Bank of America – The Un-American Bank
By Chris Avena, President of SeeMeHunt.com
Is Bank of America The Un-American Bank? Only a few short months ago Bank of America severed their business relationship with McMillan Firearms because they were a gun manufacturer. As much as Bank of America portrayed their statements as just a misunderstanding, their sincerity was just a little hard to swallow. When a financial institution takes a political position about a particular industry, they walk a very dangerous line.
Should a financial institution be able to decide that they do not want to do business with a legal and federally regulated business because they do not agree with their industry? Should they be able to freeze your account without provocation? Should they be able to act on their own accord while putting their client’s financial interests in jeopardy? That is exactly what Bank of America has done.
According to Joe Sirochman the President of American Spirit Arms, he was told by a Manager at Bank of America
“WE BELIEVE YOU SHOULD NOT BE SELLING GUNS and GUN PARTS ON THE INTERNET “
With the recent surge in recent firearm sales, American Spirit Arms e-commerce sales have increased by 500%. Naturally, they have had much larger than normal bank deposits at Bank of America. You would think that a financial institution would value a client whose business is growing. Instead, Bank of America decided to hold the deposits for “Further Review”. They did not clear those payments or make the money available to American Spirit Arms. Their account was frozen in a state of flux or as Bank of America stated –
“They were keeping the account Under Review”.
While they were holding those payments under review, American Spirit Arms was fulfilling their obligation by shipping product to their customers that they rightfully paid for. When a financial institution’s political beliefs inhibits their customer’s ability to operate their business, that institution has just crossed the line. Where does the legal obligation to their customers end?
As a firearms manufacturer, American Spirit Arms holds a FFL (Federal Firearms License). They are bound to abide by ALL of the State and Federal rules and regulations. They are audited regularly by ATF (Alcohol Tobacco & Firearms) and Homeland Security.
Bank of America Also has State and Federal Rules and Regulations that they Must abide by and they are regulated by the SEC (Securities & Exchange Commission).
By acting as Bank of America has, they may have broken several SEC Regulations. A financial Institution has a fiduciary duty to act in their clients best interests. Bank of America’s actions shows a complete disregard for their clients well being and in doing so, put their financial future at risk.
If a gun manufacturer was not working within their legal guidelines, ATF and Homeland Security would shut them down. What will it take for the SEC to do their job as a Federal Regulator to make sure that Bank of America lives up to their Obligation.