McMillan Fiberglass Stocks, McMillan Firearms Manufacturing and McMillan Group International have been collectively banking with Bank of America for 12 years. But no more: In a recent meeting, the mega-bank told the firearms company that its business is no longer welcome.
Operations director Kelly McMillan told the Daily Caller that his company has never been late on a payment and has never bounced a check. The debt outstanding on its line of credit is at 61 percent.
But at the bank’s request, he said, the McMillan group of companies would soon be paying off its credit line and closing its accounts.
Writing Thursday on Facebook, McMillan described a meeting at his office with Ray Fox, a business banking Senior Vice President with the giant bank. What was originally scheduled as an “account analysis” meeting, however, quickly became a political smackdown.
The Bank of America emissary, he said, “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,” McMillan said, 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 what my business.’”
Fox’s reply, according to McMillan? “That is correct.”
McMillan told TheDC that he plans to move his company’s account to “a more Second Amendment-friendly bank” as soon as it can be done.He recalls telling the bank executive that he planned to tell the National Rifle Association, Safari Club International, and his other gun-loving friends “that Bank of America is not firearms-industry-friendly.”
“You have to do what you must” was Fox’s reply, he said. “We have to assess the risk of doing business with a firearms related industry.”
The McMillan group of companies may have the last laugh: It is considering no longer accepting Bank of America credit cards for purchases.
Fucking lols.
Good riddance, BOA sucks ass anyway.
Yep.
McMillan is a fantastic company with great customer service (from what I’ve heard, never bought their stuff as it’s $$), and they have a pretty good sized military contract for the M24/M40 stocks, as well as complete rifles. It’s one of the bigger family-run firearms companies in the world.
Can you imagine the calls they are getting now from other banks that want their business.
bank of america is gonna go out of business soon anyways.
Only to have taxpayers’ money to put them back in business probably.
I actually just emailed one of the local banks to see their stance on the issue before I open a business account for an upcoming venture.
I didn’t even realize this would be an issue. BOA sucks.
Might as well steer clear of HSBC and many other banks
http://www.hsbc.com/1/PA_esf-ca-app-content/content/assets/sustainability/100210_defence_policy.pdf
There are a few banks like that, Cossey I believe Centola had to change banks as well for his firearms business and he had been using the bank for TM for years.
Irony at its finest.
A company whose very roots go back to the Revolutionary War and whose customers include Paul Revere and John Hancock should not be so anti-gun. BOA also played a big role in The History Channel’s “The Story of Us” and if you know even a little about U.S. History you know that the gun played a HUGE role in who we are. Bank of America really shot itself in the foot with this one (pun intended).
It’s called Socially Acceptable Lending/Investing. Which traces it’s roots to religious motivation by banning “sinful” investments which include guns, liquor, tobacco and pornography and is participated by many if not most banks.
Its not an uncommon practice and you have to go to credit unions or select companies that don’t participate in that.
Blame religious morals and its supporters in government for companies being denied.
Just closed my Acct. friday
doesnt make sense when their money is the same as anybody else’s money
Not money. Politics and nothing more
well since its a bank it seems like they should be more interested in money than politics
wow thats just covering your ass PR. What I think is even worse is flip it around. BOA is suppose to be an American banking institution and they are telling an American company that supplies our armed forces they don’t want their business because they are a weapons supplier. Either which way I will never do business in anyway shape or form with them.
Do you even understand how the world works?
Not when the reason for their existence IS politics. Remember the bailouts?
http://blog.chron.com/lorensteffy/2011/10/bank-of-americas-latest-bailout-bigger-than-ever/
Also:
Banks that received funding from the government bailout (TARP)
Company Type State Amount
(in millions)
Bank of America
(incl. Merrill Lynch) Bank NC $45,000
Citigroup Bank NY $45,000
AIG Insurance Corp NY $40,000
JPMorgan Chase Bank NY $25,000
Wells Fargo Bank CA $25,000
General Motors Auto Company MI $14,284
Morgan Stanley Bank NY $10,000
Goldman Sachs Bank NY $10,000
PNC Financial Services Bank PA $7,579.2
U.S. Bancorp Bank MN $6,599
Chrysler Auto Company MI $5,500
GMAC Financial Services MI $5,000
SunTrust Bank GA $4,900
Capital One Financial Corp. Bank VA $3,555.2
Regions Financial Corp. Bank AL $3,500
Fifth Third Bancorp Bank OH $3,408
American Express Financial Services NY $3,388.9
BB&T Bank NC $3,133.6
Bank of New York Mellon Bank NY $3,000
KeyCorp Bank OH $2,500
CIT Group Commercial Bank NY $2,330
Comerica Incorporated Bank TX $2,250
State Street Bank MA $2,000
Marshall & Ilsley Bank WI $1,715
Northern Trust Bank IL $1,576
Zions Bancorp Bank UT $1,400
yup. if its brought to my attention that someone is hating on my 2nd amendment rights i always go elsewere. wether it be a store, gas station, mall, bank, etc.
I hope you don’t use paypal.