The Local gunsmith I work for was recently denied a Loan from Chase Bank simply becuase he worked in the firarms industry.  At first they denied him the loan becuase of the 'Patriot Act', but then he recieved another call from Chase Bank telling my boss the truth:  they denied him the loan, even though he had an excellent credit history, because he worked in the firearms industry.

Needless to say, he's pulling his supoort and buisness from that bank and will post up a the letter of denial for all to see.

I could understand if my boss simply had a horrible credit history or was a criminal, but they simply denied him the loan because he is a gunsmith.  To me, that is blatant;y prejudice aginst the people who work in the industry, like my boss and myself.

I don't know if any of you have had problems with Chase, but I know I will never deal with them, ever, for the stuff they pulled this last week.

Just giving everyone a heads up.

Thanks for your time.

this should be in General Discussion.  this is news.

Where should I move it to in the general discussion?  Armory General Discussion?

They've always been good 2me. 4.99% FIXED, 10buck only payments should it come 2that,last 15yrs as I've been vigilant in asking for ''offers''.I've even consider they've consolidated w/JPM.

Quoted: They've always been good 2me. 4.99% FIXED, 10buck only payments should it come 2that,last 15yrs as I've been vigilant in asking for ''offers''.I've even consider they've consolidated w/JPM.

Maybe because they did not know you own or are involved with firearms........

Dayum.....my Chase visa is maxed out....I gotta get out from under thier spell !


Longhunter

Bump this ad and get it to stick on general discussion when Letter of Denial is posted. If this is the case with Chase then every law abiding citizen should pull their $ out and send a letter as to why they did so. I really hope this is NOT TRUE. But if so, fuck them

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IIRC, there was an incident a few years ago where Chase would not give a gunshop an MC/VISA merchant account for the same reason.  If someone remembers more details of this, please post.

What happened to them being "an equal opportunity lender"?

Glad I don't do my banking with them.

You will find that most banks, especially large commercial banks have a similar policy - no loans to firearms retailers. Bank of America - even when it was Fleet, Sovereign, and I believe Wachovia have similar policies as well. They will open deposit accounts for gun stores but not give them loans. The policy may have more to do with perceived risk/loss to the business than it does with anything else. High insurance costs, potential litigation, potential legislation, etc.  (i.e., gun gets stolen from gun store - person gets shot by criminal with same stolen gun, gun store gets sued by victim's family, bank gets sued for underwriting loan making it possible to buy the gun, etc, etc.)


Restaurants also have a difficult time in many instances getting loans for similar reasons.  Then there are the money changing businesses like check cashing stores and currency remitters that most banks won't even open a deposit account for, let alone underwrite loans.  So, before everyone goes off the deep end here, check out the real facts. The story will be the same at many other institutions.