A Scottsdale gun manufacturer had a run-in with Bank of America. Joe Sirochman, is owner American Spirit Arms, which manufactures and sells rifles. Like other gun makers Sirochman saw a huge increase in sales last month.
KFYI: Due to the sudden increase in revenue, Sirochman tells KFYI News that Bank of America began putting his deposits on hold out of concern that they might be fraudulent. The bank told him that the deposits would be released after 48 hours.
But according to Sirochman, “48 hours turned into another 48 hours, which turned into a week, then two weeks.” He says his company was in a pinch because it needed that revenue to operate and to pay its own bills.
Sirochman called Bank of America again to complain, and ended up talking to a manager who told him the bank had concerns about his company’s product. “It’s because we sell guns and parts on the internet, and they believe we shouldn’t be selling guns and parts on the internet,” he said.
Sirochman is now in the process of moving his business to a locally owned bank.