Blocked from buying gold

[JohnA1]

10 minutes ago, Spyder said:

I have had very little trouble with Santander with buying precious metal online, nor Barclays.  I have also opened an account the an Italian bank called Fineco Bank I use this account to trade currency and to buy American shares and it is excellent to use to buy for things in Europe as not only do they give you a UK debit card but also a Euro debit card.

Santander here on the high street blocked me from paying in cash on their ATMs. They didn't say anything though, they just did it. When I asked at the till they said I had exceeded my annual allowance of 10K/financial year.  Didn't have a clue about this one, they make them up as they go..

[paulmerton]

2 hours ago, SovereignStacker4 said:

and told me to do “ some research” when/where I spend my own money

I would open a complaint for this bit alone.

[Spyder]

51 minutes ago, JohnA1 said:

Santander here on the high street blocked me from paying in cash on their ATMs. They didn't say anything though, they just did it. When I asked at the till they said I had exceeded my annual allowance of 10K/financial year.  Didn't have a clue about this one, they make them up as they go..

This is another reason to have more then one account.  I buy online and sell plenty of coins offline with people who like to use cash. I then need to pay back in to buy online again.  10k threshold on one bank is reached pretty quickly. 

[CazLikesCoins]

4 hours ago, SovereignStacker4 said:

Hi I was wondering if anyone could help me understand I little bit more about why my bank won’t allow me to buy any gold from ATS Bullion and if anyone else has had anything similar. 
 

I’ve just tried buying some Tudor beasts coins from ATS bullion as they're having a sale and upon attempting to make a bank transfer to them my bank account got blocked. After speaking on the phone to them for 30 minutes and getting passed on to the fraud team and answering a few questions they decided they’re not going to go ahead and grant me access to buy from that site and have blocked any attempts I might make in the future and told me to do “ some research” when/where I spend my own money
 

Is this a normal thing for a bank to do? I’ve never had this happen before and just a little shocked that a bank would block me from spending my own money. 

Something spooked your bank in my no idea what's going on opinion. Best to suck up to them in as grovelly a way possible, after all, they control your money, not you. 😅 As long as there's no fraud going on, you'll be ok. I think. Mind you they shut down a friend's account for a £1500 purchase from the Rm. Nice of them lol. She got things sorted but in the meantime try buying a double latte frapachino when your card gets declined. Embarrassing. Best to keep some cash handy when you want to gamble with actually spending your own money with reputable traders. It's a high risk game these days.

[SovereignStacker4]

22 minutes ago, CazLikesCoins said:

Something spooked your bank in my no idea what's going on opinion. Best to suck up to them in as grovelly a way possible, after all, they control your money, not you. 😅 As long as there's no fraud going on, you'll be ok. I think. Mind you they shut down a friend's account for a £1500 purchase from the Rm. Nice of them lol. She got things sorted but in the meantime try buying a double latte frapachino when your card gets declined. Embarrassing. Best to keep some cash handy when you want to gamble with actually spending your own money with reputable traders. It's a high risk game these days.

Aha yeah I didn’t realise the bank could just flat out refuse me my freedom of spending my money like this! Kinda an eye opener at how in control they are.  Makes me think maybe it’s time to start storing my money under my mattress! 😂

[SovereignStacker4]

2 hours ago, paulmerton said:

I would open a complaint for this bit alone.

I wish I did say something when he said that but was just in too much shock that they were blocking me from spending my money. The guy in the fraud prevention department definitely wasn’t helping when he kept saying how “they can’t go into detail on why the site is blocked but they have their reasons” the whole things seems weird to me but hopefully it’ll get sorted out 🤞

[Bigmarc]

38 minutes ago, SovereignStacker4 said:

Aha yeah I didn’t realise the bank could just flat out refuse me my freedom of spending my money like this! Kinda an eye opener at how in control they are.  Makes me think maybe it’s time to start storing my money under my mattress! 😂

I would wait until Charles's face is on them, then you should have a few years before they changed them again. I had this issue with the old £20's. 

I must admit it is kind of worrying as we are hearing this more and more now. I wonder if it works if you buy from elsewhere? 

