The Firing Line Forums

Go Back   The Firing Line Forums > The Conference Center > Law and Civil Rights

Closed Thread
 
Thread Tools Search this Thread
Old March 16, 2010, 01:01 PM   #1
AZarmament
Junior Member
 
Join Date: March 16, 2010
Posts: 3
Bank of America takes a stand against gun businesses

A bit about Bank of America. They are again showing their anti-gun tendencies. I was recently refused a line of credit by BOA. I had hopes of growing the business with the benefit of the bank that I have had a lengthy and substantial relationship with.

I was simply floored when I was told by the Bank of America credit analyst that I was being denied credit due to the "nature of my business". It seems that Bank of America after viewing my web store made a determination that underwriting businesses that sell quality weapons accessories is a violation of corporate policy.

I have since been told by BOA representatives that my sort of business fits into an undesirable category of business entities that include online adult entertainment and payday check cashing establishments. Yes, their exact words.

They can't seem to appreciate that my business is recorded with the GSA's Central Contractor Registration as well as Dunn & Bradstreet. Most of the items that I sell are currently listed in the GSA advantage catalog and made available to state and local governments as well as all Federal agencies.

My local branch was eager to open a business account with the full knowledge that I sell weapons accessories. At the time I opened my business account no such policy seemed to be in place. Now they are scrambling to find out what Corporate Bank of America is up to.

If you are having similar difficulties with BOA mention it here and notify me as well. I have asked for NRA help with this and also requested that the Second Amendment Foundation cease their business dealings with BOA. They currently offer BOA investment products on their homepage. -Rich
AZarmament is offline  
Old March 16, 2010, 01:11 PM   #2
DRice.72
Senior Member
 
Join Date: October 19, 2009
Location: Western North Carolina
Posts: 451
Incredible.
__________________
They who can give up essential liberty to obtain a little temporary safety, deserve neither liberty nor safety - Benjamin Franklin
Light is faster than sound. This is why some people appear bright unitl you hear them speak!
They should have stopped with "Congress shall make no Law...
DRice.72 is offline  
Old March 16, 2010, 01:22 PM   #3
Brian Pfleuger
Moderator Emeritus
 
Join Date: June 25, 2008
Location: Austin, CO
Posts: 19,578
Seems easy enough....

Simply end the "lengthy and substantial relationship" and use another bank.... and be very vocal about it. Talk to the local manager, any VP that you can get in touch with, write them a letter and send it to your local branch and headquarters. Detail your history, tell them how much money they've made from you and how they're not going to make another dime. It likely won't change anything, and I'd close business with them even if they offered at this point, but you'll get your displeasure across effectively.

I quit using BoA years ago and never will again.
__________________
Nobody plans to screw up their lives...
...they just don't plan not to.
-Andy Stanley
Brian Pfleuger is offline  
Old March 16, 2010, 03:29 PM   #4
Double Naught Spy
Senior Member
 
Join Date: January 8, 2001
Location: Forestburg, Montague Cnty, TX
Posts: 12,714
Quote:
A bit about Bank of America. They are again showing their anti-gun tendencies.
Quote:
I was simply floored when I was told by the Bank of America credit analyst that I was being denied credit due to the "nature of my business". It seems that Bank of America after viewing my web store made a determination that underwriting businesses that sell quality weapons accessories is a violation of corporate policy.
How can you be "floored" by your credit rejection when you know BOA to be anti-gun in the first place?

While you may have had a long history helping support an anti-gun bank like BOA, I don't know why you think they would be willing to support your type of business for which they have a long history of not supporting. You knew about their anti-gun position and there are threads on this forum that mention it, not that you probably ever spent much time here until you wished to complain that you weren't given a line of credit.
http://www.thefiringline.com/forums/...ubs+gun+stores
http://www.thefiringline.com/forums/...ank+of+america
http://www.thefiringline.com/forums/...ank+of+america
http://www.thefiringline.com/forums/...ank+of+america

Heck, a quick internet search would have turned up lots of hits about BOA and their anti-gun perspectives.

