Chase is closing my account

[crhstreetwalker]

Went to withdraw money a couple days ago from a Chase that I never use to buy some silver off craigslist. With an attitude, the teller says there is a restriction on my account and it is froze. I have to wait 30 minutes in an unpleasant Chase bank lobby, one that I never go to, to speak to a snobby banker, as I can't withdraw any of my money. He proceeds to "call" to see what is going on. All he can tell me is that my account is scheduled to close in 10 business days, the bank is "terminating" their "relationship" with me, and that something "suspicious" has happened flagging my account to be closed. He then makes me withdraw all of my money from the account ($500 and change at the time,) gives me a phone number to call for further explanation, but insures me they won't tell me anything, and sends me packing. What The .I've had no time to call to see what is going on as I've been extremely busy. I call the number, and the wait time to speak to someone is, get this, 45 minutes! I hang up and figure I'll call tomorrow (today.) I call today, and they say the suspicious deposits and withdrawals are the reason for my account being closed. Here's the problem, there AREN'T any suspicous deposits or withdrawals, I simply use my account like anyone would use their checking account! Chase bank accounts for 90% of my half pickups, and only about half of them are "referenced" to my checking account, as I exchange coins for cash. I then ask to speak to their manager as they are of no help. The next person on the phone says the same thing, so I again ask to speak to their manager as well. FINALLY the 3rd person up the ladder tells me that I need to have any Chase bank manager, and only a manager, send an email requesting "compliance" to see why exactly my account is being closed, and to ask to keep my account open. I will be going in tomorrow to do this. This person also explains that I could be a possible "threat" to the bank, and that is part of the reason too. That's all she can tell me, she proudly says. Funny, right? Me a threat to Chase Bank? Thank god I have a Chase credit card that they referenced my halves to, or they would not have given them to me. I simply couldn't see how this would be related to me ordering boxes from Chase. I have no idea why this is happening at all. Welcome to mega banking with the elitist banksters.

 

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[namster]

I have to say, in my area (which is about 500 miles from CRHSW) the skunks have increased exponentially. I am at around 10-12 boxes/week spread over 5 banks, and I am considering a change to my plan due to the 80% skunk rate. I would advise that you lay low, order maybe 5-10 boxes/week, and see if things improve in the coming months. There is absolutely no sense in going through 90 skunks/week every week. Hit the CWRs HARD! Most of my finds these last couple weeks have been CWRs and one great coin machine bag. The last 25 boxes or so have produced 1x90 and 4x40s.

Also, you must have contingency plans in place in case your main order banks shut you down. I do, 3 small banks that said I can order coin anytime I want. I only plan to tap them if the big nationals I have been bleeding cut me off.

 

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[kfs]

I agree with Sean - streetwalkers box numbers from one branch (even one bank) are huge, too huge. Even if the tons of cash transactions alone were not suspicious to the bank (but it appears they were), it's got to be a pain for banks to order that many coins, especially if they were halves, which I doubt any actual merchants are requesting these days. On top of that, I assume the bank was not making any money off the coin orders (and potentially losing money paying its courier companies to deliver boxes). Since streetwalker paid for 90% of the coins by exchanging cash on hand for them, the bank wasn't even getting the benefit of having that money run through its accounts. In sum, the bank is a business and streetwalker's business wasn't worth the compliance risk and/or the hassle of dealing with a lot of orders. Banks aren't public untilities that have to serve us.

I really think people need to keep orders and dumps under the radar better unless they have a clear understanding with their bank about what they're doing. I dumped a small amount of halves ($100) the other day at a new dump bank, just to check out their machine and the overall process. The people at the bank were very nice but also chatty and wanted to help me with the machine, etc. I went back this morning to dump a larger amount (a little over $300) and they were nice again but two asked me how long it took to collect those coins, etc. A manager who was there on my first visit but did not see me dump the coins this morning came out of her office, saw me in the teller line and said "you're the guy with the coins". I would love to dump a lot at this bank because I have had trouble finding other places to dump. However, I will keep my volume low and my visits spread out. The last thing any of us needs is to lose sources for rolls or places for dumps.

I going to vote that the level of pickups is adversely effecting the profitability at the branch. My Chase boxes are 7" by 4" by 6.5", which at 90 boxes comes out to 9 cubic feet of halves a week. That is not going to be shipped to a branch under a standard delivery deal with an armor car company. Look at it another way there are 4500 rolls of halves in those boxes if each roll is 8 oz that more than 2,200 pounds of coins a week. I am going to go out on a limb he and say the halves going through this branch exceeds all other coins based on weight. One ton of coins that is going to cause people to sit up and pay attention.

