Bank of America Assails Scottsdale-Based Firearm Manufacturer


The following open letter is circulating on Facebook by a reputable source. We ask that you read the letter, circulate it and then contact Bank of America and tell them you will no longer do business with them. We also ask that you support American Spirit Arms based in Scottsdale. (Thanks to Todd Rathner for bringing it to our attention.)

My name is Joe Sirochman owner of American Spirit Arms and I wanted to share my recent experience with Bank of America (which we have been doing business with for over 10 years). Everyone is familiar with the latest increase in guns sales , dealers selling out of inventory , Manufacturers back logged for months, large revenue all generated in the last two weeks . American Spirit Arms is no exception to the overwhelming demand. What we have experienced is that our web site orders have jumped 500% causing our web site E commerce processing larger Deposits to BANK OF AMERICA. Well, this threw up a huge RED Flag with Bank of America. So they decided to hold the deposits for further review, meaning that the orders/payments that were coming in through the web, (being paid by the customer and that were shipped out by American Spirit Arms ), the BANK was keeping (UNDER REVIEW ). As you could imagine this made me furious. 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.”

I flipped the F**k Out and told them that they have no right to make up their own new rules and regs – that we are a firearms manufacturer with all the proper licensing FFL (Federal Firearm license ), SOT and that we follow all Federal and all states’ rules and regulations on shipping firearms and parts and that we are also Audited by ATF and Homeland Security on a regular basis. She said that she understands that but that the deposits will be released After they have a chance to review and clear them. I told her that this was unacceptable and the those deposits (that were a week old by now ) needed to be released ASAP, that we are a small business and rely on the revenue to run and stay operational.

After that being said another manager got involved and released one of the deposits (to help out). So far to date after two weeks of sales only 1/3 of collected internet sales have been released. I am still pissed and looking for another bank and options.

I just thought the public should know.

I will keep everyone posted on new developments.

Sincerely

Joseph P Sirochman
American Spirit Arms
16001 N Greenway Hayden Loop, Suite B
Scottsdale AZ 85260
480-367-9540 phone
480-367-9541 fax

Please visit American Spirit Arms at: http://www.americanspiritarms.com.

 

 


Comments

  1. Varian Wrynn says:

    This would appear to be a trend – BofA screwed a gun stock manufacturer earlier this year: http://dailycaller.com/2012/04/20/anti-gun-bank-of-america-tells-gun-company-to-find-another-bank/

  2. BOA actions are Arbitrary and Capricious that is causing harm to Spirit Arms.

    Should have recorded the conservations, sue BOA for misfeasance (vicarious liability) and because it’s reasonable to assume this BOA individual acted against SOP’s, sue the individual as well, they have no indemnification for such behaviors that are wanton.

  3. I quit doing business with BOA after I discovered that they were helping illegals get bank accounts. I closed my account and a hispanic bank official asked me why. I told him and he agreed with me! Still, he’s an “official” of this lousy bank. I hoping that Spirit Arms find another bank and lets these miserable “people” go.

  4. Being far more sensitive to POWER GRABS than most, I quit using B of A in the 70’s.

  5. Nice headline, but I am left trying to guess who is slandering whom. The all caps was a tip-off.

    What kind of businessman are you that if you have a problem and call a minion at the bank? Your banker is your partner. Put him on your Christmas card list. Take him to the range. Give him a tour of your facility. The guy says he’s been doing business with them for a decade, which means he’s been paying too much and getting bad service all along. Dang.

    So the link to the fiberglass gun stock company article tells the rest of the story. The bank loaned them money and, reading between the lines, is underwritten by insurance companies and eventually the FDIC and everyone is nervous about how the courts might interpret the liability of a company for producing gun-related stuff. They are re-assessing their risk. Don’t take it personally.

    Fight fire with fire. If you care about your business you should shop as often for banks and credit card processing relationships as often as you do for gas and groceries. Welcome to America. Loyalty only goes so far. If we all did this with our businesses there would be real competition between banks and lower prices and better service for all of us.

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