[SovereignStacker4]

12 minutes ago, Bigmarc said:

I must admit it is kind of worrying as we are hearing this more and more now. I wonder if it works if you buy from elsewhere? 

It’s weird because I was watching that video from BYB the other day about how he had the same problem and was thinking to myself how this is probably never going to effect me because I’m not really a big spender. I’ve only just started buying gold and only buy it here and there but apparently that’s enough for them to become suspicious. 
 

I think I’m okay with buying from other sites, my card hasn’t been blocked or anything just blocked from that site but tbh it’s more the principal than anything atm 😂 even if the sale ends from ATS before I get this sorted out I’ll probably still buy from them just because I don’t want the bank telling me no lol 

[Thelonerangershorse]

So far, only had this happen once with HSBC, took 3/4 hour phone call to the anti-fraud department to sort it out.

[HonestMoneyGoldSilver]

5 hours ago, SovereignStacker4 said:

I’m thinking about closing my account with nationwide and moving elsewhere but it seems like every bank is going through the same thing, idk how much help it’d be. 

I know a bank that never declines your transactions and is there for you 24/7/365 when you need it. To find this bank just look in the mirror!

4 hours ago, Spyder said:

£150, that is almost a half sovereign

😂 you're such a stacker

[CazLikesCoins]

1 hour ago, SovereignStacker4 said:

Aha yeah I didn’t realise the bank could just flat out refuse me my freedom of spending my money like this! Kinda an eye opener at how in control they are.  Makes me think maybe it’s time to start storing my money under my mattress! 😂

We've got it easy for the moment compared to when digi-currency gets floated. Whatever you don't spend gets reabsorbed for the greater good. If you're fat you can't spend on choccies, if you like your hols they'll be limited to your personal carbon footprint ratio, and if you like driving it'll be limited to certain areas at certain times and buying petrol outside of your friend-zone will be refused. Or something like that. 🤪 

[SovereignStacker4]

3 minutes ago, CazLikesCoins said:

We've got it easy for the moment compared to when digi-currency gets floated. Whatever you don't spend gets reabsorbed for the greater good. If you're fat you can't spend on choccies, if you like your hols they'll be limited to your personal carbon footprint ratio, and if you like driving it'll be limited to certain areas at certain times and buying petrol outside of your friend-zone will be refused. Or something like that. 🤪 

before today I’d call you crazy for thinking like that but now after all this  I’m not so sure! Maybe you’re not too far of the truth as depressing as that is 

[SovereignStacker4]

12 minutes ago, HonestMoneyGoldSilver said:

I know a bank that never declines your transactions and is there for you 24/7/365 when you need it. To find this bank just look in the mirror!

Aha very true! In the heat of the moment I was very tempted to go down to my bank and withdrawal all my money and be completely done with them lol 

After all this though it’s made me more comfortable knowing I’m doing the right thing in buying gold so that’s the only bonus from this lol 

[CazLikesCoins]

1 minute ago, SovereignStacker4 said:

before today I’d call you crazy for thinking like that but now after all this  I’m not so sure! Maybe you’re not too far of the truth as depressing as that is 

Let's not forget the credit chip in the hand technology with a patient number of something something 666 lol. The Swedish love it and are using it already. It'll soon be as essential as the mobile phone to everyday living. Probably why the banks are screwing everybody over every which way to get them so fed up with current finance that they'l all be slavering after the new DC. 

[bluffer]

best transfer bonus is £200 to rbs/nat west then £175 for first direct. 

 

https://www.moneysavingexpert.com/banking/compare-best-bank-accounts/#switch

[Midasfrog]

I had the same trouble with the Halifax twice trying to buy some sovereigns. It flagged up both times and was blocked , I had to call the fraud team.

I was treated as if I was the scammer . 

The banks don't want you to take money out of the system it's not your Fiat to spend , it has been handed over for them to control.

 

[SovereignStacker4]

6 hours ago, Midasfrog said:

The banks don't want you to take money out of the system it's not your Fiat to spend , it has been handed over for them to control.

