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

lpast

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

Hypocrites.
 
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).
 
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.
 
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.
 
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)
 
Seems a bit late for Bank of American to have a problem with arms manufacturers now.Hopefully Sirochman sues Bank of America and wins.
 
My understanding is that they are treating it as a fraud investigation since the volume blew up so much.
Yeah, this is a sadly common problem. I have a friend that has a side business of publishing boardgames and some books. A pre-order he arranged for, for him, a very popular book (it is reprint of a web comic series) got so large so fast that his CC processor froze the entire account. Fortunately he had the funds outside that to pay off the printers and get through to the shipping and past the time it took for the freeze to get taken off. But it is a cash flow problem that small businesses, particularly online ones, face. Paypal is infamous for doing this, too.
 
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.

Whats wrong w/ Wells Fargo? I've had BoA, Suntrust, ****tybank and Wachovia (now Wells Fargo) and I like Wells Fargo the most out of the bunch. Suntrust were good but not as many locations. Everyone else were crooks.
 
Whats wrong w/ Wells Fargo? I've had BoA, Suntrust, ****tybank and Wachovia (now Wells Fargo) and I like Wells Fargo the most out of the bunch. Suntrust were good but not as many locations. Everyone else were crooks.

I've had bad experiences with them.
 
Whats wrong w/ Wells Fargo? I've had BoA, Suntrust, ****tybank and Wachovia (now Wells Fargo) and I like Wells Fargo the most out of the bunch. Suntrust were good but not as many locations. Everyone else were crooks.

As far as personal banking there is no significant problem with Wells Fargo but their lending division, their payroll division and their financial services are all horrible. The horror stories regarding getting a loan through WFB (especially and SBA loan) are legion and I have had more than one occasion to believe that racial bias may have been in play. Their financial services.......I have a number of clients who have brokerage accounts that are now with WFB and these people are getting screwed. I'm seeing TONS of trades with little to no positive results, no real contact with the customer and fees at the high end of the management spectrum. As far as I'm concerned Grandma shouldn't be paying 2.4% on her half million dollars that has lost 30% in 2 years.
 
As far as personal banking there is no significant problem with Wells Fargo but their lending division, their payroll division and their financial services are all horrible.
I have had issues with them, too. Our mortgage is with them (we did not choose them, it had to do with a company move). At one point, relatively early on but not initially, they double-tapped our checking account for a mortgage payment, which triggered a few overdrafts before we noticed the double-withdrawl. It was a royal PITA getting reimbursed for the overdrafts even though they immediately admitted it was their bad and got the money from the second withdrawal back in shortly. :(

Currently working on refinancing the mortgage so we can kiss them good-bye and then completing the shift of our banking to our employee credit union account.
 
We dropped BoFa years ago.

If you want to see an exploding account, try opening a legal defense fund for American Spirit Arms.
 
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

RIGHTWING FRAUD ALERT!

CNS news is a rightwing lunatic bin that makes up "news". There are no confirming reports from any reputable sources. CNS "source" is a Facebook post from a gun runner.

B of A says the spike in transactions merely prompted a customary review to prevent fraud.

Joe Sirochman and American Spirit Arms says Bank of America withhheld money

In short, Sirochman is another paranoid gun nut.

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Gotta luv the "Law of Unintended Consequences". Obama and the liberal nutjobs decide to capitalize on Newtown in order to push their agenda that we all submit to the state always, and begin a process to disarm those who protect our freedoms. Namely you and me.

And what happens? Firearm sales double, and they ain't slowing down anytime soon. And Obama ain't getting our guns.

Stupid stupid liberals. See post above mine if in doubt. ;)
 
Gotta luv the "Law of Unintended Consequences". Obama and the liberal nutjobs decide to capitalize on Newtown in order to push their agenda that we all submit to the state always, and begin a process to disarm those who protect our freedoms. Namely you and me.

And what happens? Firearm sales double, and they ain't slowing down anytime soon. And Obama ain't getting our guns.

Stupid stupid liberals. See post above mine if in doubt. ;)

But apparently Bank of America is getting Sirochman's money. Paranoia selfdestroya.
 
But apparently Bank of America is getting Sirochman's money. Paranoia selfdestroya.

LOL ..... so you think BoA has some right or duty to keep S's money ?

Whatchoo smokin Willis ?
 
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