As their accounts are frozen by banks without prior notice or justification, coin store proprietors are left speechless.
‘Silver Stackers and Gold Stackers’ Shop’s Business and Personal Accounts Are Closed by the Bank
Ohio Coin Shop Owner’s Startling Discovery: Regional Bank Cuts All Connections, Closing All Six Accounts
The proprietor of a silver and gold coin business received certified letters from his bank stating: “After a recent review, we have decided to end our relationship with you and close your accounts… As stated in your account agreement, we can close your account at any time, for any reason, with or without notice. We will begin our closing process on September 6, 2023.”
Owner and family are in the dark about the abrupt decision made by the bank. There was no explanation given for the rejection of the children’s and the wife’s accounts.
Find out the truth about the abrupt decision at a nearby branch, where even the manager is baffled and unwilling to respond despite having a close relationship with the person involved.
“They’re just closing all my accounts. They don’t want to do business with me. They won’t tell me why. I went to my local branch, who I have a good relationship with. Talked to the manager. She tried to find out. They wouldn’t tell her. So here I was left thinking, wow, what is going on? What do they think I could have done?”
The businessman stated that he followed all applicable laws and that he has an Anti-Money Laundering (AML) policy in place. But in addition to upsetting his life, the bank’s unexpected action has him concerned about the future of his totally legitimate and long-running company.
“We follow all the rules here, licensed by the state. I have an AML program. I’m very careful what I do. I know how regulated this business is, and it is very regulated,” in the footage, the store owner stated.
“I’ve been in business a long time. I know what to watch out for and avoid certain things or whatever. So I adhere to the law, and I’ve never had a problem, never. And it’s very stressful when this happens. It’s never happened to me in my life. I’ve never had my banks closed, and I had multiple accounts. Even my kids account with them was closed and my wife’s account closed. And to me, this is just more confirmation to what’s going on.”
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He added, “I don’t think the banks like this type of business. I don’t know what they think. We’re doing here because everything’s 100% legitimate, but for some reason they don’t like it. And we all probably know why. And it’s just a shame that they have that much power and that much ability and they could just close your stuff down just like that. Very unnerving. It’s very unnerving.”
The identical problem has affected other businesses in Ohio, and the owner is fully aware of at least three further instances. Two coin stores and a pawn shop are among them.
WATCH:
Candid YouTube interview with T the Silver Stacker reveals everything the bank tried to evict the owner of a nearby coin shop.
Learn about Sherrie’s amazing conflict with Old National Bank, her bank. In an exclusive video interview with YouTuber T the Silver Stacker, watch her spill everything. She is the courageous proprietor of a well-known coin store in Chicago. Don’t miss this insightful discussion!
A woman’s company account and many family accounts were abruptly shut off by the bank.
Sherrie’s longstanding bank abruptly cancelled her account and mailed her a chilly letter. Sherrie was extremely upset by the sudden change despite her three decades of loyalty, several mergers, and rebrandings.
“They said, ‘We’re just using our option,’” She recalled, citing a provision in her banking agreement that gave the bank power to terminate accounts.
“My husband has his personal savings account, which I’m not a part of, okay? We have my grandson’s account savings account, which I am not a part of, okay? My son’s checking account, which I am not a part of, right? My son’s savings account, which I am not a part of. Now, my son’s 30-some years old, my grandson’s 12, all of those extra accounts, right? All of those extra accounts have nothing to do with me. My name is nowhere on the paperwork. My husband set them up. They’re my husband’s deal. I have nothing to do with it. They canceled every account,” said Sherrie.
“My husband gets a phone call on Friday night from his work saying, hey, your paycheck, because he gets direct deposit was just returned, bank account closed… The next morning, we woke up, and there was a letter in the mailbox, “certified letter.” We are taking the option and we are closing your account.”
“It was addressed to me personally. My husband’s name wasn’t anywhere on it. Now, this is a joint checking account. All these other accounts, none of those are in my name. They’re in my husband’s name. They have nothing to do with me. But they closed all my accounts. Anything that was affiliated with my name, which four accounts are not affiliated with my name. Anyway, the moral of the story is they just kicked us out. No explanation, nothing,” Sherrie added.
Learn how Sherrie’s battle is just the beginning. The effects of this pervasive problem are being felt nationwide by coin merchants, bullion aficionados, and jewelry stores.
“I am hearing more and more of this from coin dealers, gold and silver bullion dealers, jewelry stores, jewelry dealers, anybody in that type of business. All of a sudden, these banks are just opting their right to kick you out. And when you sign up with them, you sign that paperwork that says they can do it at any time. You have no control. So even if your paperwork is all in order, it doesn’t matter. They just do not want your business,” said Sherrie.
Discover how the tiny language in bank agreements renders businesses harmed by account closure without any legal recourse. Sherrie explains how businesses may be rendered helpless and without options. Don’t overlook this important realization!
“You have to scramble to find another bank,” She offered advice, pointing out that following her unpleasant experience with Old National, she had been able to create a new account with Republic Bank.
Sherrie couldn’t help but speculate because she wasn’t sure why these closures were happening.
“I have theories that run through the back of your head, conspiracy theories. You hear a blurb, ‘oh, we’re going to a non-cash system.’ That is not going to prompt a bank, because no matter what, there’s always going to be a cash system,” she said.
“We still have a whole generation of people who are still alive who cannot do the electronic bulls-t. So you have to wait for those people to die off. So they’re doing this a little prematurely because they’re still alive,” she added.
In response, the Silver Stacker said,
“That’s where you and I have that big disagreement. I think we are going to a cashless society…
Sherrie said, “Will do that eventually, but I can’t see them doing it before this generation dies off. Maybe that’s why COVID’s coming back why they sent this new strain of COVID. They’re just getting ready to kill off that whole generation now. I don’t know.
Coinhusker’s Bank Account Was Unexpectedly Closed
Dave from Coinhusker posted a video showing his bank canceling his account without giving a reason. Watch as he describes his stressful encounter with uncooperative bank employees.
Coinhusker received a letter from their bank on February 9, 2023, informing them that the account will be cancelled on February 13. Dave quickly phoned the bank for an explanation with just four days’ notice. The bank person gave a confusing series of non-answers that culminated in the following vague statement: “We did receive a notification from our BSA (Bank Secrecy Act) working group to close the account down. Unfortunately, that is all the information I have.”
When Dave asked for clarification, there was no response, which disappointed and irritated him. This alarming lack of openness serves as a sharp reminder that banks have the authority to make important decisions without suffering any repercussions.
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Dave created the phrase. “Bankism,” stating, “What we have in the United States is a legalized plunder of the American people by the banks.”
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Andrew Jackson was right!