Bank of America Releases Gun Maker's Frozen Deposits; Company Owner Credits Public Outcry

By Gregory Gwyn-Williams, Jr. | January 8, 2013 | 4:05pm EST

Joe Sirochman, owner of American Spirit Arms says that Bank of America has released his company's deposits and he thanked his supporters for helping him resolve the matter.

As previously reported, Bank of America froze the account of American Spirit Arms after the company's website orders spiked by 500 percent.  A manager for the bank reportedly told Mr. Sirochman, "We believe you should not be selling guns and parts on the Internet."

In a Facebook post dated January 7, Sirochman updated his fans on the Bank of America ordeal explaining to them that the company's deposits had been released.  He also thanked his supporters for their help.

The post read:

"I first want to thank all of you that have called, emailed and posted your support.  I also wanted to post an update and to clear up some questions:

"Bank of America started holding American Spirit Arms deposits for review on 12-18-12.  Since that time we had to fight tooth and nail to get them released.  We have now gotten most of the deposits and have set up new accounts with a local bank.

"Again I want to thank everyone for the outpour of support on this matter and believe because of you we were able to get our deposits."

Fox News Anchor Megyn Kelly today picked up on the story and interviewed Mr. Sirochman about his beef with Bank of America.

Kelly said that Bank of America responded to a Fox News inquiry in which the bank said that, when a company experiences a spike in transaction volume, the bank routinely reviews it to protect their customer.

Sirochman didn't buy that explanation responding, "I understand that, you know, 48 hours, you know, to see if it's fraudulent.

"But, you got to remember, these were large deposits that they held for three weeks and I find that unacceptable."

"Most Everything Has Been Resolved"

Mr. Sirochman also said that, as of today, "mostly everything has been resolved" since he first posted about the incident on Facebook on December 29.  He credited his fans and the "overwhelming support" that he has received on the internet and those who have followed his posts on Facebook.

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