Bank of America, the same Bank of America that received billions in taxpayer money to stay afloat, has rescinded a line of credit that had been available to McMillan Group International for more than twenty years. The reason…they don’t like guns.
McMillan Group International released an extraordinary statement on Facebook regarding the incident:
“McMillan Fiberglass Stocks, McMillan Firearms Manufacturing, McMillan Group International have been collectively banking with Bank of America for 12 years. Today Mr. Ray Fox, Senior Vice President, Market 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 five minutes talking about how McMillan has changed in the last five years and have become more of a firearms manufacturer than a supplier of accessories.”
At this point I interrupted him and asked “Can I possible 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.”
“That is correct” he says.
I replied “That is okay, we will move our accounts as soon as possible. We can find a Second 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.
McMillan’s weapons are used by sniper teams in Afghanistan and Iraq. Their products are actually being used to preserve American National Security! By rescinding their line or credit, BofA has likely added difficulty to the company’s ability to operate, to research product improvements, and to deliver products on time.
In 2010, Bank of America attempted a similar action, and was forced to “clarify” their position :
“Bank of America does not have a corporate-wide policy to deny banking services solely on the applicant’s involvement in the firearms industry.”
McMillan has responded that they will no longer accept Bank of America Credit or Debit Cards from their customers.
