CitiBank denies credit to Warne - has anti-firearms policy

[OldCannon]

Warne Scope Mounts had an interesting run-in with Citibank recently, only to discover that Citi takes an active anti-firearm policy when it comes to credit (the odd part being that Warne doesn't make firearms, just scope mounts).

Details here: http://www.theoutdoorwire.com/features/223490" onclick="window.open(this.href);return false;

[C-dub]

Wow!

I've always liked Home Depot. I do not have a citibank card, but it looks like it wouldn't make a difference since they don't have a problem with individuals purchasing guns. I may consider Lowes a little more from now on. I wonder what their policy is?

I also wonder if HD can in any way apply pressure to citibank to change their policy? I would consider notifying HD of my switch to Lowes if they could.

[jimlongley]

Wow!

I've always liked Home Depot. I do not have a citibank card, but it looks like it wouldn't make a difference since they don't have a problem with individuals purchasing guns. I may consider Lowes a little more from now on. I wonder what their policy is?

I also wonder if HD can in any way apply pressure to citibank to change their policy? I would consider notifying HD of my switch to Lowes if they could.

I will mention it to management tomorrow, and I may have to reconsider "selling" Home Depot credit to customers.

Edited to add, I was aware that THD had little or nothing to do with the credit card end, something I have run into a couple of problems with as an associate. It's Citi's rules and Citi's say so, despite the wishes of THD.

Maybe it's time to put in my application for Cheaper Than Dirt.

[Warhammer]

This is not at all unusual. Chase Bank, Wells Fargo, Washington Mutual (now Chase), & Bank of America all have policies against lending to any firearms-related business. They also refuse to lend to businesses based on alcohol, tobacco or in "adult" industries. The banks are worried that by lending to businesses in these undustries they would be defacto endorsing their products, and thereby possibly incurring liability. (Of course, when the money gets big enough to bump up to the asset managment group, these rules all go out the window.) Stupid? Yes. A simptom of today's perverted, sue-happy legal system? Yes as well. I still blame S&W for it's cowardly cave-in in 2000 for getting this ball rolling.

[CJATE]

This is not at all unusual. Chase Bank, Wells Fargo, Washington Mutual (now Chase), & Bank of America all have policies against lending to any firearms-related business. They also refuse to lend to businesses based on alcohol, tobacco or in "adult" industries. The banks are worried that by lending to businesses in these undustries they would be defacto endorsing their products, and thereby possibly incurring liability. (Of course, when the money gets big enough to bump up to the asset managment group, these rules all go out the window.) Stupid? Yes. A simptom of today's perverted, sue-happy legal system? Yes as well. I still blame S&W for it's cowardly cave-in in 2000 for getting this ball rolling.

yep, i once worked at one of the ones you listed... it was not written in loan policy, but i suspect there is fear of legislation change in addition to liability.

i'll also point out that this + lots of other red tape is why i quit.

[RPB]

That goes both ways, I refuse to give dollars to any institution posting 30.06 signs.
My bank allows legally carried firearms by licensees.

(I also refuse to do anything which results in revenue to Travis County, or the City of Austin, for other similar reasons)

[Katygunnut]

This is not at all unusual. Chase Bank, Wells Fargo, Washington Mutual (now Chase), & Bank of America all have policies against lending to any firearms-related business. They also refuse to lend to businesses based on alcohol, tobacco or in "adult" industries. The banks are worried that by lending to businesses in these undustries they would be defacto endorsing their products, and thereby possibly incurring liability. (Of course, when the money gets big enough to bump up to the asset managment group, these rules all go out the window.) Stupid? Yes. A simptom of today's perverted, sue-happy legal system? Yes as well. I still blame S&W for it's cowardly cave-in in 2000 for getting this ball rolling.

Dumb question, but where do bars and local gun shops get their financing? Do they really finance their entire inventory? Surely someone must be willing to loan to these businesses, even if they don't warrant the "big bucks / personal attention" from the asset management group.

[Warhammer]

This is not at all unusual. Chase Bank, Wells Fargo, Washington Mutual (now Chase), & Bank of America all have policies against lending to any firearms-related business. They also refuse to lend to businesses based on alcohol, tobacco or in "adult" industries. The banks are worried that by lending to businesses in these undustries they would be defacto endorsing their products, and thereby possibly incurring liability. (Of course, when the money gets big enough to bump up to the asset managment group, these rules all go out the window.) Stupid? Yes. A simptom of today's perverted, sue-happy legal system? Yes as well. I still blame S&W for it's cowardly cave-in in 2000 for getting this ball rolling.

Dumb question, but where do bars and local gun shops get their financing? Do they really finance their entire inventory? Surely someone must be willing to loan to these businesses, even if they don't warrant the "big bucks / personal attention" from the asset management group.

They either self-finance or get money from private investors. That usually means horrible interest rates and giving up a percentage of the business ownership and revenues to the investor. They may be able to find a smaller local bank that is willing to take a chance, but that usually only happens through "connections" and personal relationships with the lender.

In general, big banks are all about the value of their stock. Small banks are all about building their portfolio to the point that a larger bank will buy them out. Any bank that advertises that it "cares about small business" is just spinning yarns.

[The Annoyed Man]

Wow!

I've always liked Home Depot. I do not have a citibank card, but it looks like it wouldn't make a difference since they don't have a problem with individuals purchasing guns. I may consider Lowes a little more from now on. I wonder what their policy is?

I also wonder if HD can in any way apply pressure to citibank to change their policy? I would consider notifying HD of my switch to Lowes if they could.

I just got home a little bit ago from dropping $750.00 in our local Lowes store, and they tried mightily to enroll me in their credit card program. I operate on a cash basis only, and so I politely turned them down, but I wonder which bank is behind the Lowes cards....

[puma guy]

Wow!

I've always liked Home Depot. I do not have a citibank card, but it looks like it wouldn't make a difference since they don't have a problem with individuals purchasing guns. I may consider Lowes a little more from now on. I wonder what their policy is?

I also wonder if HD can in any way apply pressure to citibank to change their policy? I would consider notifying HD of my switch to Lowes if they could.

I just got home a little bit ago from dropping $750.00 in our local Lowes store, and they tried mightily to enroll me in their credit card program. I operate on a cash basis only, and so I politely turned them down, but I wonder which bank is behind the Lowes cards....

GE Credit

[CompVest]

This is not at all unusual. Chase Bank, Wells Fargo, Washington Mutual (now Chase), & Bank of America all have policies against lending to any firearms-related business. They also refuse to lend to businesses based on alcohol, tobacco or in "adult" industries. The banks are worried that by lending to businesses in these undustries they would be defacto endorsing their products, and thereby possibly incurring liability. (Of course, when the money gets big enough to bump up to the asset managment group, these rules all go out the window.) Stupid? Yes. A simptom of today's perverted, sue-happy legal system? Yes as well. I still blame S&W for it's cowardly cave-in in 2000 for getting this ball rolling.

Interesting. Wells Fargo may have an issue as far as loans goes but ours doesn't have an issue with concealed carry. They aren't posted.