We recently posted the below letter on our page, sharing from Ozzie reviews. The letter details how NAB is closing the bank account of Smiffy’s Guns and Ammo, with no real reason given.
This post reached many of our followers and reports of similar actions occurring elsewhere streamed in. One of these affected businesses was willing to talk to us – JRB Precision, a bullet manufacturer based in Brisbane.
They sent us the below letter and email from NAB, confirming straight from the horse’s mouth that NAB is closing the accounts of businesses involved in the Firearms Industry.
It should go without saying that this is extraordinarily concerning for us as well as mirroring a similar move, that was later retracted from BoQ last year. Whilst BoQ saw the light and reversed course, NAB is yet to do so.
We are massively concerned about this because as anyone who has ever run a business would appreciate that it is simply not possible, or indeed legal to run a business without access to a bank account at the very least.
The NAB letter claims that this move is due to a ‘risk appetite’ change from them, when it comes to the financial security and of a business we struggle to understand how a firearms industry business could possibly be any more risky for the bank than any other business. Indeed with the highly regulated services that are on offer in this industry we imagine the rate of fraud that causes loss to banks is substantially lower in this industry then in any other comparable industry.
Given how quickly BoQ capitulated on this issue and the overly vague language being used in the communications from NAB, we can only presume that these moves are instead coming down to the political viewpoints of some back office bank manager. We would encourage shareholders in these institutions to ask at the next AGM why NAB is turning away profitable customers based on what appears to be some managers’ personal sensitivity.
Naturally we though we would ask the man himself, so this morning we emailed and snail mailed NAB’s CEO Ross McEwan on the matter. We will let you know if we receive a response.
If the prospects of politically motivated de-platforming in the banking sector frighten you as much as it does us, we would ask that you contact your local Federal member and ask why this sort of discrimination is even legal, let alone still being tolerated.