 

[GlenDronach]

So...ordering a ridiculous volume from a single bank, and painting coins, those are bad?

 

[sheepdog_tx]

Yeah I think this is an issue of greed. too many boxes at one branch = the boot. I asked my friendly BoA teller if I asked for more than two boxes at a time (I order two, rarely more than one delivered). She answered "Don't, it will get noticed quick". I'm sure many order far more and get away with it but for how long? I think you guys that do big volumes need to tone it down awhile before these banks cut us all off.

 

[kfs]

Yeah I think this is an issue of greed. too many boxes at one branch = the boot. I asked my friendly BoA teller if I asked for more than two boxes at a time (I order two, rarely more than one delivered). She answered "Don't, it will get noticed quick". I'm sure many order far more and get away with it but for how long? I think you guys that do big volumes need to tone it down awhile before these banks cut us all off.

I agree, lets call it hyper-volume searchers cannot fly under the radar. Even moderate levels would be noticed by the ordering systems but I would guess tolerated in most cases. However as much we may not want to believe it or banks and not out there to help CRHers. They are out there to make money and if you are costing them money they are going to find some method to recover or eliminate the cost. There is no sound business reason to supply Streetwalker with one ton of coins a week unless the dump fees go to the same bank and they at the very lease cover the cost of the entire transaction/transportation of the coins.

 

[$nack-Money]

I agree it is greed, but in saying so I would do it too if I could get away with it... so I can't blame CRHSW. In reality, if I could, I would take all the boxes in the country and leave you all with nothing... except skunk boxes lol

 

[kfs]

Actually, was not commenting on the Greed portion of the statement, more how the level of activity invites scrutiny, which results inevitably in problems.

I would like to have the funds available and time to go through that many boxes alas this will never happen.

 

[CC-Hunter]

I agree with kfs. If someone wants to search a huge volume, and deal with the huge volume dumps and other work, they are just dedicated/hard-working/industrious/[fill in your own complimentary adjective]. However, if they don't spread it around and fly under the radar they run a decent risk of ruining CRH for themselves, and perhaps for others.

 

[crhstreetwalker]

Let's clear just a few things up. When did I ever say I was ordering 90 boxes a week from ONE bank or ONE branch? I have 22 different pickup branches, from 4 different banks. Second, I never said 90% of my transactions are paid in a straight cash exchange, and the rest come out of my account. 100% of my half pickups are paid in a straight cash exchange, I said 90% of my HALVES come from Chase. Third, there were NEVER any huge transactions under my account, that is why I'm in question of my account being closed. And finally, I'm not a greedy person. I HATE when CRHers call other hunters GREEDY! I have the resources to do it, so why not take advantage of it while the gettins' good? Obviously the gettin isn't good right now, but you get the point.

 

[namster]

Fellas, this is a treasure hunting website. "Greed" is part of the motivating factor in the search for treasure.

CRHSW- I hope it gets worked out for you, but I think a break from the volume might be a good idea, at least for a little while.

 

[alligator69]

Fellas, this is a treasure hunting website. "Greed" is part of the motivating factor in the search for treasure.

CRHSW- I hope it gets worked out for you, but I think a break from the volume might be a good idea, at least for a little while.

If greed is part of it stop posting your finds, that encourages others to start CRH. Less ppl=more finds.

 

[MrSchulz]

I was next.

http://www.treasurenet.com/forums/c...fpb-gets-your-us-bank-account-terminated.html

 

[kfs]

Two weeks ago and prior, anywhere from 60 to 80, sometimes 90. These last two weeks, half of that, as I've found absolutely nothing in silver finds. Like I mentioned in a post not too long ago, it's been WW3 for my CRHing career lately. I'm at the point where I'm planning on getting skunked with my 22 boxes tomorrow, that's how bad it is. And I'm paying the dump fee and paying for my own bags. It might be time to call it quits here pretty soon, we'll see. Edit: And on top of all the expense for no silver, all of the hassle my banks are giving me, gas is now over $5 a gallon, and is expected to go to $6 a gallon in the next week. At least in my neck of the woods anyway. Thanks Ben!

I got the 90 boxes assumption from this post. I do not see what paying for halves with "cash in hand" has a lot to do with the cost to the bank so I am had no comment really on that issue. So if you are breaking the 2,200 pounds of coins up by 4 or 5 banks that is only 400 or 500 pounds each. No one would ever have an issue with that in my opinion.

Do not get me wrong if you can do it more power to you but your bank or banks are not in the business of transporting coins, 400 to 500 pounds of coins every week. Especially not for the purpose of letting someone look at them is definitely not part of their business model, be it 2000 or 400 pounds. That was my point. Heck there business model does not support my 2 boxes a week. I am actually kind of surprised they would close your account as opposed to trying to hit you up for fees for delivery of the coins.

