Bank of America Gun Sales
Bank of America has declined to continue doing business with industries involved in gun sales?
- Published
Claim: Bank of America has declined to continue doing business with industries involved in gun sales.
MIXTURE:
![]() | UNDETERMINED: Bank of America canceled the credit line of a firearms manufacturer. |
![]() | FALSE: Bank of America blocks purchases of firearms or ammunition made with their debit/credit cards. |
Example: [Collected via Facebook, April 2012]
McMillan Fiberglass Stocks, McMillan Firearms Manufacturing, McMillan Group International have been collectively banking with Bank of America for
At this point I interrupted him and asked “Can I possibly save you some time so that you don’t waste your breath? What you are going to tell me is that because we are in the firearms manufacturing business you no longer want my business?”
“That is correct” he says.
I replied “That is okay, we will move our accounts as soon as possible. We can find a
“You have to do what you must” he said.
“So you are telling me this is a politically motivated decision, is that right?”
Mr Fox confirmed that it was. At which point I told him that the meeting was over and there was nothing let for him to say.
I think it is import for all Americans who believe in and support our
Origins: On 19 April 2012, Kelly D. McMillan, Director of Operations for McMillan Group International, posted the above-quoted account
on that company’s Facebook page, stating that a during a meeting a Senior Vice President with Bank of America plainly told him the bank was no longer interested in doing business with McMillan Group because McMillan was now in the firearms manufacturing business.
We contacted Bank of America for a response, and spokeswoman Anne Pace told us that while she could not comment on the bank’s relationship with McMillan Group, she could tell us that Bank of America “has no policies that would prohibit us from doing business with clients in [the firearms] industry”:
While we cannot discuss the details of any individual client we work with, we can assure you the allegations being made here are completely false. Bank of America does not have a policy that prohibits us from banking clients in this industry. In fact, we have numerous, longstanding customers in the industry.
As evidence, Ms. Pace pointed us to an April 2012 financial news article which mentioned, among other topics, a
Elsewhere, talk of 8% area is out on the US$250m third lien senior secured notes from FGI Operating Co (Freedom Group Inc). The
In December 2012 Joe Sirochman, the owner of American Spirit Arms, claimed in a Facebook post that Bank of America froze his company’s account because he is in the firearms business:
”WE BELIEVE YOU SHOULD NOT BE SELLING GUNS and PARTS ON THE INTERNET“ I flipped the F**k Out and told them that they have no right to make up their own new rules and regs, that we are a firearms Manufacturer with all the proper licensing FFL (Federal Firearm license), SOT, and that we follow all Federal and All States’ rules and regulations on shipping Firearms and parts and that we are also Audited by ATF and Homeland Security on a regular basis. She said that she understands that but that the deposits will be released After they have a Chance to review and clear them. I told her that This was unacceptable and the those deposits (that were a week old by now) needed to be released ASAP, that we are a small business and rely on the revenue to run and stay operational. After that being said another Manager got involved and released one of the deposits (to help out). So far to date after Two weeks of sales only 1/3 of collected internet sales have been released. I am still pissed and looking for another Bank and options. I just thought the public should know. I will keep everyone posted on new developments.
My name is Joe Sirochman owner of American Spirit Arms and I wanted to share my recent experience with Bank of America (which we have been doing business with for over 10 years). Everyone is familiar with the latest increase in guns sales, dealers selling out of inventory, manufacturers backlogged for months, large revenue all generated in the last two weeks. American Spirit Arms is no exception to the overwhelming demand. What we have experienced is that our web site orders have jumped 500% causing our web site
Bank of America maintained that the situation encountered by
This customer’s concerns have been resolved. Any spike in transaction volumes is routinely reviewed by the bank in order to protect our customers. This process is initiated regardless of the industry in which they do business.
A January 2013 video claimed to document a Bank of America representative stating that the banking chain would no longer accept purchases of firearms or ammunition made with their credit or debit cards:
However, when we contacted Bank of America ourselves, a representative told us that the company had no such policy, and another video related that same information, contradicting the previous video:
Last updated: 16 January 2013