Bank of America won't lend to AR makers

“Bank of America Corp. will no longer lend money to companies that manufacture military-style assault weapons for civilian use, in the hopes the move will contribute to a reduction in the number of mass shootings nationwide.” Just a guess, but the move by one of America’s largest banks 1) will have zero effect on the number of mass shootings nationwide and 2) was made strictly as a virtue signaling ploy to show how socially conscious and responsible they are to the media and braying gun control advocates.

Anne Finucane, Bank of America’s vice chairman, said Tuesday in an interview on Bloomberg TV that the bank has notified the handful of gun manufacturers it does business with about the decision. It would not name the companies.

“We want to contribute in any way we can to reduce these mass shootings — it’s such a tragedy in the United States,” Finucane said. “We do have a few manufacturers of military-style firearms . . . We have let them know that it’s not our intent to underwrite or finance military-style firearms on a go-forward basis.”

Here’s what will actually happen: not one less AR-15 rifle will be manufactured in the US because of B of A’s decision. Not one. Firearms manufacturers will still be able to get the capital and loans they need to operate their businesses.

Here’s the calculus behind this bold move:

The decision is not likely to have much of an impact on Bank of America’s bottom line, since there aren’t that many manufacturers of military-style firearms nationally, said Milton banking consultant Suzanne Moot.

Since cutting off the few gun makers they had as customers cost them virtually nothing, the bank saw much greater value in the free media attention and PR benefits of announcing they won’t finance AR makers.

What about the bank’s customers that sell America’s favorite rifles?

Asked whether the bank also would stop doing business with retailers that sell assault weapons, Finucane said it would involve complicated issues related to civil liberties and the Second Amendment. “That’s a good public dialogue that’s a ways off,” she said.

If the bank has significant retail customers (Bass Pro, Academy, Cabela’s, etc.) whose business they don’t want to lose, then that “public dialogue” will never happen.

And so it goes.

 

 

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65 COMMENTS

  1. Bank of America has been anti american for a long time. A few years ago they offered no ID accounts so illegals can bank with them.

    They also charged me money to cash checks drawn on their accounts.

    I would never do business with them.

    • Anne Finucane is from Boston MA, and her husband (mike barnicle) is the left wing nut on the MSNBC show ‘Morning Joe’. No surprise B of A is doing this. It’s run by liberals

    • I ceased doing business with them (for over 20 years) for this very reason. Also, customer service went south.

  2. Fortunately, the free market provides alternatives to virtue signalers like BoA, Dick’s, REI Coop, Cheaper than Dirt, etc..

    • “Fortunately, the free market provides alternatives to virtue signalers like …”

      For now. I predict a time will come — much, much sooner than anyone would ever imagine — where banking alternatives will not exist.

      And it is a no-brainer. For reasons that I do not understand, CEOs of companies seem to be almost exclusively HARD Progressives. All the gun-grabbers have to do is ask a few unelected, unaccountable CEOs of some banks to refuse business with firearm companies and those CEOs will be tripping over themselves to oblige.

      I would be heartily surprised if it takes more than 15 years for all banks to refuse business with firearm manufacturers and sellers whose target customers are the working class.

  5. How about signs posted in gun stores that say we will not accept any checks drawn on BOA. We will not accept BOA credit cards. Etc. Pressure their customers to bank elsewhere.

      • My modest proposal, which is inspired by the legal judo that the Georgia Legislature used on Delta Airlines’ recent efforts at virtue signaling (that will cost Delta tens of millions every year):

        Have bills passed in some pro-gun states (or, possibly, executive orders from the Governor if state law allows it) saying, essentially, “this State government will not do business with any bank that refuses to do business with businesses that are operating lawfully / engaged in legal activities.”

        E.g., Tex. Gov. Abbott issues an executive order to that effect. Immediately costs BoA buckets of money. BoA backpedals; demotes PR flack who decided it would be a good idea and not cost BoA much.

  6. Well, I guess that opens the door for some other Bank to lend money to Ruger for their next expansion or whatnot.

    This is all beginning to look too much like a dystopian movie trailer.

    Better buy some more guns and ammo. LOL

  7. Screw bank so called of America. Like Rick the Bear said “cheaper than dirt, etc” and let’s not forget there are plenty of Ar & Ak to go around. Bank of America has a yellow stripe down its back !!

