Citigroup Bank joins war on 2nd Amendment

[DanClrk51]

Citigroup is imposing restrictions on firearm sales by its business partners, becoming the first major U.S. bank to take a financial stand in the growing national debate over gun control.

The New York-based bank this week said it is requiring its partners to bar firearm sales to customers under age 21, as well as those who have not passed a background check.

The bank is also barring clients from selling high-capacity ammunition magazines and so-called bump stocks that enable more rapid firing.


https://www.usatoday.com/story/money/2018/03/22/citigroup-requires-business-partners-restrict-gun-sales/449181002/

[Les]

Citigroup is imposing restrictions on firearm sales by its business partners, becoming the first major U.S. bank to take a financial stand in the growing national debate over gun control.

The New York-based bank this week said it is requiring its partners to bar firearm sales to customers under age 21, as well as those who have not passed a background check.

The bank is also barring clients from selling high-capacity ammunition magazines and so-called bump stocks that enable more rapid firing.

Fortunately I have no accounts business or personal with them, but if I did.....they're done.  Thanks for sharing.  Still can't believe they're doing this.  It's only going to effect they're bottom line......negatively.

https://www.usatoday.com/story/money/2018/03/22/citigroup-requires-business-partners-restrict-gun-sales/449181002/

[Les]

Fortunately I have no accounts business or personal with them, but if I did.....they're done.  Thanks for sharing.  Still can't believe they're doing this.  It's only going to effect they're bottom line......negatively.

[Dalamar]

First National has too. Apparently they responded to the large volume of bots on twitter without realizing they're bots.

I'd cancel my account but I'm not sure they are profiting from someone as poor as me to begin with.

[Nettles]

First National has too. Apparently they responded to the large volume of bots on twitter without realizing they're bots.

I'd cancel my account but I'm not sure they are profiting from someone as poor as me to begin with.

Doesn't matter.  They're not going to audit each lost account and determine whether it was a profitable one to decide whether it hurts them. What they need to see is large numbers of account closings, accompanied by large numbers of letters and phone calls to tell them why otherwise happy customers will no longer do business with them.  If only the moderately wealthy people raise a fuss, then they'll hardly notice. 

[RLMoeller]

I got a call today from Bank of the West asking about my business stating they wanted to get my credit card processing business and would beat the rates of anyone.  I am doing minimal business after closing the retail space and don't need to find a new processor, but I like that there is a bank that is not shying away from firearms related businesses and actively pursuing them.

[Mark B]

I have had a Citi CC since 97, and treat it like a checking acct. and pay off the balance each month. They make no money on my account and I use their money free. After accounting costs, mailing fees, 1.5% cash back I'm sure they view my acct. as a non-performer.

[whatsit]

I have had a Citi CC since 97, and treat it like a checking acct. and pay off the balance each month. They make no money on my account and I use their money free. After accounting costs, mailing fees, 1.5% cash back I'm sure they view my acct. as a non-performer.

If only it was as clear cut as that. Whenever you swipe your card, part of the fees every merchant pays to take payment from your card go back to CB. So, even if they don't make money off of you per se, they do make money when you use your card.

[Dalamar]

I have had a Citi CC since 97, and treat it like a checking acct. and pay off the balance each month. They make no money on my account and I use their money free. After accounting costs, mailing fees, 1.5% cash back I'm sure they view my acct. as a non-performer.

As whatsit said, I think the fee businesses lose on cc purchases is around 3-4% usually. Would definitely cancel.

[shooter]

 Makes me feel good now that I don't own a single credit card,