News

Bank Refused to do Business with Gun Shop Owner

The Daily Signal reported yesterday Peggy Craig, who runs Michael’s Pawn in Gun in central Florida, was told by a representative of TD Bank that they cannot do business with her because she sells firearms.

“It’s a slap in the face,” Peggy Craig, owner of Michael’s Pawn and Gun in Fruitland Park, Fla., told The Daily Signal in an exclusive interview. “It affects my livelihood, it affects how I feel, and I think it’s total bias and discrimination.”

On May 7, Craig called TD Bank seeking a new line of credit to buy inventory and produce advertisements for her small, 23-year-old storefront, Michael’s Pawn and Gun.

When a TD Bank representative pulled up the shop’s Facebook page and discovered that it sells guns, Craig says the representative told her, “We can’t lend to anyone who sells firearms.”

This is not the first instance a bank has refused to do business with guns shops. Earlier this year SunTrust bank closed the accounts of another Florida gun store because the business no longer met the criteria for a banking relationship. The banks are blaming a Justice Department program named “Operation Choke Point” as the cause of the severed financial relationships.

To read the full article about Peggy Craig click here.