closed out their account.
One time I sold some coins to a coin shop and asked for a check. The check was written on a small bank in the same city as my big bank branch. It wasn’t a huge amount of money. Less that $20k. Anyway, the bank placed a hold on the check for two weeks. Their excuse was that, based on available information, the check was not likely to clear. Something like that. Of course, local checks don’t take that long to clear. Obviously, the bank was just giving customers of the coin shop a hard time. And of course, the check cleared.
@@samlevites9824 I didn’t want to have to deposit more than $10k into my bank. I wasn’t in immediate need of the money, so I figured a hold on the check would be ok. It never occurred to me that the bank might put a two week hold on a local bank’s check.
For anyone who isn't aware, anytime someone writes you a check, you can always go to THEIR bank and cash it (you don't need an account there yourself). My mind was blown when I first learned this, and I've done it several times when it's convenient. No need to wait longer for the check to clear, if the check writer's bank is not out of your way.
@@brennelement6451 Even that might not always work, depending. One of my friends has a law firm and had a large check to cash to pay a client who needed the cash that day for another transaction. Anyway, he went to the bank with a $35,000 check and asked for cash. They told him no, at first, but he finally got the money after a heated conversation with the bank manager.
I once had a similar situation, years ago. I went with a large check to the same bank, but to a different branch from where the account was opened. I had no choice but to go to the other branch. The moral of the story: banks don't like to part with cash.
You know a sar report isnt a big deal i have had hundreds of em@jasjas-rm9kc
I had Paypal put a 180 day hold a $9500 transaction, that is always helpful for a small business.
I worked in banking two decades ago and the attitude towards cash was still similar. Banks don't want to keep too much cash on hand not out of concern about a bank run but because of liability - they want to keep their insurance rates low and one way to do that is limit how much they could lose in the event of a robbery. Also banks generally don't want the liability of dealing with cash heavy businesses not just because of the increased risk of robbery but also cash heavy businesses require more paperwork and reporting because of various anti-money laundering laws.
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.
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.
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.
O have learned so much from this channel. They should hire you guys to give talks to graduate level economics majors before they release them to be advisors. Your knowledge only comes through years of experience.❤( With everyone jawking metals now thos channel is invaluable as a resource)! ( Please excuse typos , engineering major here).
Harry is a very reasoned person when he talks about the cash issue. Banks have been changing their procedures on cash for some time, but it is only now becoming more apparent to us here in the USA. A few years back when there was a financial crisis in Europe, banks started charging customers a small percentage for parking money in money market accounts. The simple answer was that they had too much cash on hand and were restricted in what they could do with it. Cash is becoming inconvenient and takes employees to handle it, which Harry discusses. My banks main branch in a city of 100,000 people now only has two tellers normally. This is in an office with six teller windows that at one time were all staffed. The offices once occupied by financial advisors are only used by appointment. Covid put the nail in the coffin so to speak with people working from home and it is unlikely to go back to the good old days. Cash is on the way out for many reasons, some of them not good, but I doubt there is anything we can do to stop it. The best we can do is put the correct people in State and Federal offices and trust them to do the right thing, instead of restrict what we can buy.
Maybe cash transaction heavy business should form some sort of Credit Union, where they actually own a share of the financial institution.
Good idea. They will literally do away with physical money eventually though. Its coming. Make no mistake.
Great idea!
Wonderful idea! You would need some type association for the field of membership.
Wonder when the majority will discover crypto and see it was better than cash and banks all along.
@@togowack that's all well and good if you have electricity. I can trade with cash, gold, or silver.
What was the manufacture of the safe Harry has?
I worked at one of the large banks and I do not remember the exact numbers, but for illustrative purposes it was something like ..... It costs a bank $1.25 to process your check deposit with a teller. It costs them $0.65 to accept your deposit at an ATM. It cost them $0.25 to process an electronic deposit. There was a large push to move habits to online which even included making in person bank visits inconvenient with long lines and bombarding people with new products.
What you were talking about @ 12:30, they are already doing that where I live
love this guy. very real.
Some small Canadian jewelery companies are being de-banked without explanantion. Told they have a week to close their accounts and move along. Appreciate Harry's perspective.
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!
Love the videos; wish I had a great coin shop like Harry's near me.
I saw Armando and Richard at the Long Beach Coin Expo!!!!!. They were great. They gave a Harry's Coin shop business card. Got a picture with them too!!!!
Went to the LBCE with my dad, first time in 1965.
Adrian and Richard, not Armando (sorry)
Learn a lot on your content. Harry is a classy smart guy. Great shop. Subbed. Thanks!
Good video. You shed light on some important questions.
I just paid for the first time in my life a $6 fee on a checking account that I have had for 24 years. The banks are going after everyone they can to take other people's money. The financial system in this country is getting out of control.
if you have a decent balance, every bank offers free checking.
costs banks money to maintain your account,
if your deposit amount is low,
you pay a fee to offset this cost and provide them a profit
for the service.
Can always switch to another bank.
@theboringchannel2027 The point is I have never had to worry about that. Now I have to. It just seems like every bank, every company, and every government has to nickel and dime the crap out of everybody. Eventually, there won't be anything left.
@@williamfender661 times change. think about all the things that are different today, than 30 years ago.
30 years ago TV was free,
you pay today.
Right, yet Harry is actually PROMOTING and DEFENDING the fact that banks have a RIGHT to charge us to DEPOSIT money into our bank accounts.
