A massive bank now closes a business account with little warning, drawing scrutiny from silver and gold investors.
A coin shop owner recently shared how Huntington Bank abruptly closed his accounts without explanation.
In a YouTube video, the owner of Gold and Silver Stackers (@goldsilverstackers1) said the bank sent him a letter warning that his business accounts would be closed in about a month.
“It’s very unnerving,” he said, before reading from the letter for his followers.
Despite having a total of six accounts, the bank allegedly ended its professional relationship with him.
Huntington Bank did not yet respond to a request for comment by the U.S. Sun.
“They decided they don’t wanna do business with me anymore,” he said.
In addition to his business account, his wife and kids accounts were also closed.
He also said that his credit cards through Huntington were cancelled.
Though many expect that their bank accounts will exist for as long as they want, that’s not always the case, reports The-Sun.
The coin shop owner went to his local Huntington Bank branch in Ohio, where he said he has a good relationship with the manager.
Though the manager tried to find an explanation for the shutdown, the bank’s motives remained a mystery.
“I don’t think the banks like this type of business,” the coin dealer claimed.
Investing in gold and silver is a popular way for people to keep their assets out of the banking system.
The dealer said that his business follows regulations closely.
“I didn’t do anything, we follow all the rules here,” he said.
In the end, he ended up splitting his assets into accounts with different banks, helping mitigate the risk of another shutdown of all his accounts.
“I’ve heard of this happening before, I just didn’t believe that it would happen to me,” he said.
Also Read: The US Treasury Direct is Now Freezing Customer Accounts
Other Banking News Today
64 bank branches have now filed to close down according to the latest notice from the U.S. Office of the Comptroller of the Currency.
During the week between November 12 and 18, a total of 64 bank branches filed to close down for good.
The closures will affect customers of more than 10 well-known banking chains, reports The-Sun.
“PNC Bank, the country’s sixth largest, decided to shutter the most branches during that week.”
“A total of 19 locations were slated to closed for good across eight states from Texas to New Jersey.”
PNC has already closed dozens of branches this year, with chief executive officer William Demchak telling investors in July that the bank is “going to have to take a hard look” at where it can “generate savings.”
Chase filed to close the second-largest amount of branches during the November bloodbath, with 18 locations being slated for closure.
Citizens Bank filed to close eight branches, U.S. Bank filed to shutter seven locations, and Bank of America filed to close five locations.
Meanwhile, Citi Bank slated two branches for closure, and several smaller banks filed to close a single location.
One of the biggest reasons why we’re seeing more bank closures across the country is due to the massive rise of online banking.
The surge of online banking has triggered banks to pivot more towards the digital world, resulting in US bank closures.
Although many Americans enjoy the convenience of online banking, experts have warned that a digital banking industry leaves certain customers vulnerable to improper practices.
A report from the National Community Reinvestment Coalition found that when there are fewer branches in an area, more people use “alternative financial services that open them to unregulated and predatory financial practices.”
Meanwhile, a recent survey by Daily Mail found that 51% of Americans were either “very concerned” or “somewhat concerned” about the closure of bank branches.
But I’d love to know your thoughts on these bank closures — leave your thoughts in the comment section down below.
Also Read: A US Bank is Now Denying Customers Access to Money
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