Can Some Banks Govern What You Can Spend Money On?

Discussion in 'Money & Finances' started by Yvonne Smith, Dec 9, 2022.

  1. Yvonne Smith

    Yvonne Smith Senior Staff
    Staff Member Senior Staff Greeter Task Force Registered

    Joined:
    Jan 21, 2015
    Messages:
    15,656
    Likes Received:
    30,110
    I was just reading about a person in Kentucky who bought a gun and used his credit card for the purchase. The bank refused payment and said that the bank did not allow purchases “at this type of merchant”.
    The person immediately went to his bank and closed the account.

    Has anyone else ever read about banks being able to control what you are allowed to purchase with your own money ? It is not like he was getting a loan to buy something, he was paying for it from his account.

    Here is the screenshot, I had to crop most of it out so it can be read here.

    0D9280C9-88D0-495B-A86C-CF28438D010D.jpeg
     
    #1
  2. Don Alaska

    Don Alaska Supreme Member
    Task Force Registered

    Joined:
    Mar 6, 2018
    Messages:
    12,711
    Likes Received:
    23,811
    I have heard of such things, and that there is a move by the Federal government to encourage such things to bypass the 2nd amendment, but I have not personally seen it. Credit Unions would be much less likely than banks to institute such things, but in places like California and New York and their ilk, anything is possible. A general rule would be only to use cash as long as it exists to make any kind of firearms-related purchase. There were and are some who prohibit using their accounts to purchase cannabis, or at last there were.
     
    #2
    Bobby Cole likes this.
  3. John Brunner

    John Brunner Senior Staff
    Staff Member Senior Staff Greeter Task Force Registered

    Joined:
    May 29, 2020
    Messages:
    24,977
    Likes Received:
    36,517
    I've heard of it with guns, but it's mostly on the part of the banks that will not issue the merchant accounts to sellers. The internet says that PayPal, Stripe and Square will not process gun purchases. A Merchant Code for guns was recently created (last September) so such purchases can be tracked, so expect to see more of this.
     
    #3
    Don Alaska likes this.
  4. John West

    John West Very Well-Known Member
    Registered

    Joined:
    Aug 26, 2021
    Messages:
    982
    Likes Received:
    2,366
    If the bank lends money to buy a gun that kills or injures someone, can the bank be sued? If so, you can understand why they would do this - liability??
     
    #4
    Bobby Cole likes this.
  5. Ken Anderson

    Ken Anderson Senior Staff
    Staff Member Senior Staff Greeter Task Force Registered

    Joined:
    Jan 21, 2015
    Messages:
    25,380
    Likes Received:
    45,402
    Only a few years ago, I bought a shotgun via PayPal. This may be a new rule.
     
    #5
  6. John Brunner

    John Brunner Senior Staff
    Staff Member Senior Staff Greeter Task Force Registered

    Joined:
    May 29, 2020
    Messages:
    24,977
    Likes Received:
    36,517
    The new merchant code that identifies gun sales is only 2-3 months old.
     
    #6
  7. Don Alaska

    Don Alaska Supreme Member
    Task Force Registered

    Joined:
    Mar 6, 2018
    Messages:
    12,711
    Likes Received:
    23,811
    If a bank lends money to purchase a vehicle that is used to kill one or more people, can the bank be sued?
     
    #7
  8. Lulu Moppet

    Lulu Moppet Veteran Member
    Registered

    Joined:
    Nov 14, 2018
    Messages:
    1,213
    Likes Received:
    1,866
    Sign says "restricted card." I wonder what other restrictions there are on this account. Need to know more!
     
    #8
  9. Yvonne Smith

    Yvonne Smith Senior Staff
    Staff Member Senior Staff Greeter Task Force Registered

    Joined:
    Jan 21, 2015
    Messages:
    15,656
    Likes Received:
    30,110
    I was wondering what exactly that meant, too. It does not say restricted account, it says restricted card, which seems to imply that it is a type of card that is restricted in what can be purchased, and not the account of the person with the card.
     
    #9
    Bobby Cole and Lulu Moppet like this.
  10. Teresa Levitt

    Teresa Levitt Veteran Member
    Registered

    Joined:
    Oct 22, 2019
    Messages:
    1,032
    Likes Received:
    2,002
    when we are converted to the FedNow program...controlled by central bank=feds..
    no body will buy anything not approved...
     
    #10
    Mary Stetler likes this.
  11. Mary Stetler

    Mary Stetler Veteran Member
    Registered

    Joined:
    May 30, 2021
    Messages:
    7,303
    Likes Received:
    13,726
    As we are being moved to a digital form of currency, cash will be done away with in the next couple of years. And then, yes, they will be able to say whether or not we can buy anything.
     
    #11
    Don Alaska likes this.
  12. Alan Sidlo

    Alan Sidlo Very Well-Known Member
    Registered

    Joined:
    Dec 9, 2019
    Messages:
    263
    Likes Received:
    480
    during the early days of the end of cannabis prohibition, banks were known to close accounts of users who purchased at dispensaries or grow supply shops. not so much now as more states have legalized recreational use. having worked for financial institutions in the past, i've witnessed some dodgy maneuvers they can do to make life difficult.
     
    #12
  13. Bobby Cole

    Bobby Cole Supreme Member
    Task Force Registered

    Joined:
    Jan 21, 2015
    Messages:
    13,651
    Likes Received:
    26,155
    Just to grind a few gears, I would think that if a baker can be sued for not baking a cake for a gay wedding all because of his personal beliefs, that a bank could be sued for the same reasoning.

    If the buyer is of legal age and has no marks against him / her and since buying and owning a gun is Constitutionally legal, no matter what the beliefs of the banking system might be, the bank should be able to be sued.

    But then, why spend thousands of dollars just to lose a suit against an army of highly paid bank lawyers?
     
    #13
  14. Beth Gallagher

    Beth Gallagher Supreme Member
    Registered

    Joined:
    Jan 11, 2018
    Messages:
    21,863
    Likes Received:
    46,551
    Well the fact is, in this country you can sue anybody for anything.
     
    #14
  15. Thomas Windom

    Thomas Windom Very Well-Known Member
    Registered

    Joined:
    Dec 4, 2022
    Messages:
    1,810
    Likes Received:
    3,065
    #15
    Bobby Cole likes this.

Share This Page