Thursday, January 10, 2013
Run on the Bank of America
According to a Facebook post of Joe Sirochman, owner of American Spirit Arms, the Bank of America, whom Sirochman has being doing business with over the past 10 years, is holding American Spirit Arms’ deposits, which have been larger than normal recently due to robust sales, for longer than normal periods of time. When Mr. Sirochman contacted the Bank of America to inquire as to why this was, this is what he was told.
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 attempted to check the veracity of Mr. Sirochman’s Facebook post, via Snopes, to no avail, but I did note that Snopes has posted an “Undetermined” complaint of a similar nature regarding McMillan Firearms Manufacturing, which also does banking with the Bank of America. McMillan’s experience with Bank of America appears to confirm that Bank of America’s actions are politically motivated and are attempts to choke gun manufacturers in order to curry further political favor, which makes me question whether the recent Bank of America settlement with Fannie Mae includes more than what has been reported.
If, these allegations against the Bank of America are valid, I see no reason for Americans, or American businesses, to continue doing further business with the Bank of America. In fact, I think Bank of America should be punished by Americans and American buisnesses in the only manner which will get the Bank of America’s attention. Run on the Bank of America.
Link to Sirochman Facebook post via Sondrakistan.