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Old January 7, 2013, 04:50 PM   #1
TMD
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Bank of America is at it again folks.

http://cnsnews.com/blog/gregory-gwyn...y-owner-claims

Hopefully all our members remember the fiasco that went on between BoA and McMillan. Well here they are at it again with American Spirit Arms. Hopefully all members on here who bank with them will reconsider and move their money elsewhere.
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Old January 7, 2013, 05:46 PM   #2
Drummer101
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Bank of America

http://cnsnews.com/blog/gregory-gwyn...y-owner-claims

Freezes gun manufactures account...

I think they did a similar thing to McMillan not that long ago.

I believe they are able to (their business) but still it does not make it right...
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Old January 7, 2013, 05:48 PM   #3
Alabama Shooter
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Bank America had enough other problems I dropped them decades ago.
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Old January 7, 2013, 06:03 PM   #4
357 Python
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I believe they can not "freeze" a person's account without a court order or proof of illegal activity. Many years ago my uncle was in an accident (hit from behind and knocked down a 30-40 foot enbankment). There were a lot of medical bills and the law suit had not come to trial yet. After several months the hospital had the bank "freeze" his personal and business accounts then sued him for non-payment. The judge informed the hospital's attorney that they were in violation of law because they could not "freeze" his accounts and that they had made it impossible for him to pay them even if he wanted to. The judge also told them they could not proceed with their case until his case against the other driver was settled. The hospital's attorney became so obnoxious the judge then declared the hospital bill null and void. The judge said my uncle no longer owed the money and the judge ordered the bank to release his accounts.
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Old January 7, 2013, 06:56 PM   #5
MLeake
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It seems to me there were other issues with McMillan at the time. At least, people posted about other issues in the thread back then, IIRC.
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Old January 7, 2013, 11:14 PM   #6
Double Naught Spy
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Quote:
I believe they can not "freeze" a person's account without a court order or proof of illegal activity.
Something tells me that the account was "frozen" as claimed. I see no mention of dealing with the proper regulatory authorities.

Do you all find it interesting the number of gun manufacturers and gun-related businesses doing primary business with noted anti-gun institutions and doing so for long periods of time and then appearing to be surprised when something goes wrong?
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Old January 7, 2013, 11:15 PM   #7
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Merged threads split between posts #1 and #2.
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Old January 8, 2013, 04:22 AM   #8
BillCA
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At issue is the primary reason BofA put a hold on the account.
If there are "other" issues with the banking client then they may be within their authority to do so (e.g. non-payment for services).

Of course, it it's because BofA has a "belief" that this company should not be selling on the internet, reputable as they may be, because of the business they are in -- or because of the recent CT tragedy -- then they overstep their authority into restraint of trade.

This kind of thing and the McMillan debacle give me incentive to tell my friends & family to avoid banking there. Doing it once (that we know of) is bad enough. Twice makes it their policy, IMO. So I'm going a step further. I will now recommend any business that they avoid BofA like the plague. If they can close down one business they disapprove of, why not yours? Especially if you are suddenly flooded with orders over the internet.
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Old January 8, 2013, 07:51 AM   #9
dbldune
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Bank America

I have a deposit box with BA and one day while waiting for some help spoke with the manager. He told me that they do not make loans to companies that make fire arms and related products.
MY OPINION, they are an arrogant company with marginal services.
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Old January 8, 2013, 08:55 AM   #10
Double Naught Spy
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Quote:
Guess they are working their way back to their roots.
You mean by helping out immigrants and helping get San Francisco back on its feet after a disaster?

Calling B of A names hardly addresses the issue. There are banks that do not deal with certain sectors of the market. This is not terribly unusual and can be for various reasons.
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Old January 8, 2013, 09:17 AM   #11
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I read the story and I'm not convinced. I have worked with many banks and that's just not how they typically operate (and I'm not fan of BOA, but for other reasons) First, they are far more concerned about bank regulators and bad press than they are about internet gun sales. Remember what happened when they wanted to charge an ATM fee? They quickly tucked tail and reversed when it folks yelped about it.

Second, there was no mention in the article about "freezing accounts" - apparently the deposits were held longer than the account holder had expected. Maybe this caused him to become overdrawn, in which case the account may have been frozen at that time.

Third, I have seen my share of fly-by-night gun parts dealers/makers to make me go "hmmmm, wonder if there's another side to this story". Reference: Valkyrie Arms Olympia WA; J.A. Ciener; Dana Reed; Ares Defense (Shrike) - and the list goes on. I'm not saying this is one of the bad ones - I don't know. But, some of these companies have long histories of taking people's deposits and not giving them anything for it, generating lots of complaints, investigations etc.
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Old January 8, 2013, 05:09 PM   #12
Carne Frio
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American Spirit Arms is located in Arizona.
The state can revoke the bank's business
license. If that takes too long, they can also
prohibit the banks from handling any of the
state's money.
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Old January 8, 2013, 05:20 PM   #13
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I think that BofA is their credit card processor. Often credit card processors will hold back funds to "protect themselves" from charge backs. Sounds like BofA might be entering into the realm of social engineering. They clearly market to illegal aliens in California. I stopped doing business with them years ago.

I heard an interview with the business owner on Fox this afternoon and he said the money has been released. I think I am going to drive over to their store and buy something for cash as a sign of support.
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Old January 8, 2013, 06:08 PM   #14
Tom Servo
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Let's remember that posts must be gun related here. If you want to discuss the situation brought up by the OP, fine. If you just want to gripe about Bank of America in general, this is the wrong place.
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Old January 8, 2013, 07:13 PM   #15
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This would not surprise me because BofA and some banks in general are so heavily influenced by the government already (arguably socialized, don't want to get into it). They probably share the same sentiments up top for the average citizen with guns that bank with them.
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Old January 9, 2013, 01:26 AM   #16
aircorpnut
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did BofA get any bailout money? curious if there might be a "i'll scratch your back if you scratch mine when the need arises" type deal made...
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Old January 9, 2013, 02:12 AM   #17
mrbatchelor
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I have a commercial account with a smaller regional bank, not B of A, and whenever I deposit a larger than normal check they hold back funds for 7 business days.

I've got an extremely good relationship with them, and I've asked about it. It is a formal policy, and I'm not the only one. My local rep has some leeway, releasing some funds while waiting for something to clear, but she cannot sidestep the policy. So if I'm looking for materials to start a project I just have to build that time into the delivery schedule.

(Yeah, yeah, I know there are places that finance receivables. I'm sticking with the bank I've had an account at for decades and he know my first name and recognize my cell phone number on the caller ID.)

Regardless, the point is that if they made a large deposit and it was a paper check, then there's still enough fraud going on out there that no bank is going to let it ride. Naturally, where the decision is made depends on your cash flow. A hundred million a year in receipts gets you a lot more lease than a hundred thousand.

Of course, B of A has a know reputation for being stupid, so this might just be more fuel for that fire. That wouldn't be shocking.
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