Coin Shop Owners Debanked with No Explanation

( – Banks are closing the accounts of coin shop owners without explanation and in different states. One businessman from Ohio made a YouTube video to raise awareness of what he sees as a trend among banks to shut down the accounts of firms they disapprove of. The man owns a coin shop and has banked with the same institution for many years. He received a letter out of the blue saying his accounts, including those of his wife and children, were to be closed. The bank offered no explanation or apology. The businessman insists he has always followed rules and regulations and is baffled as to what has gone wrong.

He said he knows of fellow businesspeople who have had the same experience. “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,” he said.

A fellow coin shop owner, a woman named Sherrie, recently went through the same scenario. She had been with her bank for 30 years without problem, but suddenly a letter arrived telling her that her accounts and her husband’s accounts were closed. Once again, there was no explanation or apology. Sherrie also believes hers is not an isolated incident.

Individuals losing their bank accounts is a hot topic, and the trend is growing. Some commentators say banks and financial institutions use their increasing power to help governments impose political conformity. In Canada, for example, Toronto-Dominion Bank froze accounts that held deposits meant for the “Freedom Convoy,” a group of people protesting against the government’s pandemic measures.

Similarly, in the UK, Brexit leader Nigel Farage had his accounts closed without explanation. When he complained publicly and the government demanded answers, it was revealed that the bank held a file on Farage containing documents in which his political views were condemned and he was labeled “racist” and “hateful.”

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