Skip to comments.Citibank Continues to Deny Credit to Firearms Industry
Posted on 10/14/2010 5:01:55 PM PDT by Orange1998
October 8, 2010 By Larry Keane
Once again Citibank has drawn the ire of the firearms community over its credit policies. This time it deals with not extending lines of credit to businesses even remotely related to the firearms industry. As many people remember back in January 2008, NSSF took Citi Merchant Services to task over its decision to stop processing credit card transactions involving the lawful sale of firearms by law-abiding, federally licensed, firearm distributors/retailers. Unfortunately, it became evident that the decision was not a mistake of a single employee, but was rather a corporate-wide policy.
Fast forward to October 2010 when the Warne Scope Mounts Company of Oregon, manufacturers of scopes and components, decided to submit an application for a business line of credit to purchase materials from the Home Depot. The credit line was initially approved, only to be rescinded the next day by Home Depot Credit Services, Citibank (South Dakota), N.A., Creditor based upon the simple explanation that, Its because of the industry you are in. The term industry simply meant that the company makes parts for the gun industry. A law-abiding manufacturer that wanted to purchase materials from the Home Depot NOT to be used in the making of their products was denied credit simply because of the association with the firearms industry. .
During difficult economic times over the past few years and high unemployment rates nationally, the firearms industry has grown and created well-paying jobs with absolutely no government bailouts. You would think being such a bright spot in the economy, that companies like Citibank would be more than willing to extend business lines of credit. Instead, Citibank would rather take government taxpayer funded bailout money than extend credit to a flourishing and growing industry. Receiving government bail out money coupled with Citibanks prejudice towards a constitutionally protected right only further delays any economic recovery.
Citibank has stood behind their anti-gun policies for years, which affects not only firearms retailers, manufacturers and distributors, but also law enforcement agencies at the federal, state and local levels of government and law-abiding citizens. You would think that Citibank would want to aid in the recovery of America, but I guess their policies are more important than American prosperity.
Well I guess tomorrow I cancel my Home Depot credit card.
I will be sending my back.
I’m a little surprised that credit would be so important to the firearms industry. Their cash flow is probably so good, they shouldn’t need credit. Anytime I buy guns or ammo, I pay in cash, unless buying something online. Then I used the Visa debit card(same as cash).
Screw credit, and the deadbeat companies that offer it. Buy your gun stuff(and everything else) in cash! Why make things cost more with added interest? Save your money, and buy more hardware!
Citibank is full of wienies and busy bodies.
Up until 1 year ago my company shared a parking lot with the Citibank loan approval group. Citibank actually sent someone across the parking lot with a tape measure to check the height of our company’s sign. We were one inch over the approved height for signs in our industrial complex and Citibank insisted that we remedy it.
I ignored them at first until they complained to the complex’s landlord and the landlord spoke to us. I sent one of my technicians over to Home Depot, had him buy a half dozen bags of topsoil, and rather that fix the sign, we brought the ground level up to a point where the sign was an inch lower when measured from the ground.
They finally moved out to another location a year ago.
Hmmm. Someone should tell Citibank to cancel credit lines to bicycle shops and automobile manufacturers/retail businesses. More people are killed each year from riding bicycles and/or in cars than are killed with firearms. For that matter, business that manufacture and sell bath tubs should have their lines of credit revoked, as should manufacturers of swimming pools.
This is why Obama wants to own the banks.
If you wish to open a porn shop, a casino, fund a gangsta rap video, etc. I’m sure credit will be flowing.
Just don’t get any wild ideas about the firearms business....
Pretty good bet that had the denial been to one of those enterprises the feds would have be all over them for discrimination.
More Animal Farm.
“America! What a country!!” Yakov Smirnoff
That does it! Going out to buy another toy this weekend...and pay CASH!
“I sent one of my technicians over to Home Depot, had him buy a half dozen bags of topsoil, and rather that fix the sign, we brought the ground level up to a point where the sign was an inch lower when measured from the ground.”
That’s terrific. LOL!
Im a little surprised that credit would be so important to the firearms industry.
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