 

Jokes on them though because them acting like that only makes me want to buy gold even more though lol 

[paulmerton]

3 hours ago, SovereignStacker4 said:

Jokes on them though because them acting like that only makes me want to buy gold even more though lol 

Is nobody put off from buying gold because it might be harder to actually sell it to anyone else in the future?!

[Zhorro]

3 minutes ago, paulmerton said:

Is nobody put off from buying gold because it might be harder to actually sell it to anyone else in the future?!

This is a good point, because if people can't buy gold, it means that others will not be able to sell it.

[Bratnia]

12 hours ago, CazLikesCoins said:

We've got it easy for the moment compared to when digi-currency gets floated. Whatever you don't spend gets reabsorbed for the greater good. If you're fat you can't spend on choccies, if you like your hols they'll be limited to your personal carbon footprint ratio, and if you like driving it'll be limited to certain areas at certain times and buying petrol outside of your friend-zone will be refused. Or something like that. 🤪 

DC's are just 'cash', a common 'token' of exchange. Linked to that you have (more often nowadays) digital 'wallets', a brokerage account for instance within which you might store your value in stocks/whatever. A tendency for anything that has barriers is for a decline in its acceptance/use for better alternatives. If for instance a Brit coin digital currency is awkward/unfavourable to use then people will tend to drift towards a alternative DC, and in reflection of that more outlets will tend to accommodate that DC or otherwise risk losing business to competitors.

 A risk is that the Pound/domestic currency could fall massively out of favour due to overt restrictions/limits, and a massive out-flight from the Pound could be very damaging to the country. To try and prevent that regulations would tend to be extreme, making it illegal for instance to pay/receive in anything other than a  'approved' DC, promoting a dark-economy with a large support base to where they'd ultimately have to legalise a/the alternative(s).

If given a lightly regulated alternative DC that you could link to your 'wallet' (brokerage), and that DC was widely accepted as a alternative payment in most outlets, then a trickle could rapidly turn into a torrent and see the domestic official currency rapidly collapse.

Another risk with DC and a blockchain ledger system is that its a prime target as part of warfare. Whilst 50% attacks are deemed to be 'unlikely', state sponsored entities could still perhaps hit 51% control even very briefly, and totally corrupt the ledger such that all DC value was lost in a instant.

The more banks and the state push DC the more they are potentially shooting themselves in the foot, or even head. In the past currency controls/limits could be applied, prevent physical money being taken out of the country, in a digital age its far more difficult to block the flow of electrons across international borders. To me DC and blockchain ledger are doomed from the start, destined to a return to where networks are secure/private, as they are under conventional banking rather than a openly shared (albeit highly encrypted) network. I suspect in the main a DC will become like a old post office card, mainly just used for tax payments/payments of benefits. Outside of that and brokerages in a low regulation location may offer easier inter-account transfers, such that globally that becomes the preferred peer to peer general means of payments/transfers. Ooo look, a two week holiday for a family of four in the Caribbean for just 100 global stock index shares, I'll login and book/pay for that now.

A major risk of DC and current trend direction is towards the increased risk of a domestic currency collapse. Which in turn induce high inflation in that currency. To de-risk that its a good practice to hold some money in alternative(s) such as gold. Physical in-hand gold is also important as otherwise there's 120 claims on each ounce of gold such that in a gold-rush more than 99% would be disappointed. Don't believe counter-parties who may claim they're backed by physical gold as push come to shove that could all become just a news story of how the indicated physical gold that was audited wasn't actually theirs. Opps! Sorry, we're bankrupt, but didn't we have a good-run. And at least you'll get back some compensation - your 0.8% worth, before the 0.7% liquidators fees that is.

[JohnA1]

16 hours ago, SovereignStacker4 said:

Aha yeah I didn’t realise the bank could just flat out refuse me my freedom of spending my money like this! Kinda an eye opener at how in control they are.  Makes me think maybe it’s time to start storing my money under my mattress! 😂

Even then, if you look closely you'll see that the paper is property of the issuer (a private organisation). It is a liability of the BoE.

Keep digging and you'll start realising the depth of the fraud..

