BankUnited in FL Closes Gun Shop’s Account Resulting in Two Weeks of Lost Business
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Yet another example of a financial institution refusing to business with the multi-billion dollar gun industry.
In this case, a local gun shop in Florida had their long standing account closed after their local bank was bought out by New York financial interests.
According to The Miami News Times,
The Libertis’ battle with BankUnited began last month. For seven years, they say, they had no problem with the Miami Lakes-based bank. T.R. had run a gun store in the Garden State, and when he opened Top-Gun Firearms on Calle Ocho, BankUnited operated the account.
But when T.R. decided to retire and let Elizabeth take the store online — under the new name Discount Ammo-N-Guns — the Libertis found themselves suddenly under fire.
A March 12 letter mysteriously informed them that BankUnited was closing their checking account “pursuant to the terms and conditions listed in our Depositor’s Agreement.” It gave the Libertis three days to transfer their cash elsewhere. When the Libertis called BankUnited for an explanation, they were politely informed that none would be forthcoming.
“I was very angry,” Elizabeth says. “They were very inconsiderate. We had all our credit cards going through that bank. All of a sudden, we had to run and find another bank to keep our business going. We shut down for two weeks, and they wouldn’t even tell us why.”
This is becoming all too common. Over the past several years we’ve heard reports of credit card processors, banks, and lending institutions refusing to do business with any business that is legally operating in the gun industry.
However, this is America, and if there is a legal business niche that needs to be filled, it will be filled. Where the big banks are missing out, smaller financial institutions catering specifically to gun vendors are beginning to popup in increasing numbers. A Google search reveals several institutions that are marketing themselves specifically to those in the gun industry.
If you’re a vendor in the gun industry it may be in your best interest to start looking at financial institutions that are specifically gun friendly. Even if your big bank doesn’t have a problem with your business right now, they may in the future and that could mean lost business when you’re left scrambling to find a bank or credit card processor.