Small business owner claims bank froze funds from gun sales
American Spirit Arms owner sounds off
- Duration 5:34
- Date Jan 8, 2013
American Spirit Arms owner sounds off
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This transcript is automatically generated
Also what's unique is all these parts that are that you see on display in the rifles are all done great here on site -- -- back.
Right through you you've gotten assembly here you've got quality control and you've got a machine -- that they solution don't.
What is part of the video message you will see yet American spirit arms a small business in Arizona that makes parts for guns like the -- fifteen.
-- Iraq and is the owner and he says business is going great so great that Bank of America he says put a hold on his account.
Because of questions over all the deposits coming in.
This is Iraq when got a bank manager on the phone for explanation he needed to -- cash.
And before they were done he says the bank shared its concerns about what mr.
-- -- when does for a living.
Just Iraq -- then took to the -- to FaceBook with this post quote.
What we have experience is that our web -- orders have jumped 500%.
Causing our website e-commerce processing larger deposits to Bank of America.
Well this threw up a huge red flag with Bank of America and I went downhill from there.
Pay me now is that may have just Iraq when Joseph thanks for being here.
They -- making Cellini did help and you cannot get that you say that Bank of America but -- hold on on the monies to you call up to say.
What's happening and what happened.
Well what happen.
And is that they said it was under review is what the words that they said.
And they said that it would be released and about forty dollars so we waited 48 hours call them back and said hey where's our money.
Again they said while it's still under review and I said well.
This is ridiculous we need to get these deposits you know our business -- where small business in Arizona so we rely on these deposits.
To you know to make our business run.
And they said while.
You know there's nothing that we can do right now it's in upper management's hands so finally we just started kicking and screaming and one of the managers stepped in gave us a little bit to help us out you know in the cash flow.
But finally we got to the top.
-- the word was you know we.
You know it's because you're you're selling guns in parts on the Internet and we have every right to hold your money as long as we want.
You -- you posted online.
This I'm quoting you her exact words were we believe you should not be selling guns in part on the Internet.
That's correct how did you responded -- Well I said this is ridiculous and unacceptable because you know we are -- licensed manufacturer in Arizona so we hold all the proper licensing.
We follow all the rules all the loves to to the letter of of every law there is even.
Every other state law we follow also and they said you know this wasn't a problem before when I've been banking with you for over ten years and then all of a sudden.
You know all my god you know.
I'm start to generate some revenue I feel like they're trying to slow us down here what was terrorist plots.
She says that she understood and there's really not that she can do right now shall get back with me.
When you -- she said to you we believe you should not be selling guns in parts on the Internet did you take that as.
We believe it's unlawful to do that or are we believe morally you're doing the wrong thing.
I think that they were coming up with their own agenda.
And trying to slow down our gun sales.
They also mentioned that they were afraid that regulations on.
Gun laws were gonna change and that they would be left holding the bag because this is money that customers already paid with their credit card.
And that the bank already had and parts that we -- be shipped out.
So they were afraid that the laws would change and all that money had to be given back.
You know no law that they're looking at now would be retroactive would affect the gun sales that are happening.
Right now listen I want to tell you this we reach out to Bank of America.
And this is what they would say this customers' concerns have been resolved any spike in transaction volumes is routinely reviewed by the bank in order to protect our customers.
This process is initiated regardless of the industry in which they do business we regret any inconvenience this may have cost.
So they say look get a spike in transaction volume we -- -- review it to protect you.
I understand that you know 48 dollars you know to see if it's fraudulent.
But you got to remember these were large -- deposits that they held for three weeks.
And I find that unacceptable three -- I did get yes correct.
And now this -- you posted this online -- December 20 ninth in the morning.
Has it has everything been resolved as of today.
Mostly everything has been resolved cents I posted it -- it is because.
Of the overwhelming support that -- have gotten from.
All the support on the Internet and everyone that has been following the post itself.
In every -- see -- all -- -- did it did manager or anybody else reach out to you in the wake of this controversy.
No one no bank manager has reached out to us all we've ever done was -- try to get a hold of them to get it resolved.
Has anyone apologize -- sought to clarify that that person's comment you say was a bank manager no ma'am.
No ma'am do you know the name of that I guess it was a female bank manager who spoke with.
Ideal but I will keep that covenant tolerate and right -- that but it -- that's something though that you could deal with Bank of America on.
Correct okay well Joseph we appreciate tell -- story.
Thank you making all of us you.