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Thread: Bank of Nova Scotia no friend to the firearms industry

  1. #271
    Super GunNutz jk33's Avatar
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    Quote Originally Posted by Prophet River View Post
    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 EuroOptics 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.


    EDIT#2 Jan 14 1930:

    Update, we just received this email. Our correspondence with BNS has been minimal, so, this is likely a result of threads like this and it seems there is a copy making its way around other media like Facebook. It's nice to see the firearms community having the ability to apply this pressure.

    please let us know of your availability for a conference call tomorrow with the Scotiabank representatives conducting the review of your concerns.
    We confirm that while we undertake this review, the relationship termination has been placed on hold.
    Sincerely,
    Greg Jewell | Manager, Customer Concerns



    EDIT #3 Jan 15 1400

    UPDATE:
    Clay just finished a conference call with some BNS management in Toronto and New York. It seems they may allow us to keep our accounts with them. They will get back to us later today or early next week according to their statements near the end of the call. We will be sure to update this thread as soon as we have something concrete in writing.


    EDIT #4 Jan 18 2100
    No contact from BNS today.

    EDIT #5 Jan 19 1415
    BNS called today and it looks like they will rescind the original letter. Nothing in writing yet but there should be in the next day or two. We certainly appreciate all the support from the CGN community.

    FINAL EDIT Jan 20 1915
    Termination rescinded. "We understand your frustration with how the termination was handled. We will revisit our processes in this regard. Once again, we apologize for any inconvenience this may have caused."
    Here's what I sent;

    Mr. Jewell,

    It has come to my attention that your Company has recently decided to close all accounts and stop all dealings with Prophet River Holdings in Lloydminster, AB. My understanding is this was due to their dealings with EuroOptic.com in the USA.

    As all dealings Prophet River have had with EuroOptic.com were approved (and disclosed) by the USA state and/or commerce department with full disclosure of the source, as required by USA law I believe you had no legitimate reason to do so.

    You can be rest assured this decision will will most definitely have a negative impact on your Company and it is a shame you have decided to turn your backs on an established well respected Company that has been in business since 1994 and dealing with you for several years.

    Due to your decision to stop dealing with them you can be rest assured I will not be having anymore dealings with your Company in the future.

    Sincerely disappointed,
    JK

    They actually replied back;

    Dear JK,

    Thank you for raising your concern with Scotiabank. While we are unable to share the details of customer concerns for confidentiality reasons, we can confirm this is an individual client matter and not related to the industry. Since the issue was raised with us, Scotiabank has worked closely with our customer to resolve the concern to their satisfaction. For your information, Scotiabank does not preclude banking sporting retailers, or those whose business includes the legal retail sale of licensed firearms in Canada including to law enforcement.

    Sincerely,

    Office of the President

    __________________________________________________ __________________________________________________ ___

    Scotiabank | Office of the President

  2. #272
    Contributing Dealer Prophet River's Avatar
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    Quote Originally Posted by jk33 View Post
    Here's what I sent;

    Mr. Jewell,

    It has come to my attention that your Company has recently decided to close all accounts and stop all dealings with Prophet River Holdings in Lloydminster, AB. My understanding is this was due to their dealings with EuroOptic.com in the USA.

    As all dealings Prophet River have had with EuroOptic.com were approved (and disclosed) by the USA state and/or commerce department with full disclosure of the source, as required by USA law I believe you had no legitimate reason to do so.

    You can be rest assured this decision will will most definitely have a negative impact on your Company and it is a shame you have decided to turn your backs on an established well respected Company that has been in business since 1994 and dealing with you for several years.

    Due to your decision to stop dealing with them you can be rest assured I will not be having anymore dealings with your Company in the future.

    Sincerely disappointed,
    JK

    They actually replied back;

    Dear JK,

    Thank you for raising your concern with Scotiabank. While we are unable to share the details of customer concerns for confidentiality reasons, we can confirm this is an individual client matter and not related to the industry. Since the issue was raised with us, Scotiabank has worked closely with our customer to resolve the concern to their satisfaction. For your information, Scotiabank does not preclude banking sporting retailers, or those whose business includes the legal retail sale of licensed firearms in Canada including to law enforcement.

    Sincerely,

    Office of the President

    __________________________________________________ __________________________________________________ ___

    Scotiabank | Office of the President
    It seems many are getting the exact same statement back from BNS.
    www.prophetriver.com
    inquiries - 780-875-0575 / info@prophetriver.com
    Prophet River Firearms
    5012 - 50th Ave
    Lloydminster, AB
    T9V 0W7

  3. #273
    CGN Regular horkz's Avatar
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    Wow. Someone (s) up in BNS bureaucracy doesnt seem to like you. It's legalize, bureaucracy way of telling you to take a hike of a short dock can we be sued...
    The only thing necessary for the triumph of evil is for good men to do nothing.

  4. #274
    CGN Ultra frequent flyer nowarningshot's Avatar
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    I'm across to the mainland on Monday. Will be switching to BMO. I doubt they are any better, but somehow I have never dealt with them. I'm sure Scotia will wonder why....they can pound sand.
    A free society must outlaw harming innocent people to function, but when we seek to curtail what all of us can do, rather than holding each of us responsible for what we actually do, we give up on freedom itself.

  5. #275
    CGN Regular micromind's Avatar
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    Scotia Bank is a friend to know one. Honestly best way to go is a credit union.
    Last edited by micromind; 01-31-2021 at 12:03 PM.

  6. #276
    Member Groovin's Avatar
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    BOYCOTT.

    Simple.

    I kicked the big banks and their BS to the curb 15 yrs ago.

  7. #277
    Newbie TaylorH86's Avatar
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    While its good that they rescinded on the letter, I'd be looking to move my accounts ASAP!
    Play Safe, and Have Fun!

  8. #278
    Uber Super GunNutz aakoksal's Avatar
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    I sent an email to that president's account and received the same email, forwarded Clay a copy. Glad enough pressure was exerted getting them to step back. I would still move away from them, at least on my own terms and timing...

  9. #279
    CGN Ultra frequent flyer caramel's Avatar
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    Last week my Scotia account have become a simple bank account with a few hundreds in it. All CPG and CELI have been transfered to the Royal bank. Yep. JP.
    First time when you buy yourself a Tavor7, you find it expensive then the first time you shoot your Tavor7, you find it good. JP.

  10. #280
    Member Rookiegun's Avatar
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    A great deal of discussion on this one. Might as well add my 2 cents. I have worked within the Credit Union movement for over 30 years. Unsure why everyone doesn't deal with one!!! The big banks are really not for common folks like us. Purely profit motivated. HAVE TO ANSWER TO SHAREHOLDERS!

    At your local Credit Union, one member share equals one vote. At least dealing with a Credit Union...you actually have a say on how they do things. Also they do invest their profits into the local communities that they serve. Do you see the Big Banks sponsoring a local soccer or baseball Team!!!

    Out west the Credit Union movement is alive and well!!!

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