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Old 04-21-2012, 10:48 AM   #1
Mr_Draco


 
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Bank of America tells gun manufacturer to take a hike.

http://dailycaller.com/2012/04/20/an...-another-bank/

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McMillan Fiberglass Stocks, McMillan Firearms Manufacturing and McMillan Group International have been collectively banking with Bank of America for 12 years. But no more: In a recent meeting, the mega-bank told the firearms company that its business is no longer welcome.

Operations director Kelly McMillan told the Daily Caller that his company has never been late on a payment and has never bounced a check. The debt outstanding on its line of credit is at 61 percent.

But at the bank’s request, he said, the McMillan group of companies would soon be paying off its credit line and closing its accounts.

Writing Thursday on Facebook, McMillan described a meeting at his office with Ray Fox, a business banking Senior Vice President with the giant bank. What was originally scheduled as an “account analysis” meeting, however, quickly became a political smackdown.

The Bank of America emissary, he said, “spent 5 minutes talking about how McMillan has changed in the last 5 years and have become more of a firearms manufacturer than a supplier of accessories.”

“At this point I interrupted him,” McMillan said, and asked, ‘Can I possibly save you some time so that you don’t waste your breath? What you are going to tell me is that because we are in the firearms manufacturing business you no longer what my business.’”

Fox’s reply, according to McMillan? “That is correct.”

McMillan told TheDC that he plans to move his company’s account to “a more Second Amendment-friendly bank” as soon as it can be done.

He recalls telling the bank executive that he planned to tell the National Rifle Association, Safari Club International, and his other gun-loving friends “that Bank of America is not firearms-industry-friendly.”

“You have to do what you must” was Fox’s reply, he said. “We have to assess the risk of doing business with a firearms related industry.”

The McMillan group of companies may have the last laugh: It is considering no longer accepting Bank of America credit cards for purchases.
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Old 04-21-2012, 03:58 PM   #2
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What is this world coming to?
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Old 04-21-2012, 04:09 PM   #3
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This is exactly what BofA did to my parents in late 2009 after being loyal, debt free customers with plenty of money always in their accounts, etc. They sent my parents a letter giving them a month to get all their money out and find a new bank. This was after my parents banked with them since 1974. They offered no explanation and claimed they held the right not to give any reason. F**k BofA and the horse they rode in on.
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Old 04-21-2012, 04:19 PM   #4
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That's the last straw for me... BofA has been pulling a lot of below- the- belt punches lately. To know that they are going to send somebody packing over a liberal/ politically correct fallacy is enough for to "pull the trigger;" I will close my account on Monday.
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Old 04-21-2012, 04:29 PM   #5
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What is this world coming to?
I agree!! We should inform everyone we know of BoA's decision. Is that not a form of discrimination of BoA's part??
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Old 04-21-2012, 04:30 PM   #6
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What a load of BS! BofA sucks. I hope McMillen sues them.
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Old 04-21-2012, 04:30 PM   #7
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I agree!! We should inform everyone we know of BoA's decision. Is that not a form of discrimination of BoA's part??
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Old 04-21-2012, 04:54 PM   #8
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Originally Posted by VR Code R6P View Post
I agree!! We should inform everyone we know of BoA's decision. Is that not a form of discrimination of BoA's part??
Oh I am. I posted this on my FB and on other forums I am a member of to get it out there. I've very pro-gun and pro-second amendment but even if I wasn't I still would be doing this. What BoA did is wrong and people need to be aware.
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Old 04-21-2012, 05:10 PM   #9
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This is exactly what BofA did to my parents in late 2009 after being loyal, debt free customers with plenty of money always in their accounts, etc. They sent my parents a letter giving them a month to get all their money out and find a new bank. This was after my parents banked with them since 1974. They offered no explanation and claimed they held the right not to give any reason. F**k BofA and the horse they rode in on.
That's a bit bizarre. The bank sent you a notice telling you to remove your money from their bank? Although I could probably believe anything if it was Bank of America. The fact that they have any customers left at all is actually more surprising to me than the take your money elsewhere notice.