 

Gold is nobody's liability, so the parasites hate the idea that you might own it.

Edited July 26, 2023 by JohnA1

[CazLikesCoins]

1 hour ago, Bratnia said:

DC's are just 'cash', a common 'token' of exchange. Linked to that you have (more often nowadays) digital 'wallets', a brokerage account for instance within which you might store your value in stocks/whatever. A tendency for anything that has barriers is for a decline in its acceptance/use for better alternatives. If for instance a Brit coin digital currency is awkward/unfavourable to use then people will tend to drift towards a alternative DC, and in reflection of that more outlets will tend to accommodate that DC or otherwise risk losing business to competitors.

 A risk is that the Pound/domestic currency could fall massively out of favour due to overt restrictions/limits, and a massive out-flight from the Pound could be very damaging to the country. To try and prevent that regulations would tend to be extreme, making it illegal for instance to pay/receive in anything other than a  'approved' DC, promoting a dark-economy with a large support base to where they'd ultimately have to legalise a/the alternative(s).

If given a lightly regulated alternative DC that you could link to your 'wallet' (brokerage), and that DC was widely accepted as a alternative payment in most outlets, then a trickle could rapidly turn into a torrent and see the domestic official currency rapidly collapse.

Another risk with DC and a blockchain ledger system is that its a prime target as part of warfare. Whilst 50% attacks are deemed to be 'unlikely', state sponsored entities could still perhaps hit 51% control even very briefly, and totally corrupt the ledger such that all DC value was lost in a instant.

The more banks and the state push DC the more they are potentially shooting themselves in the foot, or even head. In the past currency controls/limits could be applied, prevent physical money being taken out of the country, in a digital age its far more difficult to block the flow of electrons across international borders. To me DC and blockchain ledger are doomed from the start, destined to a return to where networks are secure/private, as they are under conventional banking rather than a openly shared (albeit highly encrypted) network. I suspect in the main a DC will become like a old post office card, mainly just used for tax payments/payments of benefits. Outside of that and brokerages in a low regulation location may offer easier inter-account transfers, such that globally that becomes the preferred peer to peer general means of payments/transfers. Ooo look, a two week holiday for a family of four in the Caribbean for just 100 global stock index shares, I'll login and book/pay for that now.

A major risk of DC and current trend direction is towards the increased risk of a domestic currency collapse. Which in turn induce high inflation in that currency. To de-risk that its a good practice to hold some money in alternative(s) such as gold. Physical in-hand gold is also important as otherwise there's 120 claims on each ounce of gold such that in a gold-rush more than 99% would be disappointed. Don't believe counter-parties who may claim they're backed by physical gold as push come to shove that could all become just a news story of how the indicated physical gold that was audited wasn't actually theirs. Opps! Sorry, we're bankrupt, but didn't we have a good-run. And at least you'll get back some compensation - your 0.8% worth, before the 0.7% liquidators fees that is.

Interesting read. I enjoyed that.

Personally I'd rather have a system in place where inflation doesn't exist and I can barter to secure gold to see me through my old age in my fairy tale lands. Probably won't happen now. Instead I'll be converted to a T1000 with a chip in my hand to scan myself like a tin of baked beans at a Tesco checkout to pay for goods and services. 

Edited July 26, 2023 by CazLikesCoins

[Darr3nG]

1 minute ago, CazLikesCoins said:

I'll be converted to a T1000 with a chip in my hand to scan myself like a tin of baked beans at a Tesco checkout to pay for goods and services

And ED-209 standing at the door making sure you comply within 20 seconds

[CazLikesCoins]

1 minute ago, Darr3nG said:

And ED-209 standing at the door making sure you comply within 20 seconds

Probably have a brain chip forcing compliancy by then with AI frying everyone for kicks 🤣

[ant1882]

21 minutes ago, CazLikesCoins said:

Probably have a brain chip forcing compliancy by then with AI frying everyone for kicks 🤣

Just reminded me of that scene from Brazil where there is a mistake and the government snatch the wrong bloke. Buttle / Tuttle. Oops the AI made a mistake, sorry.