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Valley gun manufacturer: BOA froze funds over product [message #34309] Wed, 23 January 2013 09:13 Go to next message
CyberkNight is currently offline  CyberkNight
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A local gun manufacturer says Bank of America withheld nearly $100,000 worth of deposits because of what he is selling.

Joseph Sirochman owns American Spirit Arms in Scottsdale. The company manufactures high-end rifles like the AR15, M16 Rifle and M4 Carbine.

"Everything is American made, even down to the metal that we buy," said Sirochman.

"It's melted and manufactured in the USA. We're an American company. Made in American for Americans," he continued.

In mid-December, after the shooting in Connecticut and as talks heated up about a possible assault rifle ban, American Spirit Arms' e-commerce sales skyrocketed.

"Our internet sales started to increase. The deposits really spiked. We basically got five times our normal deposit was coming from our e-commerce site," recalled Sirochman.

However, the CEO and owner of the company said he quickly noticed deposits were not showing up in his company's accounts, so he called Bank of America, with which he had been doing business with for about a decade.

"Bank of America decided to put those deposits under review. We are a small business sand we rely on those deposits, but the review was only supposed to be 48 hours - 48 hours started to turn into two weeks. (Those holds were) not good for a small business that needs the cash flow to actually run its own business," said Sirochman.

Sirochman called the bank's Merchant Services Department and was eventually connected to a manager. Sirochman said she told him "We believe you shouldn't be selling guns and parts on the internet."

Full article: http://www.kpho.com/story/20549134/local-gun-manufacturer-sa ys-bank-of-america-froze-funds


Re: Valley gun manufacturer: BOA froze funds over product [message #34310 is a reply to message #34309] Wed, 23 January 2013 09:33 Go to previous message
CyberkNight is currently offline  CyberkNight
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It isn't clear to my why ANYONE would want to entrust their money with Bank of America.

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