List your firearm for $19

Major Australian Bank Shutting Down Firearms Businesses Bank Accounts

NAB bank
Share on facebook
Share on twitter
Share on email

In another case of large corporates kowtowing to fringe interest groups which don’t represent the majority of Australians, The National Australia Bank (NAB) has been reviewing their relationships with the firearms businesses and decided they will be cancelling and closing the business banking accounts and credit facilities solely because they run government licenced, legally operated businesses. As one of Australia’s largest banks and beneficiaries of many special government banking protections at the cost to the tax payer, this has wide ranging impacts to those in the industry.

The latest example of this comes from a letter from the 29th of January this year, with NAB sending a Notice of Accounts and Services Closure letter to QLD dealer, Smiffy’s Guns n Ammo:

Image shared on Australian Gun Rights Facebook Group

In the notice, NAB notes that they “regularly review the risks associated with providing banking services to customers involved in certain industries. As a result of these reviews, NAB as chosen to cease providing you with banking services”. This closure follows a spate of similar closures with other banks in Australia for those running businesses or having political views which don’t fit within the banks narrow agenda.

When GunHub has contacted NAB about this targeted closure of accounts, a NAB spokesman has replied that “When making decisions about the banking services we provide, NAB considers a number of factors including legislative requirements, our risk appetite and the materiality of environmental, social and governance (ESG) issues.”, inferring that providing business services to firearms dealers would fall under being a negative social issue.

The Australian Financial Complaints Authority notes that banks have the legal right to cancel any business or personal accounts for commercial reasons, so it is likely that there is limited if any legal recourse available to firearms businesses being targeted by these shutdowns.

In recent times we’ve seen similar discrimination to those in the firearms community in 2019 Bank of Queensland denying loans to firearms business owners because of policies which inferred they could be linked to crime. Only after pressure from the then Federal Agricultural Minister was this discriminatory policy removed.

With increasing pressure on this safe, legal family friendly community, shooters need to not remain silent in what is a hugely discriminatory practice. With over 800,000 legal firearms owners in Australia and growing, firearms owners make up one of the largest single interest groups. Ensure you’re representing your sport, hobby and the livelihood of many Australians by letting organisations such as NAB know how you feel about these discriminatory practices and if you’re with banks such as this, whether you want to consider looking at a more firearms supporting alternative.

Corey
Corey is a co-founder of GunHub and has built GunHub as a platform for other gun owners to buy and sell guns easily.

Latest Stories

Latest Videos

Join the GunHub Facebook Group!

Buy, Sell, Swap and Chat with other gun owners for free.

Share this post with your friends

Share on facebook
Share on google
Share on twitter
Share on linkedin

Featured Stories you may have missed

.223 vs .308

People like comparisons and such writing forms always have solid tracking and following. Considering that logic, ammunition cartridges comparisons are quite popular among lovers of

.17HMR vs .22 Magnum

The real ammunition development begins with the introduction of the first self-contained, all metallic cartridges around 1845 in France. Louis-Nicolas Flobert created the first integrated

.243 vs .308

Comparing the .243 Winchester vs .308 Winchester There are not so many fertile calibres such as .30-06 Springfield that have spawned and inspired the creation

2 Responses

  1. I hope they loose a hell of a lot of customers and it hits them right where it hurts. I also hope that no one ever goes back to them either

Comments are closed.

Report Abuse

GunHub takes safety seriously. Please fill in the form below to complete the report and we will investigate within 24 hours.

Enquire about this Item

We will email the listing owner on your behalf, they will be able to respond to your email directly.

Please select a valid form.