Maybe if you would have taken the time to do a little research about your potential lender, you might have lost the naive perspective that somehow BOA was going to treat you differently and go against it long standing policy and then you would not have had to suffer the blemish of having your line of credit rejected.
__________________
"If you look through your scope and see your shoe, aim higher." -- said to me by my 11 year old daughter before going out for hogs 8/13/2011
My Hunting Videos https://www.youtube.com/user/HornHillRange
Double Naught Spy is offline  
Old March 16, 2010, 03:42 PM   #5
maestro pistolero
Senior Member
 
Join Date: August 16, 2007
Posts: 2,153
Double naught, I wouldn't disagree, but why take this tone with a fellow member? I just don't see the reason for it. Either take his post for the information or confirmation it provides, or just leave it alone. We have enough opposition in the world. How does it serve our purpose to turn on our own? There is way too much of this in our community, IMO.
maestro pistolero is offline  
Old March 16, 2010, 03:45 PM   #6
Glenn E. Meyer
Senior Member
 
Join Date: November 17, 2000
Posts: 20,064
Let's see if we get another post by the OP after this one. If we don't, then it's probably just a blast across a myriad of fora.
__________________
NRA, TSRA, IDPA, NTI, Polite Soc. - Aux Armes, Citoyens
Glenn E. Meyer is offline  
Old March 16, 2010, 03:55 PM   #7
alloy
Senior Member
 
Join Date: September 11, 2008
Posts: 1,931
I stopped with them about 2 years ago over a different policy. Didn't affect me per se, but I just thought it was bad business. A shame because my father was a senior vice president back in the day, from Virginia National, thru Sovran, who is now BOA. Back when bankers were stodgy bird hunters and being fiscally responsible was part of the job or your job was gone.

I didn't realize they had also become anti gun but I guess it's to be expected lately. He must be rolling in his grave, I remember the savings and loan warnings before that one hit the fan....
__________________
Quote:
The uncomfortable question common to all who have had revolutionary changes imposed on them: are we now to accept what was done to us just because it was done?
Angelo Codevilla
alloy is offline  
Old March 16, 2010, 04:08 PM   #8
Metaloy Industries
Senior Member
 
Join Date: July 5, 2006
Location: Arkansas
Posts: 179
WOW! Just WOW! Using that type of specific language in THIS economy will be their death. That is terrible business sense.

Oh well...banking is too competitive to stand for that crap. Go elsewhere and quickly. THEY deserve 0 of any lay abiding gun owners hard earned money.
__________________
Chris Peters
Metaloy Industries, Inc.

www.originalmetaloy.com
The 'Original' Hard Chrome finish
TactiKote finish
Visit the Metaloy Blog http://metaloyindustries.typepad.com/
Metaloy Industries is offline  
Old March 16, 2010, 04:21 PM   #9
AZarmament
Junior Member
 
Join Date: March 16, 2010
Posts: 3
I'm pretty thick skinned, and 00SPY is essentially correct. I did not learn about Bank of America's anti-gun position until after they denied me services. I am now becoming very outspoken to prevent future occurrences.
AZarmament is offline  
Old March 16, 2010, 04:51 PM   #10
KyJim
Senior Member
 
Join Date: July 26, 2005
Location: The Bluegrass
Posts: 9,137
As you can see by my post count, I post on the forum on a fairly regular basis. This is the first I can recall hearing about Bank of America. It's easy to miss the occaisonal thread on these things.
KyJim is offline  
Old March 16, 2010, 04:57 PM   #11
KLRANGL
Senior Member
 
Join Date: September 9, 2008
Location: Fredericksburg, VA
Posts: 958
No one told me that Bank of America was anti gun...
Guess I'll have to start looking for another bank. Only problem is, Bank of America seems to be the only bank I've seen in the area that doesn't have a no-gun sign on the door. Oh the irony...
__________________
And it's Killer Angel... as in the book
KLRANGL is offline  
Old March 16, 2010, 05:15 PM   #12
amd6547
Senior Member
 
Join Date: May 27, 2006
Posts: 2,313
Not only is BofA anti-gun, but they are just bad people. The company my wife works for was bought by BofA during the crash. everything has gone downhill, benefits are less and cost much more. In fact, with 20++ years at her job, she is being treated as a "new" employee.
__________________
The past is gone...the future may never happen.
Be Here Now.
amd6547 is offline  
Old March 16, 2010, 06:10 PM   #13
Sodbuster
Senior Member
 
Join Date: September 26, 1999
Location: Wyo-Tana
Posts: 1,298
BoA, the house of god. $$$ Countrywide Financial. $$$ Angelo Mozilo. 'nuf said. :barf:

