Bank of America to McMillan Rifles: 'Drop dead'

The Truth About Guns ^ | 4/20/12 | Zimmerman

[pabianice]

[UPDATE: In an email late this evening, Ryan McMillan has confirmed the validity of this story.]

When the Bank of America was founded back in 1904, no one ever thought that it would one day truly be the Bank of America. As in (partially) government owned. Just like Government Motors, Chrysler, the entire student loan industry and more, the federal government’s insatiable grasping tentacles are woven throughout one of the world’s largest commercial bank and brokerage operations. And as has always been true, if you take the king’s shilling, you’re damned well going to do his bidding. The folks at McMillan found out recently that means some kinds of business are no longer wanted . . .

From McMillan’s Facebook page via reddit:

Today Mr. Ray Fox, Senior Vice President, Marlet Manager, Business Banking, Global Commercial Banking came to my office. He scheduled the meeting as an “account analysis” meeting in order to evaluate the two lines of credit we have with them. He 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 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 want my business.” “That is correct” he says. I replied “That is okay, we will move our accounts as soon as possible. We can find a 2nd Amendment friendly bank that will be glad to have our business. You won’t mind if I tell the NRA, SCI and everyone one I know that BofA is not firearms industry friendly?” “You have to do what you must” he said. “So you are telling me this is a politically motivated decision, is that right?” Mr Fox confirmed that it was. At which point I told him that the meeting was over and there was nothing let for him to say.

I think it is import for all Americans who believe in and support our 2nd amendment right to keep and bare arms should know when a business does not support these rights. What you do with that knowledge is up to you. When I don’t agree with a business’ political position I can not in good conscience support them. We will soon no longer be accepting Bank of America credit cards as payment for our products. Kelly D. McMillan Director of Operations McMillan Group International, LLC 623-582-9635 1638 W Knudsen Dr Phoenix, Arizona 85027 McMillan Integrity-Global Vision www.mcmillanusa.com

[Timber Rattler]

BoA Statement:

http://www.facebook.com/BankofAmerica

We want to let you know that we hear your comments and questions regarding one of our customers. While we cannot discuss the details of any individual client we work with, we can assure you the allegations being made here are completely false. Bank of America does not have a policy that prohibits us from banking clients in this industry. In fact, we have numerous, longstanding customers in the industry.

We are also extremely proud of our support of the US military and reject any assertion to the contrary. We count as clients many companies that provide for our nation's defense. We employ thousands of veterans, Guardsmen, and Reservists, and plan to increase our hiring this year.

McMillan counter-response:

http://www.facebook.com/McMillanGroupInternational/posts/10150962394698368

In response to Bank of America's public statement:

The statement we [McMillan] posted was an accurate account of the events that transpired late last week. McMillan Group has been in good standing with B of A and a loyal customer for the past 12 years. We were told that we must finalize all of our accounts because we manufacture firearms.

McMillan cannot speak for Bank of America's company wide policies, but we can speak out about our personal experiences.

We [McMillan] kindly suggest that if Corporate Bank of America has no policy against conducting business with firearms manufactures, then they should communicate these policies with their regional Vice Presidents and other management.

[ExSoldier]

I think the gun was the interest up front and then you got your money back at the end. Does that sound right?

[DustyMoment]

I dumped BofA some years ago and have never looked back.

Anyone who still has an account there just needs to find another banking institution and move their money.

[jjm2111]

Oh, I don’t know. I’m a blue state east coaster, so they never have gun deals at our banks :(. It’s just that, depending on the interest rate, and the value of the gun and optics, could be a bad deal. Back in the day, it wasn’t unheard of for a CD to pay 3-4% (especially a 17 year CD). So at 3% (compounded annually), you’d have 3200 (3700 for 4%). So unless the value of the gun and optics was over $1200, it could’ve been a bad deal.

Now if they gave you the gun AND paid you interest, it would be a great deal.

[ExSoldier]

IIRC it was a complete hunt package and all top of the line gear all firearms were Weatherby. There were two levels; one for about $2000 and one for something like $3800. But it's been so long.... It was the Bank of Boulder.

[Timber Rattler]

Second Update:

http://www.facebook.com/McMillanGroupInternational

We felt it important to let everyone know that we had a meeting with the Bank of America State President of Arizona. He asked for the meeting so that he could clear up any misunderstanding. We left the meeting confident that we had not misunderstood Mr Fox. I have since seen two different BOA statements that indicate that they now viewing this as a misunderstanding. The latest one stated that they were negotiating with the client to clear up the misunderstanding. Let me say as strongly as I can, we are not negotiating with Bank of America. Our position has not changed.

[Paul Pierett]

It is kind of silly for them to be that way. They sit in the Pentagon and outside nearly every military base soaking up cash.

[Paul Pierett]

It is kind of silly for them to be that way. They sit in the Pentagon and outside nearly every military base soaking up cash.

[slickfree]

I got out from under BofA home loan ... never been late ... and they treated me and my wife like we were “trash” after we requested an “Affordable refinance program” ... and turned us over to a collection agency ... and they too treated us with total disregard.
It took us two years to finally get a “no”, without even a phone call, but e-mail to let us know.
BofA has no customer service ... and is never going to get any of my future business of any kind. We got the re-finance through Envoy Mortgage, and are very pleased with them ... contact Gregory Mmanzanaares of Envoy Mortgage gmanzanares@envoymortgage.com 303-918-7712.

[slickfree]

Sorry for spelling:
Gregory Manzanares, at
gmanzanares@envoymortgage.com