Bank of America Tells McMillan Group to Find Another Banker

[SidecarFlip]

I've done some Internet researching and Kelly isn't the only one nor is BoA the only 'commercial' bank showing prejudice. Citi Group and Wells Fargo have the same philosophy about credit when it comes to manufacturers of arms and related hardware.

Tallyy manufacturing is another. I read the owner of Talley applied for a credit line at of all places, Lowes (probably to buy a lawnmower...), was approved initially but when Lowes' financing carrier checked, he was denied. without explaination, I might add, but reading between the lines, it's easy to ascertain why.....

What a crock.

There are ramifications of credit cancellation or denial when it comes to being in business. It has far reaching consequences down the road, no matter how solvent you are. Commercial credit is not easy to get as it is and a canellation or denial on a company's credit report (company's have 'em too), makes it more difficulr ro obtain funding at competitive rates., because financed capital comes right out of your operating profit, in an already competitive and very price oriented marketplace.

It is possible for a businessman like Kelly to 'save' up the funding for infrastructure imnprovements but highly unlikely. Thats what a credit line and banker is primarily for, for the items or machinery you can't go to your mason jat buried out on the back 40 for. I myself, would not have grown my business to the level it's at today without a commercial credit line, it's just too hard to have cash on hand for major expenditures.

I still maintain that if, as an individual, you want a credit card, underwritten by a company in the firearms business, with a nice earned point redemption program and very attractive interest rates (on unpaid balances) you can't go wrong with a Cabelas card. I'm trying very hard to wear mine out.......

No, I'm not affiliated with them other than I live basically next door to a retail store....

It's so much better to divorice your banker than have your banker divorce you.

 

[timmay]

This is MUCH bigger than people realize. This is members of the Bilderberg group, elites of the NWO taking over. They own ALL the banks, not just BofA.
They are going to do this to all arms companies that wont sell out or are already owned by the criminals with George Soros (member of the Bilderberg group).
They arent going to come out and say all guns are illegal, they are going to sneakily put them all out of business and the ones they own will be for themselves ONLY.
If you think all this is just conspiracy BS...open your eyes to whats really going on!
Research the Bilderbergers, Trilateral Commision, CFR..etc They are ALL members of the NWO Elites in power.
Obama and Romney are the same..just another puppet of their NWO master.
I gaurantee Romney will be the new president because of his remarks of the Keystone Pipeline, the Elites in power WANT this built and Obama shut it down. They will put Romney in. Votes mean nothing..they put in who they feel will be the best puppet.
And dont think for one second Romney will be any better for our 2nd amendment than Obama..he will do just as hes told

This country has been hijacked by FOREIGN banks..owned by the NWO elites.
This is no conspiracy and they have slowly been turning this into a police state or even worse.
The last step is our guns, once they have that under control they can then come out in the open and move on to their "depopulation" stage (which is already in process with their new disease causing vaccines (Bill Gates), Monsanto GMO foods that we all have to eat, but no member of Bilderberg eats). You know they want the earth to only inhabit 500 million? That means BILLIONS are to be exterminated.
No conspiracy theory at all!

They are coming for our guns! But they are doing it smart..not out in the open

 

[SidecarFlip]

Timmay...

Well put but for the average citizen, very hard to digest.

Obama and company have been trying unsuccessfuly for the last 3 years to eliminate firearms of all types from possession of private citizens.... unsuccessfuly I might add, thanks in part to the NRA and other powerful lobbying groups and public awareness organizations.

The logical avenue and one that creates much less uproar is to eliminate in any way possible, the manufacturers and it appears to me, that is what's happening.

I agree Rummy is no different than Obama in principles or execution He's just caucasion. Rummy is a *** too.

This november is distilling down to a rehash of 2008, the choosing of the lesser of 2 evils. Make no mistake, both are evil.

What a mess. Don't worry though, the media will make it all better......

This isn't a political forum although what has transpired for Kelly is purely political in nature and execution.

 

[McMillan]

I have been told tha Bass Pro offers a credit card that is a BofA crs. Strange huh?

 

[SidecarFlip]

Kelly....

I'd go with Cabelas, at least as a personal card.

I use mine for business purchases and out of state account payment when I can in lieu of a company check..... but the statement can't be segregated so it's an exercise in magnifying glassology and colored felt tip markers every month.......

