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Thread: Bank of America Freezes Gun Manufacturer's Account, Company Owner Claims

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    Bank of America Freezes Gun Manufacturer's Account, Company Owner Claims

    I closed everything out of Bank of America when they gave visa credit cards to illegal immigrants with no social security numbers and no credit check required.
    When I got my BOA Visa I had to submit an application with all my information and submit to a credit check...I mean give me a BREAK here...I dumped them.

    Bank of America has reportedly frozen the account of gun manufacturer American Spirit Arms, according to its owner, Joe Sirochman.

    In a Facebook post dated December 29, Sirochman wrote the following:
    “My name is Joe Sirochman owner of American Spirit Arms...our Web site orders have jumped 500 percent causing our Web site e-commerce processing larger deposits to Bank of America. So they decided to hold the deposits for further review.
    “After countless hours on the phone with Bank of America, I finally got a manager in the right department that told me the reason that the deposits were on hold for further review -- her exact words were -- ‘We believe you should not be selling guns and parts on the Internet.’”(emphasis added)
    Sirochman also wrote that he told the bank manager that “they have no right to make up their own new rules and regs” and that “[American Spirit is a] firearms manufacturer with all the proper licensing.”
    He also noted that he has been doing business with Bank of America for over 10 years, but will now be looking for a new bank.
    According to Unlawful News, this isn't the first time Bank of America has targeted a customer involved in the firearms industry.


    Bank of America Freezes Gun Manufacturer's Account, Company Owner Claims | CNS News


    Bank of America Freezes Gun Manufacturer's Account, Company Owner Claims | CNS News

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    Re: Bank of America Freezes Gun Manufacturer's Account, Company Owner Claims

    Interesting. I think they should have stopped accepting the payments--not accepting them and freezing them. If they do not want to do business that is one thing; but to actually freeze the funds I think should be illegal.

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    Re: Bank of America Freezes Gun Manufacturer's Account, Company Owner Claims

    Little by little I have been directing clients to Chase if they need a bigger bank. They aren't great but they also aren't BofA or Wells Fargo.

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    Re: Bank of America Freezes Gun Manufacturer's Account, Company Owner Claims

    Quote Originally Posted by Fisher View Post
    Interesting. I think they should have stopped accepting the payments--not accepting them and freezing them. If they do not want to do business that is one thing; but to actually freeze the funds I think should be illegal.
    My understanding is that they are treating it as a fraud investigation since the volume blew up so much.

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    Re: Bank of America Freezes Gun Manufacturer's Account, Company Owner Claims

    Bank of America: money laundering for the mob since 1989...

    Hypocrites.

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    Re: Bank of America Freezes Gun Manufacturer's Account, Company Owner Claims

    Quote Originally Posted by Lutherf View Post
    My understanding is that they are treating it as a fraud investigation since the volume blew up so much.
    Thanks for the tidbit. I prefer to use local banks that do not flag transactions so much (and they have saved my bacon many times when I did things like put my payroll deposit into the wrong account because I was having a blond moment but they covered the whole thing until I got the money moved around. If I know I screwed up, I can give the manager a heads up and she lets everything go through; if I didn't know I screwed up she will call me and ask if she wants me to let something go through, all without charging me a dime in fees).

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    Re: Bank of America Freezes Gun Manufacturer's Account, Company Owner Claims

    Quote Originally Posted by Fisher View Post
    Thanks for the tidbit. I prefer to use local banks that do not flag transactions so much (and they have saved my bacon many times when I did things like put my payroll deposit into the wrong account because I was having a blond moment but they covered the whole thing until I got the money moved around. If I know I screwed up, I can give the manager a heads up and she lets everything go through; if I didn't know I screwed up she will call me and ask if she wants me to let something go through, all without charging me a dime in fees).
    Oh, don't get me wrong, I MUCH prefer smaller local banks for most small businesses but some of my clients need bigger banks for various reasons.

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    Re: Bank of America Freezes Gun Manufacturer's Account, Company Owner Claims

    Quote Originally Posted by Lutherf View Post
    Oh, don't get me wrong, I MUCH prefer smaller local banks for most small businesses but some of my clients need bigger banks for various reasons.
    Mine too. I just prefer smaller banks for me personally.

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    Re: Bank of America Freezes Gun Manufacturer's Account, Company Owner Claims

    many firearms dealers/makers are showing abnormal rates of sales

    a local range/gunshop went from doing sales of 20-40K a week to over a million

    Brownell's sold more AR 15 magazines in the last month than the previous year

    major internet magazine dealers like CDNNInvestments, Midway USA, and 44 Mag have sold so much that several have suspended internet sales or have completely sold out of

    1) AR 15 magazines
    2) ammunition for AR 15 and AK style rifles

    M&A Parts (a major supplier of AR 15 kits-you have to buy the receiver from a licensed dealer but you can then build the full rifle with their kits) are completely sold out of such kits or uppers (the top part of the AR 15)

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    Re: Bank of America Freezes Gun Manufacturer's Account, Company Owner Claims

    Seems a bit late for Bank of American to have a problem with arms manufacturers now.Hopefully Sirochman sues Bank of America and wins.
    "A nation can survive its fools, and even the ambitious. But it cannot survive treason from within. An enemy at the gates is less formidable, for he is known and carries his banner openly. But the traitor moves amongst those within the gate freely, his sly whispers rustling through all the alleys, heard in the very halls of government itself. For the traitor appears not a traitor; he speaks in accents familiar to his victims, and he wears their face and their arguments, he appeals to the baseness that lies deep in the hearts of all men. He rots the soul of a nation, he works secretly and unknown in the night to undermine the pillars of the city, he infects the body politic so that it can no longer resist. A murder is less to fear"

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