Evil on more than RKBA.
__________________
Remember, many times what we view as a curse in the present turns out to be a blessing in the future. Don't worry about it a lot. Things have a way of working out. Trust me on this one. - - Uncle Bill Martino
Sodbuster is offline  
Old March 16, 2010, 06:43 PM   #14
Double Naught Spy
Senior Member
 
Join Date: January 8, 2001
Location: Forestburg, Montague Cnty, TX
Posts: 12,714
Quote:
Double naught, I wouldn't disagree, but why take this tone with a fellow member? I just don't see the reason for it. Either take his post for the information or confirmation it provides, or just leave it alone. We have enough opposition in the world. How does it serve our purpose to turn on our own? There is way too much of this in our community, IMO.
Maybe if folks took the time to do a simple internet search, they would not come to these shocking realizations after they have gotten screwed or otherwise inconvenienced. AZarmament joined here for the purpose complaining about BOA and soliciting feedback because he didn't do his homework first. So he is complaining after the fact about something for which information was readily available. If he can complain after the fact about something for which information was available, then by golly he could have taken just a few minutes before the fact and saved himself a lot of grief.

So while my point was directed at AZarmament, it wasn't just for AZarmament. Five minutes of internet searches can reveal a lot about many companies. That probably would have been less time than it took to fill out his applicaiton with BOA for a line of credit. Why people don't bother making better use of the internet before they get screwed or inconvenienced is beyond me, but maybe by pointing out AZarmament's folly, a few more people will get a clue and not go down the same road...with BOA or with any other company.

Now because he feels like he has been mistreated by BOA, AZarmament is going to invest lots of time fighting BOA...time that likely could be better spent trying to make his business better. All the inconvenience and all of the time that he is now going to invest in this cause (that he would not have otherwise invested in fighting BOA or any other company) could have been bypassed with a simple internet search.
__________________
"If you look through your scope and see your shoe, aim higher." -- said to me by my 11 year old daughter before going out for hogs 8/13/2011
My Hunting Videos https://www.youtube.com/user/HornHillRange
Double Naught Spy is offline  
Old March 16, 2010, 07:11 PM   #15
maestro pistolero
Senior Member
 
Join Date: August 16, 2007
Posts: 2,153
Double Naught, more of the same judgmental, useless commentary. Why? Why is this how we welcome a new member?

Last edited by maestro pistolero; March 16, 2010 at 07:25 PM.
maestro pistolero is offline  
Old March 16, 2010, 07:14 PM   #16
gc70
Senior Member
 
Join Date: May 24, 2005
Location: North Carolina
Posts: 2,902
Quote:
I was simply floored when I was told by the Bank of America credit analyst that I was being denied credit due to the "nature of my business". It seems that Bank of America after viewing my web store made a determination that underwriting businesses that sell quality weapons accessories is a violation of corporate policy.
That is odd.

Quote:
GunBroker.com Closes Financing with Bank of America and Triton Value Partners
March 17, 2009 05:14 PM Eastern Daylight Time

ATLANTA--(EON: Enhanced Online News)--GunBroker.com the world's largest online auction site and community for firearms, accessories and hunting supplies, today announced it has closed $7 million in debt financing with Bank of America. The transaction was arranged by Triton Value Partners, an Atlanta based business advisory and private equity firm.
gc70 is offline  
Old March 16, 2010, 07:31 PM   #17
AZarmament
Junior Member
 
Join Date: March 16, 2010
Posts: 3
Thanks gc70, that is interesting and perhaps useful.
AZarmament is offline  
Old March 16, 2010, 07:40 PM   #18
gc70
Senior Member
 
Join Date: May 24, 2005
Location: North Carolina
Posts: 2,902
Sometimes the business groups in a large company pursue very different business strategies.

Good luck with your business financing, AZarmament.
gc70 is offline  
Old March 16, 2010, 08:22 PM   #19
NWPilgrim
Senior Member
 
Join Date: September 29, 2008
Location: Oregon
Posts: 2,340
Perhaps BofA would have approved your request if your business charged exorbitant fees, catered to illegal aliens, and could rely on the federal government to bail you whenever you made stupid business decisions.

I freed myself of the BofA stink two years ago in favor of a local CU. Life is so much more pleasant.
__________________
"The ultimate authority ... resides in the people alone. ... The advantage of being armed, which the Americans possess over the people of almost every other nation ... forms a barrier against the enterprises of ambition."
- James Madison
NWPilgrim is offline  
Old March 16, 2010, 08:26 PM   #20
Mike Irwin
Staff
 
Join Date: April 13, 2000
Location: Northern Virginia
Posts: 41,374
I agree, Maestro.

