Imagine your bank suddenly saying, “Nope, you can’t bank with us because you're into certain things.” That’s exactly what Citigroup did a few years ago. Now, however, after the heat keeps getting turned up on them over gun purchases, Citigroup’s ejecting their previous position faster than an empty mag.
Here are Five Fast Facts on Citigroup's reversed gun policy:
- 😱 Knee Jerk Reaction - Back in 2018, Citigroup made a rule blocking banking services to businesses who sold to buyers under age 21 (even if it was legal) in the aftermath of the Parkland school shooting. As the saying goes, they didn't let the crisis go to waste!
- 📣 Loud Complaints - Many on the political right -- including President Trump -- have claimed banks have been “de-banking” conservatives and other businesses for years, including gun sellers and cryptocurrencies. But even Democrats like Senator Elizabeth Warren have called out banks for unfairness. Citigroup, feeling the pressure recently, finally decided it’s time to be “politically neutral” and got rid of their gun rule. Is it better late than never when you're talking about a Constitutional right, or are you just looking for insurance after the house is on fire?
- 🤦 They Brought It On Themselves - To a certain extent, banks have brought such accusations on themselves by not always being transparent when they close customer accounts or deny financial services to certain customers but not others. In the absence of facts, people tend to insert their own, you know?
- 🙈 Mixed Reactions - Conservatives cheered: “Freedom!” Gun control advocates moaned, “Citi just put politics above safety.” Citigroup says there is nothing to see here and desperately hopes everyone will just look away.
- 🤔 Keep It In Perspective - A little perspective might help us understand Citigroup's reversal. The number of deaths caused by guns annually in the US is about 45,000. 😭 However, the number of gun uses for self-defense annually in the US is somewhere between 500,000 and 3 million. The vast majority of those gun purchases are by law-abiding citizens with zero intention of committing crimes.
🔥Bottom line: Whether it’s a win for equality or a step back on safety depends on who you ask. One thing’s certain: banking drama is now officially in the headlines. Today it's about guns, but what if tomorrow banks decide you don't deserve to be a customer if you buy too much candy, or go to Starbucks too often, or buy stuffed unicorn toys? The real question is: should banks be allowed to cancel services based on any purchases at all, or should you get to spend your own Paychecks however you see fit?
What do you think?
Let us know by connecting with us on Facebook and Instagram! Also, remember to share this newsletter with your friends & coworkers!
BTW, If you’ve read this far and haven’t yet signed up for the weekly Paycheckology newsletter, CLICK HERE!
