Bank of Nova Scotia no friend to the firearms industry
We received an unsigned letter from BNS a few days ago. It stated that, in about month, they would be closing our accounts. No reason was given and there was no signature and no contact name or phone number on the letter. BNS has held our primary accounts for several years and we've had no overdraws, 'bounced' checks etc and we maintain healthy balances.
After a few days of attempting to contact anybody with the bank who could explain this decision, we did get a response today. Apparently, being a firearms dealer and importer they determined that "Prophet River is outside of Scotiabank’s risk appetite".
This post is to warn other businesses who might use BNS for their accounts that they may be getting similar notifications and it is important to those in our community to make personal and business decisions with such information available.
EDIT:
The excuse they used is that we deal with EuroOptic quite often. Everything we import from them is approved (and disclosed) by the USA state and/or commerce department with full disclosure of the source, as required by USA law. It seems in the days since BNS sent the unsigned letter, they looked for an excuse to 'dump' us. There is a company on record called EuroOptic in the USA that is on the list of company's banned from exporting and any license submitted with their name on it as the source would be quickly denied. So, it seems BNS looked for a reason but they did not look into it very well. Our exporter for items from EO is a law firm specializing in firearms exports all over the world for retail and law enforcement is is well aware of any banned companies, disclosure and licensing requirements.
Prophet River
01-13-2021, 06:39 PM