It would seem that you could get a deal with the Armored car companies and have them delivered to your door like retail businesses do with coin and currency and have the returns credited back to your account at the bank. I guess that would not be free and might make the net result of searching unprofitable.

 

[sack0silver]

So you are a threat to Chase? LOL...call Homeland Security1!@%!@

 

[mishra142]

Kfs please read more carefully you have contorted the facts multiple times. He said he has 22 pick up banks. Not 1 or 4 or 5 but 22.

 

[sheepdog_tx]

Actually, was not commenting on the Greed portion of the statement, more how the level of activity invites scrutiny, which results inevitably in problems.

I would like to have the funds available and time to go through that many boxes alas this will never happen.

I'm not saying greed is a bad thing, it is what power capitalism. The problem is too much greed, making some go to the well not only too much but weekly. The bank is not there to power your hobby. The system will support you if you are reasonable but when you start expecting that its your right to have massive volumes of stock to search without the bank getting anything in return you should not be surprised when your blatant attempts to exploit them get shutdown. If you're going to big on boxes weekly than you need to form a wide area to disperse the wake of your searches as quietly and as patiently with those that serve you as possible. Not just for yourself but those that also do this just for fun, collecting, small culling, etc.

Frankly he pushed the system and they did what they had to in order to protect themselves from further loss. He was not doing this as a hobby but as a part-time job without regard for the time and cost of the extablishment that provides and for that I have very little pity.

 

[jrf30]

What? "gas is now over $5 a gallon, and is expected to go to $6 a gallon in the next week. At least in my neck of the woods anyway. Thanks Ben!"

I don't see gas over $4 hardly anywhere. You are over $5? Where is that? Expecting $6? Again - where??

"Two weeks ago and prior, anywhere from 60 to 80, sometimes 90 boxes a week" Ahh, I see why they closed you out. Sorry, but i"ve always beenone to preach moderation, and that is the reason. Granted, you go tmore accomplished anyway by doing such volume, but that type volume will make banks shut down ALL of us, IMHO. Hope you get some boxes back, but also hoping you don't get that many in the future. Just too many to make banks happy with you (or us)

Just my opinion. We all have one.

 

[Lyfeguard]

What? "gas is now over $5 a gallon, and is expected to go to $6 a gallon in the next week. At least in my neck of the woods anyway. Thanks Ben!"

I don't see gas over $4 hardly anywhere. You are over $5? Where is that? Expecting $6? Again - where??
.

Gas here in So. Cal is outrageous. Premium is at $5 all over the place. The news last night showed an independent gas station selling premium for $5.99. Thank god I drive a diesel, I only paid $4.40/gal today!

 

[Dark]

Looks like you made Chase slam us all down with the silver price today.
They are punishing us all.

 

[Bigheed]

Chase closed my account months ago. I was doing the same thing as you CRHSW, picking up from every Chase branch in my area, 15-20 probably. Like you all transactions are cash, but some branches would have you swipe your debit card, some wouldn't. I asked one teller why and she said it's to prove she is working....maybe they have a target of transactions per hour, who knows.

Anyways like you I got the same letter, we are ending our banking relationship with you blah blah blah and unfortunately they have Full Legal Rights to do this.

I was on the phone for along time with many people like you but I guess you got 1 step higher on the food chain than I did, I never got them to admit about the branch manager writing a letter on my behalf.

If that works out for you please let me know! I still pickup from a few Chase branches, mainly the ones that never asked for my card. If you have a standing order and good relationship with them at least you haven't lost all those pickup banks.

1 thing I was able to glean from a friend of mine who works for Chase and is high up in the auto loan department is that Chase (and all mega banks) watch new accounts WAY more than other accounts for up to 2 years and they scrutinize the # of transactions per month and the total $$ amount of all transactions and the type Cash vs. Coin because coin costs them $$.

Anyways hope that helps and let us know how it turns out, now for the rest of you interested in CA gas market keep on reading.

Theres been a couple major refinery upsets in CA so the refiners are gauging because the supply is tight.

I used to work for BP (Now I am an engineer for a chemical company and BP is my customer, hate those a-holes :-) ), funny thing is we didn't even use the refineries capacity to make all CA gas, we shipped alot of lesser grades with higher margins to Mexico, NV, and AZ, so the supply chain is sort of manipulated to be tight.

The other huge issues is CA's air quality standards, you can't import gas to CA from other states / countries unless it is made to CA air quality standards, on top of that we have Summer and Winter blends, summer blend is alot more costly.

HH,
Bigheed