banks CC Companies look at ways to monitor gun purchases

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banks CC Companies look at ways to monitor gun purchases

Postby Bruenor » Fri Jun 22, 2018 8:34 pm

Backdoor registration through the financial institutions..
https://www.wsj.com/articles/banks-card ... 1525080600
Banks and credit-card companies are discussing ways to identify purchases of guns in their payment systems, a move that could be a prelude to restricting such transactions, according to people familiar with the talks.

The discussions are preliminary but could be deeply controversial. Gun-rights groups have long resisted any effort to monitor which Americans own guns; there are federal laws limiting the government’s use of electronic databases of gun sales.

The financial companies have explored creating a new credit-card code for firearms dealers, similar to how they code restaurants or department stores, according to people familiar with the matter. Another idea would require merchants to share information about specific firearm products consumers are buying, some of the people said.

Such data could allow banks to restrict purchases at certain businesses or monitor them.


http://thehill.com/opinion/civil-rights ... -financial

Unfortunately, this year, many financial institutions have put restrictions on companies in the gun business.

— Over the last few weeks, Intuit has stopped processing credit card payments for all gun-related sales, even when the deals don’t involve firearms. Small businesses have found sales of T-shirts, coffee mugs and gun safety classes being prevented.

— Citigroup, the nation’s fourth-largest bank, announced in March that it would prohibit the use of its financial services for people under age 21 who tried to buy guns. It would also require that all sales had to go through universal background checks.

— Bank of America, the nation’s second-largest bank, announced on Bloomberg TV in April that it would no longer finance the operations for companies that made the most commonly owned semi-automatic rifles. Of course, this means that Bank of America will still be providing financial services to other gun makers.

— In February, First National Bank, the nation’s largest privately owned bank, stopped issuing credit cards with the NRA logo as a result of a coordinated campaign by gun control groups.

— Android Pay and Google Wallet, PayPal, Square, Stripe and Apple Pay have stopped firearm sales using their services.
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Re: banks CC Companies look at ways to monitor gun purchases

Postby ruger » Sat Jun 23, 2018 6:20 pm

Guess I’ll just use good old cash.... :mrgreen:
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Re: banks CC Companies look at ways to monitor gun purchases

Postby bignflnut » Mon Jun 25, 2018 9:48 am

ruger wrote:Guess I’ll just use good old cash.... :mrgreen:


While this may sound like a paranoid doomsday scenario to some, as a real world finance professional, I believe that this scenario is not only eminently possible, but most of the technology is already available — albeit not yet fully marshaled — to frighteningly make it reality.

Technological advances have led to the creation of algorithms that can instantaneously review financial transactions, determining the nature, location and even the appropriateness of a purchase decision. These have been freely used by credit- and debit-card companies.

Cardholders already encounter this technology when they receive fraud alerts after a transaction that looks out of kilter with the particular consumer's normal purchasing patterns. The technologies can thus serve to protect consumers. That said, they have already been used to control consumer behavior. In 2010, Visa and MasterCard, bowed to government pressure — not even federal or state law — and banned all online-betting payments from their systems. This made it virtually impossible for these gambling sites to continue operating regardless of their jurisdiction or legality. It is not too far-fetched to wonder if the day might come when the health records of an overweight individual would lead to a situation in which they find that any sugary drink purchase they make through a credit or debit card is declined. Sounds far-fetched but maybe not so.

You might think then that the person can always pay cash and remain outside the purview of these technologies. This may be the case for the moment, but we are well on the road to becoming a cashless society. According to a MasterCard study, 80 percent of U.S. consumer transactions are electronic.

SNIP

To provide another example, the U.S. government is becoming very fond of seizing money from citizens first and asking questions later via "civil forfeiture." Amazingly, the government is permitted by law to do this even if it is only government staff members who have a suspicion, not proof, of wrongdoing. By seizing a citizen's or a firm's money, the victim/defendant has almost no choice but to settle.


It's a solid article...and the point is that with ERPOs gaining momentum, how long will it be until a financial transaction trips some property being removed from a person's home?
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Re: banks CC Companies look at ways to monitor gun purchases

Postby bignflnut » Wed Oct 03, 2018 10:45 am

Sen. John KennedyR-La., introduced legislation Tuesday to prohibit federal contracts with banks that end business with other lawful businesses over social policy.

The topic became a hot button issue last spring when Bank of America and Citigroup announced that they would end banking relationships with gun manufacturers or retailers that sold certain semi-automatic weapons similar to ones used in mass shootings of civilians.

“It’s very simple, it just says that we can’t issue contracts to banks that decide they want to make social policy,” Kennedy told the Washington Examiner.
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Re: banks CC Companies look at ways to monitor gun purchases

Postby Sevens » Wed Oct 03, 2018 1:10 pm

If anyone is in the mood to look for an upside or positive, it certainly clears the way for a bank/credit card company (hopefully a handful) to compete specifically for the business of good, law-abiding American gun enthusiasts. And the credit card industry is dominated by the H-U-G-E banks, this might be quite good for some smaller ones. I would certainly be interested in this.
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Re: banks CC Companies look at ways to monitor gun purchases

Postby WhyNot » Thu Oct 04, 2018 8:05 am

Ahhh yes. 1st, they wanted to track sales. Now they want to stop sales. WHEN all sales go ca$h only, they will cry 'cause they deleted their only way to track what is being bought by whom and at where...beautiful...lovely...

Yes they really showed me :P

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Re: banks CC Companies look at ways to monitor gun purchases

Postby MacDonald » Fri Oct 05, 2018 3:47 am

Most of my purchases are from Buds Gun Shop. I use my ATM Visa card. I wonder if this applies to my bank card, too.
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Re: banks CC Companies look at ways to monitor gun purchases

Postby bignflnut » Wed Oct 10, 2018 12:09 pm

Although I would advise people to keep steppin when considering banking with Wells Fargo due to their recent mismanagement...but this story is remarkable, coming from a San Fransisco financial entity:
The San Francisco-based bank last week issued a $40 million line of credit to gun manufacturer Sturm, Ruger & Co., according to financial filings. That’s on top of the $431 million in debt that Wells Fargo has arranged for gunmakers since December 2012, when the Sandy Hook school shooting escalated the gun control debate. No other bank lent more to the industry over that time, according to data compiled by Bloomberg.

The new debt, issued to one of the world’s largest publicly traded gunmakers, came as a big surprise to at least one group: nuns who had been talking to Wells Fargo about corporate-responsibility issues. On Sept. 26, the day before the debt agreement was issued, they had met with the bank’s business-standards employees in New York.
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