Actually, the reason they did this is right in your post. You said your parents were debt free customers with plenty of money in their accounts. Like any other shady financial company, like the credit card companies, for example, they don't want customers with money in their accounts. They want people in debt up to their eyeballs who get into financial trouble so BOA can charge large interest rates, fees, and penalties that people in trouble will find very difficult to get out from under.

These types of institutions don't see responsible, debt free people with money in their accounts as a big enough revenue stream to be worth their time. The sad fact is, the way BOA is set up, an overdrawn account is much more valuable to them than one with money. They learned nothing in 2008-2009.
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Old 04-21-2012, 05:21 PM   #10
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Originally Posted by VR Code R6P View Post
I agree!! We should inform everyone we know of BoA's decision. Is that not a form of discrimination of BoA's part??
By what definition would this be discrimination? I am pro-second amendment, though not as incredibly one-sided as many, but don't you think it would be beneficial to get BofA's side of the story from a source that isn't as obviously bias? Sounds like there may be more to the story.
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Old 04-21-2012, 05:22 PM   #11
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That's a bit bizarre. The bank sent you a notice telling you to remove your money from their bank? Although I could probably believe anything if it was Bank of America. The fact that they have any customers left at all is actually more surprising to me than the take your money elsewhere notice.

Actually, the reason they did this is right in your post. You said your parents were debt free customers with plenty of money in their accounts. Like any other shady financial company, like the credit card companies, for example, they don't want customers with money in their accounts. They want people in debt up to their eyeballs who get into financial trouble so BOA can charge large interest rates, fees, and penalties that people in trouble will find very difficult to get out from under.

These types of institutions don't see responsible, debt free people with money in their accounts as a big enough revenue stream to be worth their time. The sad fact is, the way BOA is set up, an overdrawn account is much more valuable to them than one with money. They learned nothing in 2008-2009.
To make matters worse, my parents had just ordered and received over 5,000 blank payroll checks and they all went to the shredder. Employees that waited too long to cash their paychecks with the BofA checks issued before the cancellation, would cash them at a convenience market and the owner wouldn't be able to get the funds from the bank account which had already been terminated. It made my parents look like they were writing bad checks. Once again I say, f**k BofA!
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Old 04-21-2012, 05:29 PM   #12
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To make matters worse, my parents had just ordered and received over 5,000 blank payroll checks and they all went to the shredder. Employees that waited too long to cash their paychecks with the BofA checks issued before the cancellation, would cash them at a convenience market and the owner wouldn't be able to get the funds from the bank account which had already been terminated. It made my parents look like they were writing bad checks. Once again I say, f**k BofA!
Ouch. That would make me even madder than them telling me to move my account elsewhere. Have your parents ever looked into direct deposit?
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Old 04-21-2012, 05:30 PM   #13
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I agree!! We should inform everyone we know of BoA's decision. Is that not a form of discrimination of BoA's part??
It is discrimination based upon political beliefs. But due to them having a loan B OF A is allowed to ask that the loan be closed immediately. Even if they sue this is what BOFA will say was the reason.

Unless they recorded the phone call, which if the other party didnt know about could be evidence that is thrown out, they will get away with this clean and scott free.

Say hello to big corporations and a crap ton of lawyers that the gun company can not afford.
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Old 04-21-2012, 05:37 PM   #14
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Ouch. That would make me even madder than them telling me to move my account elsewhere. Have your parents ever looked into direct deposit?
No, they took their business to one of our local banks and spoke with the CEO himself about their situation. This bank has been good so far. The payroll is done through this bank now however there were more BofA branches for the employees to cash their checks anywhere in the country. The local bank doesn't have any branches outside my parent's county so the employees have to pay a fee to cash their checks unless they open an account with the bank they want to cash the checks in. It's still sucks but my parents have gotten by just fine and their fruit harvesting company is still running strong. I work for them in the summer during harvest btw.
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