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When your money isn’t your money

Bank of America seizes the assets of American Spirit Arms, due to increased gun sales.

3 Responses to “When your money isn’t your money”

  1. Cargosquid Says:

    How is this NOT actual theft?

  2. SPQR Says:

    You have to be real careful with card processing accounts. The terms of service let them do this for no good reason.

  3. Harold Says:

    The real reason for this mechanism is that chargebacks can happen for quite some time, and the automated fraud detection systems look for things like an explosive growth in transactions.

    The problem here would seem to be that once the people at the bank started investigating the automated alert, they decided to judge the company politically instead of financially.