Double Naught, I suggest you take a deep breath and suck up the plume of overwrought pissitude that you have spewed and, in the future, keep it in check.
__________________
"The gift which I am sending you is called a dog, and is in fact the most precious and valuable possession of mankind" -Theodorus Gaza

Baby Jesus cries when the fat redneck doesn't have military-grade firepower.
Mike Irwin is offline  
Old March 17, 2010, 12:17 AM   #21
jgcoastie
Senior Member
 
Join Date: February 15, 2009
Location: Kodiak, Alaska
Posts: 2,118
And my wife wonders why I love USAA so much...

I closed all of our other bankings/investments/insurance/etc. when I joined the Coast Guard and switched it all to USAA. They save me around $700 a year in homeowner, renter, and vehicle insurance alone.
__________________
"To preserve liberty, it is essential that the whole body of the people always possess arms, and be taught alike, especially when young, how to use them." -Richard Henry Lee, Virginia delegate to the Continental Congress, initiator of the Declaration of Independence, and member of the first Senate, which passed the Bill of Rights.
jgcoastie is offline  
Old March 17, 2010, 01:57 AM   #22
hogdogs
Staff In Memoriam
 
Join Date: October 31, 2007
Location: Western Florida panhandle
Posts: 11,069
While I am far from a "big time deep pockets sort of fella, I fell from the clutches of big banks around 1989...
Including BoA, I had had it with the growing monthly fees of loaning money to a bank.

From the first day i did business with a local independent bank I have been happier. For the last 10 years or more, it has been small CU's. I can't understand why so few folks find it insane to pay a fee every month to loan a bank their money to use.

Now i find one I banked with and dumped is anti gun...
Brent
hogdogs is offline  
Old March 17, 2010, 07:07 AM   #23
Uncle Buck
Senior Member
 
Join Date: June 21, 2009
Location: West Central Missouri
Posts: 2,592
I hope you also stop accepting credit cards and checks issued by/thru BofA.

I am with Brent on this. I will continue to use local banks and credit unions, because I can. I have switched banks before because they were bought out by bigger banks. None of them have probably missed my money, but for me it is a principle thing.

Good luck to you.
__________________
Inside Every Bright Idea Is The 50% Probability Of A Disaster Waiting To Happen.
Uncle Buck is offline  
Old March 17, 2010, 08:24 AM   #24
Double Naught Spy
Senior Member
 
Join Date: January 8, 2001
Location: Forestburg, Montague Cnty, TX
Posts: 12,714
Quote:
I hope you also stop accepting credit cards and checks issued by/thru BofA.
Well this brings up a whole new issue for a small business owner, though it may not affect AZarmament's online business because he isn't likely to know whose bank issues the credit card his online customers are using to pay for their goods.

Do you take the fight to the extreme of not accepting BOA credit cards at the risk of alienating customers and losing business, which will result in a loss of income and potentially resulting in a loss of the business? In other words, do you extend your fight with BOA to being a fight with your customers who may have a BOA credit card, telling them that you don't want their money if they are going to pay with BOA credit? That would be a very bad business decision from the standpoint of helping the business to thrive in an already stressed economy where more folks and restriced discretionary income.
__________________
"If you look through your scope and see your shoe, aim higher." -- said to me by my 11 year old daughter before going out for hogs 8/13/2011
My Hunting Videos https://www.youtube.com/user/HornHillRange
Double Naught Spy is offline  
Old March 17, 2010, 08:40 AM   #25
noyes
Senior Member
 
Join Date: December 27, 2008
Posts: 1,032
Accounts have been closed & moved to another bank.

Thanks for posting AZarmament
noyes is offline  
Closed Thread

Tags
anti-gun bank america

Thread Tools Search this Thread
Search this Thread:

Advanced Search

Posting Rules
You may not post new threads
You may not post replies
You may not post attachments
You may not edit your posts

BB code is On
Smilies are On
[IMG] code is On
HTML code is Off

Forum Jump


All times are GMT -5. The time now is 05:34 AM.


Powered by vBulletin® Version 3.8.7
Copyright ©2000 - 2024, vBulletin Solutions, Inc.
This site and contents, including all posts, Copyright © 1998-2021 S.W.A.T. Magazine
Copyright Complaints: Please direct DMCA Takedown Notices to the registered agent: thefiringline.com
Page generated in 0.13665 seconds with 10 queries