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Bank of America Freezes Gun Manufacturer's Money

soloman02

soloman02

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Looks like BofA is at it it again.

http://www.facebook.com/permalink.php?story_fbid=10151384274052790&id=67153142789
All,
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 through 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
Click to expand...
 
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Have you tried a Credit Union? It's member owned and you probably wouldn't have to deal with that B.S. My Dad is a CEO of a Credit Union in Ohio and I could ask him what he would suggest in freeing up your money if you like.
 
Frankly, I don't believe this. There is no way a bank with even a minimal understanding of its legal obligations to its depositors would hold up a depositor's funds for such a reason.
 
RKG said:
Frankly, I don't believe this. There is no way a bank with even a minimal understanding of its legal obligations to its depositors would hold up a depositor's funds for such a reason.
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Bank of America has consistently shown they do no care about the legalities of being a bank, and look to screw over everyone it can.
 
Dmiller27 said:
Have you tried a Credit Union? It's member owned and you probably wouldn't have to deal with that B.S. My Dad is a CEO of a Credit Union in Ohio and I could ask him what he would suggest in freeing up your money if you like.
Click to expand...

crazymjb said:
I'm soooo happy a ditched BoA. They can go **** themselves.
Mike
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Per both quotes, I told BoA to GFT's, and went to a credit union. I do maintain a local bank, but it's for nominal stuff....my important stuff is with my credit union
 
Dmiller27 said:
Have you tried a Credit Union? It's member owned and you probably wouldn't have to deal with that B.S. My Dad is a CEO of a Credit Union in Ohio and I could ask him what he would suggest in freeing up your money if you like.
Click to expand...

I am already a member of a credit union (and will never go to a big bank). The manufacturer (who I am not affiliated with) is currently a member of BofA. I think he is reconsidering that right now though...

I am merely posting this as information.
 
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 through up a huge RED Flag with Bank of America .
Click to expand...

I suspect that what happened is that a relatively small company is suddenly seeing a huge spike in $$ transactions. All banks are under increasing government scrutiny to look for money laundering to make sure that no money evades Uncle Sam's taxes. This spike probably triggered software that scrutinizes accounts for such activity.

I would be surprised if the manager's comments reflect actual bank policy. Even if it did, she's stupid for saying so. [laugh]

What I find troubling is that it seems to be taking so long to get resolved.
 
Ally. No ATM fees and I can deposit checks from my cell phone (albeit they need to streamline the system), and I get instant customer service when necessary.

Mike
 
I have no problems with Bank of America at this time. The have reversed over draft charges for me, and been nothing but nice and fair to me thus far.
 
I've made money from them. Bought their shares at $3. They're at 12. Never used then though, USAA for me....

sent from the Times Two Tavern via Nexus 7
 
I was at a credit union, but with traveling and such they charged an arm and a leg to use any ATM other then at their two locations. I've been with BofA for 3+ years now. I guess it's always nice that I pay ZERO fees due to the company I work for......
 
RKG said:
Frankly, I don't believe this. There is no way a bank with even a minimal understanding of its legal obligations to its depositors would hold up a depositor's funds for such a reason.
Click to expand...

I am familiar with another case in which EXACTLY this happened. The bank has certain contractual rights on credit card processing accounts to hold the money for a period of time (reserves against chargebacks, for example).

The NSSF has a credit card processing program with Payment Alliance International which is targeted specifically to the firearms and related industries and provides a relative safe harbor for companies selling AR parts wishing to accept charge cards.
 
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I closed my savings with them a few weeks ago and am working on getting direct deposit set up with a local credit union... when that happens I am done with them.
 
RKG said:
Frankly, I don't believe this. There is no way a bank with even a minimal understanding of its legal obligations to its depositors would hold up a depositor's funds for such a reason.
Click to expand...

Speaking from Experience, they don't follow the law. They took our inter company transfer within the bank and held it for a week to steal the interest. We confronted them and they said it takes a week for a transfer to clear. It was a lie. Funds within the bank clear as fast as you can say transfer. We confronted them, they released the funds and we promptly took every dime away from them. They are thieves. Never do business with em... ever.
 

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