Three separate coin shop owners have found their bank accounts suddenly shut down without any prior notice or explanation from their financial institutions.
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An Ohio-based coin shop owner recently took to YouTube to share alarming news: His regional bank, with whom he has been a customer for years, has suddenly decided to sever ties by closing all six of his business and personal accounts.
The coin shop owner, who operates a coin shop dealing in silver and gold, 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.”
What’s shocking is that the bank has declined to provide any reason for their abrupt decision, leaving the owner and his family in the dark. The letters came without prior notice, affecting multiple accounts, including those belonging to his children and wife.
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A visit to his local branch revealed little; even the manager, with whom he has a good relationship, couldn’t get an answer for the sudden decision.
“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 emphasized his compliance with all necessary regulations, including maintaining an Anti-Money Laundering (AML) program. Nevertheless, the bank’s sudden move has not only disrupted his life but also has him worried about the future of his fully-legal and long-standing business.
“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,” said the shop owner in the video.
“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.”
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.”
This isn’t an isolated event. The owner is aware of at least three other businesses — two coin shops and a pawn shop — in Ohio that faced the same issue in recent years.
WATCH:
Local Coin Shop Owner Gets the Boot from Bank, Tells All in Youtube Interview with T the Silver Stacker
In a recent video interview with YouTuber T the Silver Stacker, Sherrie, a local coin shop owner in the Chicago area, opened up about her recent ordeal with her bank—Old National Bank.
According to her, not only did the bank close her business account with barely any warning, but they also went on to close several other family accounts, none of which had her name on them.
Sherrie detailed how her bank abruptly closed her account by sending a letter in the mail. Sherrie, who has been banking with the same institution for over 30 years through its various mergers and name changes, expressed her frustration at the lack of explanation from the bank.
“They said, ‘We’re just using our option,'” she recounted, referring to a clause in her banking agreement that allows the bank to terminate accounts at their discretion.
“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.
This issue doesn’t just affect Sherrie. Other coin dealers, gold and silver bullion dealers, and even jewelry shops around the country are experiencing the same phenomenon.
“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.
Sherrie pointed out that there’s no legal recourse for businesses affected in this way, as the fine print in bank agreements usually states that they can terminate accounts at any time without reason.
“You have to scramble to find another bank,” she advised, citing that she had managed to open another account with Republic Bank after her unfortunate experience with Old National.
While the reason for these closures remains unclear, Sherrie couldn’t help but speculate.
“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.
T the Silver Stacker responded, “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.
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