Bank of America to Gun Company: Find Another Bank

Published on April 24, 2012
Duration: 8:23

This video details a meeting between Kelly McMillan of McMillan Firearms Manufacturing and a Bank of America representative, Ray Fox. McMillan states that Fox informed him Bank of America would no longer do business with his company due to its involvement in the firearms industry, citing a politically motivated decision and a need to assess risk. Bank of America, in a public statement, denies having a policy against banking firearms manufacturers and claims the allegations are false. McMillan expresses disbelief and plans to find a new bank supportive of Second Amendment rights.

Quick Summary

Kelly McMillan of McMillan Firearms Manufacturing stated that Bank of America representative Ray Fox informed him the bank would no longer do business with his company due to its involvement in the firearms industry, calling it a politically motivated decision. Bank of America denied this, stating they do not have a policy against banking firearms manufacturers.

Chapters

  1. 00:00Introduction of Kelly McMillan
  2. 00:10Gun owners discuss Bank of America's decision
  3. 00:20Meeting with Bank of America representative
  4. 00:46Details of the meeting and Bank's reasoning
  5. 01:41McMillan's account of the conversation
  6. 02:21Bank's refusal to do business
  7. 02:43Bank of America's risk assessment
  8. 02:53Politically motivated decision confirmed
  9. 03:02Six months to find a new bank
  10. 03:29Bank of America's official response
  11. 04:23McMillan's rebuttal to Bank's statement
  12. 05:40Gun owners' reaction and past criticism
  13. 06:06Clarification on business description
  14. 06:26Account history with Bank of America
  15. 06:43Search for a new bank
  16. 07:46Criteria for a new bank
  17. 08:09Conclusion and future discussion

Frequently Asked Questions

Why did Bank of America stop doing business with McMillan Firearms?

According to Kelly McMillan, a Bank of America representative stated the bank would no longer do business with McMillan Firearms Manufacturing because the company is in the firearms industry and the decision was politically motivated, citing risk assessment. Bank of America denies having a policy against banking firearms manufacturers.

How long had McMillan Firearms been a customer of Bank of America?

McMillan Firearms Manufacturing had maintained a banking relationship with Bank of America for 12 years prior to the bank's decision to terminate their business. The account was opened in 2008 under the name McMillan Firearms Manufacturing.

What was Bank of America's official response to the allegations?

Bank of America issued a statement denying the allegations, asserting they do not have a policy prohibiting them from banking clients in the firearms industry and that they have numerous long-standing customers in the sector. They also highlighted their support for the U.S. military.

What is Kelly McMillan's response to Bank of America's denial?

Kelly McMillan stated he never commented on Bank of America's corporate policy, only on what the representative told him directly. He believes the bank is using a corporate veil to deny his account of the meeting and would welcome the representative to share his version of events.

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