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Bank of America dumps McMillan stocks

Discussion in 'Off Topic Threads' started by vmthtr in green bay, Apr 20, 2012.

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  1. vmthtr in green bay

    vmthtr in green bay Member

    Joined:
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    Copy and paste from McMillan fb site

    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 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 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 2nd 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.

    I think it is import for all Americans who believe in and support our 2nd amendment right to keep and bear arms should know when a business does not support these rights. What you do with that knowledge is up to you. When I don’t agree with a business’ political position I can not in good conscience support them. We will soon no longer be accepting Bank of America credit cards as payment for our products.

    Kelly D McMillan
    Director of Operations
    McMillan Group International, LLC
    623-582-9635
  2. build4u

    build4u TS Member

    Joined:
    Feb 16, 2007
    Messages:
    128
    I have ceased all of my Business banking with them as well. I own Krunch Products Inc, and make Pistol Pro Grip Enhancer and Mag Slick Spray. They did not drop me though at that time, I only eneded up there after they bought out our bank. Only one personal account to go and we are out of there all together. I liked all of our old bank staff and had known many for a long time, the old enough ones left and the rest do not like working for them either.
  3. Gunn

    Gunn TS Member

    Joined:
    May 5, 2011
    Messages:
    210
    We were with another bank that was bought out by BofA. I used to build custom rifles. With in 3 months of the change. They dropped us also. Gave no reason just dropped us. Our credit was excellant, so maybe... Tim
  4. joe kuhn

    joe kuhn Active Member

    Joined:
    Jan 29, 1998
    Messages:
    4,051
    Let us know what bank you end up doing business with and why.

    Thanks,
    Joe
  5. Rick Barker

    Rick Barker Well-Known Member

    Joined:
    May 25, 2009
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    6,742
    Makes my heart glad that businesses are telling Bank of America to stick it.

    Between my personal experience with them and their promotion of illegal immigration a couple years ago, I hope they fail.

    As a consumer, I stopped doing business with Bank of America a long time ago, must be over 15-20 years.

    They replaced my MasterCard with a American Express which I did not want and I called to say I did not want this card, the jerk on the other end more or less said that was what I was going to get.

    I figured if they thought they knew my needs more than I did, I did not want them.
  6. Oscar Ray

    Oscar Ray TS Member

    Joined:
    Jan 22, 2010
    Messages:
    814
    Sorry to say that my sister works for B of A in NC, she gets an earful from me on the regular, but I know it is not her fault. The bank she used to work for was bought out by B of A. She only has about 2 yrs until she can retire and she goes to work EVERY day wondering if she will have a job. In Nov of last year, she went in to her office only to discover, that she was the only 1 left in her department, everone else had been let go (she has over 30 yrs seniority). I refuse to do anything with Bank of America

    Oscar
  7. SirMissalott

    SirMissalott Active Member

    Joined:
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    My wife has been in banking for years at one time worked for a bank that was taken over by boA. She left due to policies which should be criminal, if you let your elderly mother walk in to open an account you better check as to what they sold her unknowingly. I am glad it being exposed on this site!!!!
  8. CharlieAMA

    CharlieAMA Well-Known Member

    Joined:
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    I put a post on Brian in Oregon's tread about this. That bank should should change it's name to Bank of Assholes. Pardon my French. Regards, Charlie Henderson
  9. stillmisses

    stillmisses TS Member

    Joined:
    Jan 29, 1998
    Messages:
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    I know how you all feel. My bank was bought by them over ten tears ago. A couple years later I started my Printer repair business, and since my personal accounts were at BofA I opened my accounts there. About a year later, I applied for a credit card for the business and was Turned Down! I went to talk with the local branch manager to ask why. Less than two minutes into the meeting I was told they no longer wished to have my business! I nicely asked him why? He stated that the associate ( hate that term) that waited on me when I applied, saw my concealed carry permit in my wallet window. He looks me straight in the eye and says " we do not need your kind of person as a customer. The wife and I joined her county / school credit union the next day and had both personal and business accounts, Ira's all moved to the Credit Union, we have been happy customers ever since. When I closed my business due to being disabled, they made it very easy!

    Mike T

    Stillmisses
  10. chuckie68

    chuckie68 Active Member

    Joined:
    Jan 13, 2012
    Messages:
    1,820
    Location:
    Royal Oak, Michigan
    I hate to say this but I own about 30 grand worth of their stock. I will be calling my broker on Monday morning and dumping it. Thanks to all for the heads up.

