Watching Your Money?~You're Bank Certainly Is~~~

So who's in charge of YOUR money? You or your bank?
Who's business is it how you put it in or take it out?

OK. Let me explain and it may be a bit sketchy but I'm really looking for honest thoughts and opinions here.

Today we had a customer stop in to buy some gold and silver. He, his mother and sisters have been buying a lot from us in the past few months. Most has been purchased from our store in Illinois.

When they first came in it was to our Illinois store and the manager there suggested they take money out of the bank in increments less than $10,000. We have given the same advice at our Indiana location as well.

They haven't quite heeded it but in the meantime bought at least $100,000 in metals.

An odd family to say the least. Mom is 89 years old, the son is in his 50s (the main player) and then the sisters. There is also money from the deceased dad's trust.

The son has colon cancer and the whole family for wont of a better term are "holy rollers". When the manager of our Illinois store met them they were ready to dump $38k to a firm in Tennessee because they were "born again". They would sell them gold at prices higher than we would and even "store it for them".
What nice people in Tennessee. They're "born again" you never meet them but they'll sell you gold and store it for you.

Well,
We have it. Will sell it to you cheaper and you actually see us AND the PRODUCT. You actually walk out the door with it.

So we have their business. we've been doing a lot of business they have bought and even sold at a nice profit for themselves.

An odd relationship and frankly I could type for hours to explain it so let's get down to brass tacks.

Today mom and the son were in with about $9,000. They bought some gold. THEN the son told us about his recent experiences with Chase Bank.
They've been monitoring his withdrawals as well as his mother's.

Too much moving out so they hired a Private Investigator to look into it. Since mom is 89 their reasoning is that he's sucking the account dry behind her back. Of course they don't consult him or his mother before doing this.

Now I might get a bit vague here as I was busy with other customers when the meat of the story came out so bear with me.

The PI got in touch with the guy and told him what they were looking into. He told them exactly what he was doing. End of story? Nope.

The next thing you know the PI has turned it over to local County officials. He got a few phone calls from them as well. The sisters did too.
Our customer is freaking but getting through it. (Believe me, I know this guy and he had to be freaking).

Is it over? Nope, next is a call from the State and THEN a visit by two State people. They look into it more and tell him he's innocent.
Innocent of what was my question? Spending your own money? Is he guilty until proven innocent? Did they ever read him the Miranda Rights as it seems he was accused of a crime.

All said and done we could only give him one real piece of advice. Close your Chase account and move it to the local bank. He's had no problems there.

Like I said earlier folks. I know it's kind of vague but would you like your bank doing this to you and then taking it to a State level? Especially when it's YOUR money?

Looking for comments and opinions.

 

Cancelled my Chase credit card late last year, and will never bank with them again. 3 more car payments and I'm done with Chase.

This was before I read your story. Scary stuff indeed.

 

This is just a guess, but my thinking is that you are blaming the wrong group. There are laws relating to elderly care and financial relationships. I am pretty sure that exists and it probably requires the bank to report suspicious transactions or they would be guilty of some crime. Regardless, I will bet you that if they did not investigate and the son were abusing his mother's financial care, she (actually a "disinterested" lawyer) could sue the bank and win -win big!