American Spirit Arms, a Scottsdale, Ariz., gun manufacturer, reports that it has a real cash flow problem — after Bank of America froze its business account.
The company manufacturers arms and components based on the AR-14, M-16 and M4 platform, the type targeted for a proposed ban by U.S. Sen. Dianne Feinstein, D-Calif.
Just like every other firearm manufacturer, American Spirit has experienced a surge in sales in recent weeks due to fears of anticipated gun control legislation in the wake of the shooting at Sandy Hook Elementary School in Newtown, Conn.
On Dec. 29, American Spirit’s owner, Joe Sirochman, posted the following on the company’s Facebook page:
“American Spirit Arms web site orders have jumped 500 % causing our web site E commerce processing larger Deposits to Bank of America.
“This [threw] up a huge red flag with Bank of America. So they decided to hold the deposits for further review.
“After countless hours on the phone, I finally got a Manager in the right department that told me the reason that the deposits were on hold for further review — her exact words were — “We believe you should not be selling guns and parts on the Internet.”
Sirochman wrote that he told the bank manager “they have no right to make up their own new rules and regs” and that his company is a “firearms manufacturer with all the proper licensing” and is “audited by ATF and Homeland Security on a regular basis.”
Sirochman promised to “keep everyone posted on new developments,” then offered his company’s address and contact information.
The entire Facebook post can be read here.
This isn’t the first time Bank of America has pulled this stunt. According to an April 20, 2012, Daily Caller report, McMillan Fiberglass Stocks, McMillan Firearms Manufacturing and McMillan Group International were told by the bank that after 12 years of doing business, it was time for them to “find another bank.”
“The McMillan group of companies may have the last laugh,” the Daily Caller reported. “It is considering no longer accepting Bank of America credit cards for purchases.”
Read more at CNSNews.com.