    • I’d suggest asking how refusing business from a prospective customer who was engaged in legal and profitable business activities was not a violation of their fiduciary duty to their shareholders.

      Someone with a legal background might have some ideas involving restraint of trade.

  12. “Bank of America pays $430M in settlement for misusing customers’ cash” — 6/23/16

    “The truth behind the $17 billion Bank of America (toxic mortgage) settlement” — 08/29/14

    Those are just a couple of highlowlights. Here’s a more comprehensive list:

    “Bank of America’s Corporate Rap Sheet” — https://www.corp-research.org/bank-of-america

    If you do business with BofA, you will be robbed blind. Count on it.

    • Bank of America is basically an organized crime ring disguised as a bank. They’ve systematically ripped off, defrauded, and flat-out stolen billions of dollars from everyone they’ve done business and yet through incompetence would have managed to go bankrupt several times over in a free market system.

      Fortunately for them they are based in the US of A where the government handed them $45 billion to keep operating, plus hundreds of billions in low-interest rolling credit.

      http://www.truth-out.org/opinion/item/8145-matt-taibbi-bank-of-america-is-a-raging-hurricane-of-theft-and-fraud

      They are the ultimate human scum whose executives make a daily mockery of our justice system by breathing free air, so excuse me while I throw up in my mouth a little at their “virtue signalling.”

      • Well of course check history The Bank of Italy was founded in San Francisco, California, United States, on October 17, 1904 by Amadeo P. Giannini.It grew by a branch banking strategy to become Bank of America,

    • As a former employee, I will clarify this statement “The truth behind the $17 billion Bank of America (toxic mortgage) settlement”

      BoA policy and practice was to never provide sub-prime mortgages. They inherited that mess from Countrywide. For that matter they exited the wholesale market a few years prior, around 2007 I believe.

      The purchase of Countrywide just before the crap hit the fan was just unfortunate timing, the hiding of the massive sub-prime exposure by Countrywide, and failed due diligence on the part of BoA.

      In this one, there was nothing nefarious going on.

  13. I have a BofA credit card that’s tied to my Paypal account that I use for Ebay purchases………….ONLY. Everytime I write them a check, I write “FOR GUN PARTS” on the memo line just to screw with them. I wonder how long it will take them to cancel my account or refuse to allow their cards to be used to PURCHASE military style assault weapons????

    • Considering there’s no such actual thing as an “assaut weapon,” their policy should be null and void anyhow. A gun store with racks of AR-15s and AK-47s can honestly advertise “we don’t sell assault weapons!”

  14. BOA headquarters in Charlotte has a lobby full of Globalist / symbolic ” artwork “.

    Just following Council on Foreign Relations policy directives.

    Vigilant Citizen . com covered it.

  15. Ok so that means..Colt..FN..SigSauer..LMT..Daniel Defense..Mossberg.Anyone else?Lotta Govt contracters there that may need financing during slow times.

  17. Just put some dough in my wife’s BOA account…coincidentally from selling a gun😏Seriously don’t these retardos realize one get a cash advance from their BOA card?!? Or Citi or whatever shite bank you deal with…I doubt I can convince my honey to drop her account.

  18. Boycott them, If you bank with them; switch. Mortgage/loan? Refinance. Money is the only thing they understand. If they don’t want yours (they do) someone else does.

    • Are you going to eventually stuff your money in your mattress after you’ve voluntarily removed yourself from the banking system under the guise of boycotts as this stupidity spreads to more financial institutions?

      There’s probably a better approach to fighting this than removing yourself from the banking system.

      • Yes, because LOCAL BANKS DONT EXIST. Clearly. I have like 4 in my little mountain town of 15,000 people, but no, those are just illusions, the ONLY options for banking are monoliths staffed by psychopathic subhuman scum, like BoA or Wells Fargo.

        • I second this. Support your local bank. I hate doing business with any company that acts like they are doing me a favor by letting me be their customer. It’s ridiculous.

          For that matter support your local ______ . That blank can be filled with all kinds of things….

