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

  1. #1
    Contributing Dealer Prophet River's Avatar
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    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 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."
    Last edited by Prophet River; 01-20-2021 at 10:22 PM.
    www.prophetriver.com
    inquiries - 780-875-0575 / info@prophetriver.com
    Prophet River Firearms
    5012 - 50th Ave
    Lloydminster, AB
    T9V 0W7

  2. #2
    CGN Ultra frequent flyer Aniest's Avatar
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    Although not surprising, this should be kept front and center in anyone's mind who thinks of doing business with Bank of Nova Scotia.
    The insanity continues...

  3. #3
    Uber Super GunNutz guy329's Avatar
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    Well, we can add BNS to IBM on the list of businesses to avoid.

    This is pretty sad.
    The West wants Out!

  4. #4
    CGN Ultra frequent flyer Magellann's Avatar
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    I cant see how they have the right to cancel the accounts of lawful businesses, Any other conantation would be considered racist.

  5. #5
    CGN Regular MkivSupra's Avatar
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    Well that seems discriminatory and illegal.

  6. #6
    CGN Ultra frequent flyer maple_leaf_eh's Avatar
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    There is a gunsmith who runs a gun store outside Petawawa who had a similar quite unprovoked Bank of Nova Scotia letter several years ago. He took it to his MP (Cheryl Gallant) then went public. Whatever pressure they brought to bear worked, and they backed off.
    A VOTE FOR MAX IS A VOTE FOR TRUDEAU!

  7. #7
    CGN frequent flyer btabin's Avatar
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    Are there any banks that are pro-firearm, or at the very least, tolerant?
    I suck at responding to PMs. Don't take it personally.

  8. #8
    Uber Super GunNutz guy329's Avatar
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    Quote Originally Posted by MkivSupra View Post
    Well that seems discriminatory and illegal.
    Not if it meets the Liberal Woke test.
    The West wants Out!

  9. #9
    Pound of Fire
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    Jay's Avatar
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    Disgusting. Sorry to hear that Clay.

    Hopefully you got it sorted & other Scotia customers move away from them because of this.

    Cheers
    Jay
    Wing Nut

    "No man shall ever be debarred the use of arms. The strongest reason for the people to retain the right to keep and bear arms is, as a last resort, to protect themselves against tyranny in government." Thomas Jefferson.

  10. #10
    Contributing Dealer Prophet River's Avatar
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    Strangely, CSAAA is a group member of CFIB and Scotiabank is a preferred partner with CFIB.
    www.prophetriver.com
    inquiries - 780-875-0575 / info@prophetriver.com
    Prophet River Firearms
    5012 - 50th Ave
    Lloydminster, AB
    T9V 0W7

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