NAB caves in on gun account closures

National Australia Bank has backflipped on its decision to close the accounts of several firearms dealers, but fears remain how banks will treat future customers.

NATIONAL Australia Bank has backflipped on its decision to close the accounts of several firearms dealers in the face of growing public pressure.

But fears remain NAB and Australia’s other major banks will continue to refuse new customers associated with the firearms industries, claiming they are too risky to service.

It comes as the Sporting Shooters’ Association of Australia – which gathers millions of dollars in fees from its 200,000-strong membership and primarily banks with NAB – slammed the banks as “reprehensible” and warned the group could take its banking elsewhere if the behaviour continued.

“For the banks of all people to make a moral judgment, give me strength,” SSAA president Geoff Jones said.

The Weekly Times first reported this month that financial institutions, including the big four banks, were cutting ties with the firearms industry. NAB began sending letters to gun-related customers in January that their accounts would be closed.

Andrew Lind, who owns Gunsport Trading in Bairnsdale, received his letter on March 12, advising the termination of all his business and personal accounts.

He lodged a complaint, and also began approaching other banks but was advised the Commonwealth Bank also would not take his business.

“Being a small business in a small country town that’s been heavily affected by bushfires, then to have this on top of everything else at the moment, its pretty rough,” Mr Lind said.

However, Mr Lind said he was contacted by NAB last Friday, advising his account would not be shut if he could provide documentation of his dealer’s licence and audits.

Ammunitions manufacturer James Blacker – who was also told his account would be shut – received a similar call the same day.

“It’s been a bit of a pain but at the end of the day, we’re glad we got the result,” Mr Blacker said.

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NAB executive Anthony Waldron did not answer specific questions from The Weekly Times regarding its policy on firearms, stating: “We are continuing to work directly with these customers to see what we can do to provide them with the banking services they need.”

SSAA president Geoff Jones said the firearms industry was one of country’s safest and most regulated businesses, and that anyone dismissing it on moral grounds was “reprehensible”.

Mr Jones warned the org­anisation’s branches banked “an awful lot of money with these banks”.

“We would probably be forced to look at our options if we were affected,” he said.