    Chuck
  11. goony

    goony Member

    Joined:
    May 24, 2011
    Messages:
    99
    I had a home mortgage through BOA several years ago and was thinking of paying it off because it was no longer a tax benefit to me and I was going to save about $38,000.00 in interest. Bear in mind that this was the time period following the mortgage meltdown. One day I received a call from one of their bankers offering me a new mortgage at a lower rate but extending my payments another 8 years. The pay off was about $40,000.00 and the banker said that one of the stipulations of this government approved program was to loan at least $60,000.00. The banker said that i should take the extra money and take a vacation or something. I responded that it was this type of thinking that started the mortgage mess in the first place. I told him that I had a better idea, pay off my mortgage and beat BOA out of $38,000.00 in interest. That Saturday I did just that. Screw BOA I will never do business with them again.
  12. late bloomer

    late bloomer TS Member

    Joined:
    Jan 29, 1998
    Messages:
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    The gun issue is minor. Look at their track record. They are the most irresponsible bank group around. I could tell you horror stories about my daughter's problems after the financial crisis. It took a hired attorney to get Bank America to straighten out their mistakes. This was on a house in which all payments had been made and were up to date and would continue to be up to date. Band of America kept saying "we have taken care of it" and then threatened to foreclose several times. Their records were so bad they had to send a team of accountants to our city to meet with people and fix Bank of America's mistakes.
    I feel sorry for any businesses dealing with them. I call it criminal negligence.

    Terry Sandlin
  13. oskerspap12

    oskerspap12 Active Member

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    Lets all dump B of A,and go somewhere else.

    D.P.Reynolds
  14. Ljutic111

    Ljutic111 TS Member

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    Jan 20, 2008
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    I`ve been doing business with BoA for the last 30 years and walk in with my sports shirts W/guns and the sort on them and have had no problems . They have helped me in all ways without a hitch . Worse I guess is the loss I took in their stock from $32 down to now $8.55 . That and the loss of most white American workers at he bank have now been replaced with all Indian workers gets my better notion to drop them too but I will wait for a more personal factor to find another banking institute and some are 2 blocks away and 1 is open 7 days a week but all have their individual dislikes ?? None here by the way will do any business with you if you don`t have an account with them . Try to convert our currency`s $20 bills to $100 bills and they want you to open an account with them to do so . Is this the new American way ??
  15. Big Heap

    Big Heap TS Member

    Joined:
    Jan 29, 1998
    Messages:
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    Which nationwide bank is "gun friendly"? It comes down to individuals in the branches who make their own decisions.

    Setup internet banking and you may never have to go into a bank again.
  16. ctreay

    ctreay Member

    Joined:
    Jan 29, 1998
    Messages:
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    Location:
    Northern New York
    My bank now is HSBC but they have sold out to FIRST NIGARA. They are supposed to be big in Western NY and PA. Any body have any issues with them? I don't know if I am going to stick with them or go to the local savings and loan.

    ctreay
  17. JPM

    JPM Member

    Joined:
    Dec 22, 2009
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    I've been a member of the Board of Directors of my Federal Credit Union for 16 years. I've never heard of this kind of thing happening with any credit union. I recommend that you check with a local credit union to see if they can satisfy your banking needs.

    JPM
  18. southjblue

    southjblue Active Member

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    I don't know much about credit unions---Don't most credit unions support Obama and he sure is anti gun---I am in BOA and would change but will never tie into any union that supports Obama----Let me know---Thanks---George
  19. Cajun Blaster

    Cajun Blaster Member

    Joined:
    Apr 9, 2012
    Messages:
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    Just posted a link to this story on Facebook. Will pass along this info to all my friends. Drop B of A.
    Davin
  20. JPM

    JPM Member

    Joined:
    Dec 22, 2009
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    Credit Unions are very independent in their make-up. It has never crossed my mind that credit unions in the aggregate are very political. Their associations are political in the sense of lobbying congress to leave us alone but it's my opinion that we tend not to be political in our approach to our duties and responsibilities. That is the case with our board which consists of eleven members. I'd guess that if our board voted on support of Obama he would lose 7 to 4 or 8 to 3. I really never thought about my credit union as a political entity and in 16 years I've never seen it become involved in partisan politics.

    My advice (which is probably worth exactly what you are paying for it) would be to go sit down with a credit union representative and tell them what your banking needs are and see if they are in a position to satisfy those needs. We are a $140 million institution with about 14,000 members but we don't do much "business" banking and we are fairly new in the real estate lending arena. Different credit unions approach the provision of various services in different ways. If one can't help you another might be a good fit. You have to investigate, just as you would investigate competing banks if you were planning to change your affiliation. Best wishes in finding a financial institution that suits your needs. I think that credit unions provide a very important service for the banking needs of a large percentage of the population.

    JPM
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