In Canada if you have at least 4000 in your account you dont pay a monthly fee at some banks.
9:55 Employee time to count it? The bank I use is very behind the times in technology. Still all cash deposits and withdraws are handled by a machine. There’s no till or cash drawer. The 4 teller stations share a pair of cash handling machines.
Interesting video. Answered some questions for me and gave me a different way to see this.
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.
Harry seems like a really nice down to earth guy. I really like his crew of peeps. If Harry was near me I think I would make him my dealer.
The safest way to prevent the safe companies from giving out a master / backdoor code is a mechanical /analog lock. That being said , if the law enforcement agency has a warrant they will get entry into the safe by any means. Liberty has done this thousands of times I suspect without ever actually seeing a warrant . Ask any locksmith or safe technician what they have to repair more of, mechanical or digital locks. They usually have boxes of bad electronic locks.
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.
Ya Harry is great. Cool and clear minded, cuts through the rhetoric like a hot knife through butter. This man has a mind, a emotional IQ, we all can appreciate.
In the UK Charity/Thrift shops near me prefer to be paid electronically now, because the bank charges are higher for depositing cash. The 3 bank branches in my local small town centre have all closed. I have to drive to the next large town over to pay in a cheque, or do it by post. At a branch that has 1 teller and half a dozen machines to pay in and withdraw money.
Im not in to gold im not in to silver but this guy friendly service makes me want to buy good job
Really enjoy these videos. Thank you!!!
You guys are good,excellent content
Would a safety deposit box work for coin stores?? Between depositing and withdrawing...your own cash might be better. Then only deposit for company bills etc
That is a "pass through" account and would be shutdown for the exact reasons these others have been. To the banks, which are "businesses" that seems like ALOT of risk for an account doing $xxx,xxx.00 dollars in transactions. Checks, wires, etc. To only be keeping $xx.00 in the account. All while making $0 off that customer.
You'd shut that customer down to before something happens and you "the bank" paid a check that doesn't have funds and guess what... John doe died now you gotta fight for your money or sell it to a collection agency.
That is the simple premise for these account closures..... mostly
Great video brother thanks for the info have a great week
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
At least he gives answers he believes in vs. the trend of diving into conspiracies that seem to be very popular on some other silver/coin channels.
conspiracies or truth?
You'll find out in the end
@NA-me6sh They are... called conspiracies for a reason. If it WAS truth, you'd have the burden of proof. If it did somehow BECOME true after years, you could then of course, rather stupidly, claim that you knew all along, lol. 😂
Love hearing from harry thanks SD
great video
great context
question: should bullion owners purchase insurance?
The Liberty Safe co has that backdoor code so that it can be reset if the owner loses the combo or the safe changes hands and the combo is not known. I own a 2nd hand Liberty safe and the local Liberty Safe Rep came out and reset the combo to the factory default and I set it to my own after.
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!
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!!!
???
Looks like cash needs to be stored and considered as inventory.
Not in a world of civil forfeiture...
Way back in 1998 i lived in Sacramento, California. I went to a B of A to cash a check that had been written on a B of A account. They refused to cash the check. They said tha they would not cash a check for that amount. I had to take it to my bank and deposit it in my account. It cleared about 3-4 days later.
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!
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.
What do you know about the yearly FUN show held in Florida? Any good?
I love your videos. Keep it up. ☮️
I got a few AU Mercury Dimes in and they are beautiful junk indeed.
Is there a sweepstakes form on SD Bullion?
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
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.
Interesting stuff guys, keep it up.
6:50 dont forget if that backdoor code is leaked, according to a different video the manufactor said its hard coded so all their safes would be screwed.
Hey silver dragons, can you do a video and what are the best saves for home use. When that is good to keep coins in valuables and can be insured. I’ve heard that there are only particular safes that will be covered by insurance because they are fire proof.
Chase already has branches with no tellers. my mind was blown when i walked into a branch and was told i could not deposit cash into a business account without a debit card / using the ATM
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?
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?
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.
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.
My bank had atm machines that have tellers on the screen at the atm working from home. It’s weird if you ask me.
Harry is crushing.
I own a small business and at one point we were an outlet for our cities bus tickets and monthyl passes. We were a main outlet. A lot of cash at the first of the month came through and we wer charged to deposit the cash if it was over a certain amount and this was 15 years ago. So thats nothing new. I too tried to find a bank that didnt do that as it ate into the profit I'd make from selling them but they all did the same. If course having a customer use a card also incurs a fee, sometimes a set fee like for debit and sometimes a percentage. I eventually stopped selling them. Too much hassel and accounting for too little.
That part at the end is wrong. The banks are actively going against cash for private citizens.
They just don't do it to their own customers. They do it to anyone who tries to cash a check from their customers.
Want to cash the check someone gave you from their bank it's a ten dollar fee and you don't even bank there.
So when someone tries to use a check I tell them to add the ten dollars or pay a different way.
I expect the IOU to actually give me the amount they owe.
Great coin shop, great team!
I've always kept a month's worth of cash at home for preparedness (power outages, card network going down, or emergency bank closures like on 9/11). It's also handy for large gun or coin purchases on a weekend. But considering the direction banks seem to be going, I think I'll bump it up to 2 months' worth. While many coin dealers' issues with banks may be due to simple profit motives, looking at places like Europe and Canada where strict anti-cash restrictions have been implemented makes me very concerned for the near future in the US.