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Old March 16, 2010, 01:01 PM   #1
AZarmament
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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
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Old March 16, 2010, 01:11 PM   #2
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Incredible.
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Old March 16, 2010, 01:22 PM   #3
Brian Pfleuger
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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.
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Old March 16, 2010, 03:29 PM   #4
Double Naught Spy
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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.
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Old March 16, 2010, 03:42 PM   #5
maestro pistolero
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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.
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Old March 16, 2010, 03:45 PM   #6
Glenn E. Meyer
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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.
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Old March 16, 2010, 03:55 PM   #7
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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....
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Old March 16, 2010, 04:08 PM   #8
Metaloy Industries
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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.
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Old March 16, 2010, 04:21 PM   #9
AZarmament
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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.
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Old March 16, 2010, 04:51 PM   #10
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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.
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Old March 16, 2010, 04:57 PM   #11
KLRANGL
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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...
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Old March 16, 2010, 05:15 PM   #12
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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.
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Old March 16, 2010, 06:10 PM   #13
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BoA, the house of god. $$$ Countrywide Financial. $$$ Angelo Mozilo. 'nuf said. :barf:

Evil on more than RKBA.
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Old March 16, 2010, 06:43 PM   #14
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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.
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Old March 16, 2010, 07:11 PM   #15
maestro pistolero
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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.
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Old March 16, 2010, 07:14 PM   #16
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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.
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Old March 16, 2010, 07:31 PM   #17
AZarmament
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Thanks gc70, that is interesting and perhaps useful.
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Old March 16, 2010, 07:40 PM   #18
gc70
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Sometimes the business groups in a large company pursue very different business strategies.

Good luck with your business financing, AZarmament.
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Old March 16, 2010, 08:22 PM   #19
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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.
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Old March 16, 2010, 08:26 PM   #20
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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.
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Old March 17, 2010, 12:17 AM   #21
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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.
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Old March 17, 2010, 01:57 AM   #22
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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
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Old March 17, 2010, 07:07 AM   #23
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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.
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Old March 17, 2010, 08:24 AM   #24
Double Naught Spy
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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.
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Old March 17, 2010, 08:40 AM   #25
noyes
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Accounts have been closed & moved to another bank.

Thanks for posting AZarmament
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