Bank of America Won’t Lend to Makers of ‘Assault Rifles’

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.

 

 

comments

  1. avatar Rabbi says:

    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.

    1. avatar DDay says:

      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

      1. avatar nightstryke says:

        Which is funny considering the bank was started and founded by conservatives.

    2. avatar 36IDRedleg says:

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

  2. avatar Rick the Bear says:

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

    1. avatar uncommon_sense says:

      “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.

  3. avatar Chris T in KY says:

    Bank of American has every right to blah, blah, blah…..

  4. avatar The truth says:

    But we will laundry money for drug dealer

  5. avatar JD says:

    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.

    1. avatar Ray S says:

      Best idea yet!

      1. avatar LKB says:

        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.

        1. avatar Bloving says:

          I. Like. It.
          Make it So!
          🤠

    2. avatar George in Alaska says:

      I’m going to start doing that in my small guns sporting goods store…

  6. avatar Specialist38 says:

    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. avatar Richard Revoir says:

    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 !!

  8. avatar neiowa says:

    I’m surprised they had time for this with all their drug money laundering.

  9. avatar Stereodude says:

    So as a shareholder who has more than $2k in shares how should I mess with BAC and make them respond to a shareholder proposal similar to what the lefties did to Ruger?

    http://www.thetruthaboutguns.com/2018/03/robert-farago/sturm-ruger-company-inc-gun-safety-shareholder-proposal-revealed/

    1. avatar rosignol says:

      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.

  10. avatar 36IDRedleg says:

    Don’t you mean Bank of Amigo?

  11. avatar Rusty Chains says:

    I dumped those guys years ago.

  12. avatar Ralph says:

    “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.

    1. avatar NonLinear9 says:

      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.”

      1. avatar john nm says:

        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,

    2. avatar larrylarry says:

      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. avatar charles u farley says:

    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????

    1. avatar Rokurota says:

      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. avatar They Live says:

    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. avatar DD says:

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

  16. avatar Gutshot says:

    No big shocker here.

  17. avatar former water walker says:

    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. avatar Paul m says:

    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.

    1. avatar Stereodude says:

      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.

      1. avatar Red in CO says:

        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.

        1. avatar Joel says:

          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. avatar Squiggy81 says:

    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.

  20. avatar FB says:

    It’s really not a Bank of American. It’s a Bank of Anti-Constitution.

    1. avatar Stereodude says:

      Hey, their stock symbol is BAC. I’m just saying…

  21. avatar George from Alaska says:

    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….

    1. avatar rt66paul says:

      THAT was Wells Fargo Bank

  22. avatar Sal Chichon says:

    BoA can go to hell. There really isn’t much more to be said.

  23. avatar Ray S says:

    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.

    1. avatar John in IN says:

      You pick your own batlles. Me, I’d explain politely why he had lost my business.

    2. avatar FlamencoD says:

      I couldn’t find anything announcing Chase had done the same thing. Can you provide a link?

      1. avatar Ray S says:

        My mistake – it was citigroup

  24. avatar ironicatbest says:

    Do gun makers have a bad credit rating?they won’t loan to me either

  25. avatar Dan Kim says:

    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.

  26. avatar Sam I Am says:

    Lawyers, I ask again….

    What is the difference between a bank and a bakery?

  27. avatar Mutt says:

    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.

  28. avatar Terclinger says:

    Boycott them.

  29. avatar Waayne says:

    Bank of anti-freedom.

  30. avatar Ed Schrade says:

    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. avatar ATTAGReader says:

    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.

    1. avatar Robert D says:

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

  32. avatar WhiteDevil says:

    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. avatar WhiteDevil says:

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

    1. avatar TxGnRnr says:

      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. avatar David says:

    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.

    1. avatar Sam I Am says:

      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. avatar Kyle in Upstate NY says:

    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. avatar John B says:

    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. avatar John Thayer says:

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

  38. avatar Bob999 says:

    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. avatar Mick says:

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

  40. avatar Sian says:

    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. avatar i1uluz says:

    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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