  19. I run a decent chunk of change through my B of A credit card with a 70k soft limit (most of it business purchases). I’ll be shutting that baby down ASAP. Enough account closures like that and someone will notice. I’ll make sure and tell them exactly why I’m closing the account.

  21. That’s easy, I’ll be closing mine and my fathers accounts this week and telling them why.
    Aren’t these the same people who opened accounts under peoples names without their permission and got sued and shamed over it because management was pressuring their employees to open so many new accounts “or else”?? F them… and their little dog too….

  23. I dropped Chase a few weeks ago when they announced the same thing. My problem is they bought Merrill Lynch, and I’m very happy with my financial guy.

  25. Worst bank ever. They once charged me an overdraft fee. I knew I had not overdrawn my account. When I did the math, the only reason my account was overdrawn was because they charged me an overdraft fee. I called them up and their excuse was, “Oh, must have been a computer error.”

    I would never do business with them again. Support your local bank or credit union and forget about this awful BoA that doesn’t care about you one tiny bit.

  27. Just got off the phone cancelling my BofA Visa card. I specifically mentioned this news story. They have the nerve to print cards showing an eagle superimposed on an American flag with the words “U.S. Pride” on it. Unbelievable.

  30. Bank of America { BOA like a snake } got control of my IRA and 401 k when they bought out Merril Lynch. Next week it gets moved.

  31. TTAG and other firearms related websites would do a great service if they published the names of banks that supported firearms manufacturers or were neutral on the issue. I am sure that many regional banks especially in the South and Midwest would fit the bill, as would many local banks and credit unions.

    • I agree, I’m talking with my local banks and credit unions to see who is interesred in my business and my values.

  32. Asta la vista, BofA. I’m cancelling my account immedietaly after my credit card is paid off. I’ll be sure to explain why, as well.

  33. Could anyone tell me which credit union is the best to go with. What are it’s advatages compared to a bank?

    • The best credit union for you will largely be based on where you live. While there are some national credit unions, I have found the best service and rates are found at local institutions.

      You may also want to check with your company’s HR department as many large and small employers establish relationships with local credit unions for the benefit of their employees.

  34. If they really care about saving lives they’ll cease doing business with the pharmaceutical companies that are flooding America with the opioid medications that everyone is so hell bent on overdosing on.

    • Don’t fret over drug overdoses. People are free agents (or they are not). Let whomever wants to become an addict to so. But only until they do damage or harm to someone else. Then bury them so far under the jail they will have to be fed with a slingshot.

  35. How many banks are there that can provide capital to these gun companies? Local banks won’t be able to do it for the biggest ones I don’t think, they’d at least need regional ones I’d think. I am sure if worse came to worse, gun people could figure out a way to start a pro-gun bank, but that would take some time and capital to do so.

  36. I cancelled my card I had with them. Cancelling anything you have with them is the best option to get their attention. If you can do without them, cut them off and make sure they know why.

    PS after I cut all my citi cards, I got new Alliant Visa Card that gives 2.5% cash back no limit. It has a $59 fee but that’s waived the first year and you get 3% back the first year. It is from Alliant Credit union but you can easily sign up online. It is more difficult than a normal credit card signup but not hard. That’s my recommendation.

  37. No. I don’t care if people get killed. You trash Western civilization and you pay the price.

  38. All I can say is remember what these rich leftist executives are doing. Eventually, the deep state will be vanquished and the purveyors of Progressivism will be defeated. A bank like BOA has a lot of skeletons, and I am sure a future government motivated by We The People could initiate an investigation of BOA that would provide free orange jumpsuits to nearly all their executives and former executives.

  39. So they’ll lose money from gun manufacturers, gun shops, and gun owners who cancel their accounts. Brilliant plan!

  40. Spot on with this article.

    BofA’s move will inconvenience no manufacturer. It will not prevent the manufacture of a single MSR.

    It is pure, shameless virtue signaling. They’re picking a side. Take note.
    I closed my last remaining 27 year old BofA account Tuesday and told them exactly why.

  41. I believe Uncle Sam’s ATF is a BoA customer to process $200 checks for those much desired tax stamps. After 6 weeks, ATF sends the forms to WV for slow processing.

    Just like CitiBank has DoD’s employee travel credit card account currently. Nothing like doing business with the enemy.

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