They have top notch security too. I've had to call them a couple times because they put a hold on the account becaise they suspected shady activity, but a call always remidies that.

I'm real happy with them. I don't carryover a balance but if I did, their 9.9 APR is very much in line, if not better than the big players. They also partner with non related retailers and offer bonus points (I love points for gun related stuff....). I bought 4 tires last fall for my Caddilac from Tire Rack through the Cabelas website and got 50 bucks in bonus points. Not bad.

I don't like cards that offer points incentives but the incentivies are something I don't want, frequent flyer miles I don't need or cheap Chinese crap. I want to choose my stuff at Cabelas....

You can apply online on the Cabelas site, I believe.

 

[timmay]

Mcmillan: I hate to say this and I really hope it doesnt happen but the Elites up in power are going to either make you do one of 3 things:
Sell out to George Soros and the gang (they have already bought up most all arms and ammo suppliers)
Tell you that you can ONLY supply the government
or 3 just put you out of business if you dont comply which is what it looks like they are trying to do...if you have no banking abilities you have no business. Theyll put you out of business then pick up your company and run it for themselves. They know how great Mcmillan rifles are

I really wish all the soldiers in our military would wake up to their lying government. The sorry thing is they will only do what they are told even if they know its wrong. Im really hoping if it comes time for this country to defend itself from their own out of control government, that the soldiers tell their generals to go to hell and fight with/for the American people, without the military the government has NOTHING!....
.GO MCMILLAN!!!

 

[ELR Researcher]

I noted Kelly's comment about a deal between BofA and Freedom Group Inc. (FGI) (the most notable member of which is Remington). I did some searching and found (on page 97 of FGI's Quarterly Report of June 30, 2011) that BofA made a Loan and Security commitment of $33.33 million dollars (22% of a $150 million dollar deal). At the same time snopes.com is carrying the story about McMillan, where they contacted BofA and received a response (quoted here verbatim) -

"We contacted Bank of America for a response, and spokeswoman Anne Pace told us that while she cannot comment on the bank's relationship with McMillan Group, she could tell us that Bank of America "has no policies that would prohibit us from doing business with clients in [the firearms] industry." As evidence, she pointed us to a recent financial news article which mentioned, among other topics, a $250 million business deal involving Bank of America with Freedom Group Inc., one of the world's largest manufacturers of firearms and ammunition:

"Elsewhere, talk of 8% area is out on the US$250m third lien
senior secured notes from FGI Operating Co (Freedom Group Inc)
. The eight-year non-call three issue is being led by
BofA Merrill, Deutsche Bank and RBC joint books. Proceeds of the
deal, which is expected to price in the afternoon, will be used
to fund bond tender offers. Freedom Group makes guns and
ammunition."

So two deals for many millions of dollars, one of which is clearly a loan.

What can be concluded from this? Inconsistent "policy" application, unclear "policy", mess up on the part of the local guy, other issues, or?

In any case, as noted previously, I've applied for an NRA VISA to replace my BofA VISA (the provider my college selected, not me) which is now sitting in my safe waiting the card-shredding ceremony.

 

[timmay]

ELR...research who Freedom Group is owned/financed by and youll understand my comments above.
They are financed/owned by members of the Bilderbergers..they are buying up all the arms and ammo dealers. This is no joke..they are trying to create a monopoly so they can control ALL guns and ammo manufacturers. This "freedom group" is not for freedom but for pure evil control! They come up with a name that nobody will think twice about. "Freedom Group" Now who would at first sight think a company with the name Freedom in it is bad?
Look them up, and dont go by what "Freedom Group" puts out as propaganda, but look who owns/finances them and then youll see the true power structure...
They are backed by the richest Elite NWO members, they can buy ANYTHING they want.
This is a HUGE take over by the NWO right under our noses.
Freedom Group already owns just about every arms dealer there is

And dont believe the lies on the net that George Soros doesnt have anything to do with this....His name isnt involved for a reason, but him and his Bilderberg buddies are definitely controlling this. They arent going to put their name on a arms buying business, they know everyone would be all over them as "trying to end gun sales to civilians" so they put in guys nobody knows of as their puppets to run this "Freedom group"
Why would any company be trying to buy up ALL manufacturers of firearms AND Ammunition? and where could they possibly be able to come up with the trillions of dollars with no governmental snags? If anyone thinks this Freedom Group is just some basic investors wanting to make a profit has their head in the sand. This is HUGE scheming going on by the real people in power

 

[McMillan]

That was great research and I commend you for it. I may refer back to this from time to time when people ask me about their other firear IT.ms industry involvement. It did strike a note about a certain thing, but this being a public forum and is open to be quoted or misquoted I will keep it to myself. If anyone else makes a connection feel free to post it. I would be curious if any read into this what I did.

