Bank of America takes a stand against gun businesses

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AZarmament

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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
 
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.
 
A bit about Bank of America. They are again showing their anti-gun tendencies.
Click to expand...

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.
Click to expand...

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/showthread.php?t=70001&highlight=bank+snubs+gun+stores
http://www.thefiringline.com/forums/showthread.php?t=65707&highlight=bank+of+america
http://www.thefiringline.com/forums/showthread.php?t=66078&highlight=bank+of+america
http://www.thefiringline.com/forums/showthread.php?t=65518&highlight=bank+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.
 
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.
 
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....
 
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.
 
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.
 
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.
 
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...
 
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.
 
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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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.
 
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.
Click to expand...

That is odd.

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.
Click to expand...
 
Sometimes the business groups in a large company pursue very different business strategies.

Good luck with your business financing, AZarmament.
 
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.
 
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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