 

[ELR Researcher]

Kelly:

See my PM sent earlier re "options" re credit card processing.

All:

I note several suggestions of a Cabela's card. If you are an individual, that is an option - as is the one offered through the NRA (a First National Bank of Omaha card). If you are a business, you are talking about cards your employees use or about accepting cards for payment for providing goods and services.

I'd be real surprised to find that Cabela's is also the BANK behind the card. Look at your card - or your bill - and note where you're sending your money. It will be to some financial institution, not the company whose name is on the card (unless, of course, it is a bank branded card).

BofA (through thousands of intermediaries) offers VISA and MasterCard cards - through credit unions, colleges, major and mid-range retailers of all types, etc.

By now I suspect that Kelly has a queue of potential "providers" lined up interested in winning his BANKING business. Credit cards are a different matter.

As I mentioned in my PM to Kelly - regarding CC processing - (and paraphrased), "responding" is not an easy matter. Customer service "options", including what credit cards are accepted, are in fact what customers demand. If McMillan was to no longer take VISA and/or MasterCard for payment, that would immediately impact ALL of his customers that use those BRANDS of cards. That's because the seller is processing a BRAND of credit card through a third party processing house, NOT, in most instances, doing a transaction with the merchant named on the card - like Cabela's or NRA. As best I know, the front end of the processing systems have NO way of knowing whether a VISA or MC is one from BofA, just whether the card info is valid and (via pre-processing) whether the card member's specific account is "OK" (at that moment in time) for a charge in the amount being submitted for approval. The back end of the process looks to where the transaction goes for financial processing (actual payment).

McMillan does not currently do any online CC processing (based on what I just looked at on their website). So the customer needs to call in. That gives McMillan at least an opportunity to move the transaction to a "more friendly" financial institution. BUT that assumes the customer, for whatever reason/circumstances, is "able" to consider such an alternative. If not, either no sale or McMillan needs to process the card. Cutting off VISA and MC is, IMHO, NOT an option for a mid-range business like McMillan in today's marketplace.

I am neither a lawyer nor currently doing CC processing, so my info may be out of date or simply wrong. I believe, for all intents and purposes, my info is correct.

 

[Dr. Vette]

I'd be real surprised to find that Cabela's is also the BANK behind the card. Look at your card - or your bill - and note where you're sending your money. It will be to some financial institution, not the company whose name is on the card (unless, of course, it is a bank branded card).

Cabelas set up their own bank ("World's Foremost Bank") in order to set up their own credit card. You don't have to worry about any other bank handling your money.

As stated elsewhere the WFB is excellent at following possible fraud. They've called me or put a hold on my account on occasion if they smell suspicious activity (I've learned to call before I travel) and a month ago caught 2 fake transactions within hours and closed the account. Excellent customer service, too.

 

[ELR Researcher]

Dr. Vette:

Thanks for the scoop. I'll have to make some time to research their offering.

 

[Korhil78]

Does no one use USAA? Those guys are awesome.

 

[SidecarFlip]

*********I'd be real surprised to find that Cabela's is also the BANK behind the card. Look at your card - or your bill - and note where you're sending your money. It will be to some financial institution, not the company whose name is on the card (unless, of course, it is a bank branded card). ************

Be real suprised then........ Cabelas owns the bank that issues the card so it's all in house...... Thanks Dr. Vette... Payments go in a Cabelas addressed envelope to Lincoln, Nebraska, Foremost Bank....

My deciding factor was points for stuff I really want plus the security and dealing with people in Lincoln Nebraska (on the phone) instead of a Camel Jockey in Saudi Arabia that just took an English class..... (Capital One comes immediately to mind BTW).....

Capital One's slogan is...'whats in your pocket'. My answer is not yours, theirs.

My comment about the loan discussed in the preceeding posts is 8% is way steep on a commercial line. I'm at 5.52 and I consider that at the top of acceptability as far as incurred interest is concerned.