Chase Bank Is Shutting Down Hundreds Of Porn Actors’ Bank Accounts

Chase Bank has reportedly sent letters to hundreds of porn performers informing them that their bank accounts will be shut down by mid-May.

Hundreds of letters went out to adult industry performers informing them, “We recently reviewed your account and determined that it will be closing on May 11, 2014,” according to Perez Hilton who posted a photo of the letter (below):

porn-star-chase-bank-letter1__oPt[Photo via Perez Hilton.com]

The letter offers the client an apology for the inconvenience and instructs them to cancel all future automatic deposits and withdrawals.

According to Jezebel:

Sex work is never specifically mentioned, but — as Kitty Stryker points out at The Frisky — Chase has a dubious history of discriminating against people in the adult industry (and even people who just do work that’s related to sexuality). Last year, for instance, Chase refused to process payments for Lovability, a company that sells condoms and promotes female sexual empowerment, because condoms are “adult-oriented material” and thus a “reputational risk.” After Lovability CEO Tiffany Gaines engaged in a high-profile protest against the company, the bank agreed to process Lovability’s payments — but, notably, not to remove condoms from the “prohibited adult” category. Gaines responded to this decision on xoJane:

“Chase’s ability to pass judgment calls on what we can buy and sell is a breach of everyone’s rights… We cannot allow any large corporations like Chase bank to get away with governing our ability to take responsibility for our sexual health.”

A month after this, former softcore porn producer Marc L. Greenberg sued Chase for refusing to underwrite a loan for “moral reasons.” Greenberg approached the bank for help refinancing one of his properties; although he had an annual income of $500,000 and a net worth of $10 million, his request was ignored for four months. Finally, a high-ranking official at the bank told him that his loan application had been refused due to “JPMorgan’s disapproval of plaintiff’s former source of income and occupation as an owner of a television production company that produced television programs that dealt with the subject of human sexuality.” It doesn’t matter if the money is legally earned: if it has anything to do with sex, Chase views it as sordid.

Teagan Presley confirmed to XBIZ that her personal account was one of the ones shut down:

I got a letter and it was like please cancel all transactions, please fix your automatic pay account and make sure everything’s taken care of by May 11. I called them and they told me that because I am, I guess, public and am recognizable in the adult business, they’re closing my account. Even though I don’t use my account, it’s my personal account that I’ve had since I was 18, when it was Washington Mutual before Chase bought them out.

If the allegations are true, should banks have the right to deny people access to their services for purely political or “moral” reasons?

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  1. Anonymous on April 23, 2014

    Dunno the direct answer to your question, but now that we know JP Morgan Chase’s true colors we should ALL take our business elsewhere. Maybe they’ll become small enough to fail.

  2. GreatLakeSailor on April 23, 2014

    Jamie Dimon et al citing morals!?!?!

  3. derek on April 24, 2014

    Im calling Shenanigans!! That is not JP Morgan Chase Letterhead

  4. Jake Sommers on April 24, 2014

    Since Chase is a for-profit organization, it is surprising that they would choose to turn away business. However, if their board and stockholders support this decision, then they are free to make decisions based on their terms. The way to change their decision making process is for shareholders and customers to turn away from them as a business. Considering the size of the corporation, that’s not likely to happen.

  5. Barry on April 24, 2014

    This is another sign of Bankings arrogance and becoming too big for their britches. Once upon a time Banks were grateful for anybody’s money. I’ve never been with them so am glad now.

    However now that I reflect, who know how many banks have similar discriminatory policies that are more hidden. They all should be boycotted. Pity everyone in the nation isn’t out….. then the financial power would be felt in all those dark circle.

  6. Anonymous on April 25, 2014

    Douche bags

  7. Justinintendo on April 25, 2014

    Lol, Chase had no problem cashing the check I received from Bearfilms the other day…lmao

  8. Sean Jones on April 25, 2014

    SO Chase approves of employees costing the company BILLIONS of dollars, but porn is off limits? Makes perfect sense……

  9. God on April 25, 2014

    I was with chase for over ten years, I went to apply for a loan and everything was good until they found out what I do for a living (Stripper) and I was not only denied but they have fucked with me and my money to the point that they forced me to leave their bank.
    But I should be thanking them, credit unions are much better.

  10. SomebodyWhoPosts on April 26, 2014

    Short answer: yes. Chase is a business and they can make decisions based on their morals, including who to do business with. Let me ask you this: if Chase were citing “moral grounds” for not doing business with white supremacists, would you be angry? You don’t have to like what they’re doing and you don’t have to do business with Chase, but they have the right to do business based on their morals, whether you like it or not.

    • Jaily Grind on April 27, 2014

      Is there any example of Chase refusing service to white supremacists? What about refusing service to the woman who sold condoms? Where do you draw the line? When does refusing service equate to infringing on someone’s rights? Businesses in the US are not allowed to discriminate on race. What makes it acceptable to discriminate based on job title? It is simply classist.

  11. Chris on April 26, 2014

    Yup, they have every right to do business as they please. If you don’t agree with it – maybe go somewhere else? I doubt this community could be that pragmatic though. Instead it will mountains of Twitter bashing, Facebook picketing and general whiny doucheness. Businesses also don’t generally allow those with poor credit to handle monetary transactions because it’s has the potential to be bad for business. Chase is just making a decision on a matter that it deems would be bad for business.

  12. Anonymous on April 26, 2014

    A bank should have no rights whatsoever to make judgments or discriminate on their customers. In fact they should not even have the right to know what customers do with their money. They should just be money lending/storing machines. Well lesson learned, it seems like a good time to start a mass account cancellation campaign against the bank. Though realistically it wouldn’t have much impact. Sadly we won’t see chase go bankrupt and die…

  13. Anonymous on April 26, 2014

    All the more reason to bank with local credit unions!

  14. Andrew on April 26, 2014

    So funding 3rd-world conflicts and shuffling billions in drug money is fine, then? What a bunch of bloody hypocrits!

  15. Viktoria Michaelis on April 27, 2014

    It should come as no surprise that Chase – and probably others too – are discriminating against the adult movie industry: they know that there is precious little anyone in the industry can do against them. Now, if they discriminated against the LGBT community because of their sexuality, because of their morals, everyone would be up in arms and there would be any number law suits aimed at them.

    The pornographic industry, even those who sell sex-related products, so not have the same clout, and no bank in the USA is required to provide banking services, unlike in Europe.

  16. Anonymous on April 27, 2014

    Chase is worried about Porn actors but not about thieves and other crooks it seems as if their moral compass is only working when it applies to sex

  17. Jaily Grind on April 27, 2014

    Apparently mortgage fraud is morally acceptable yet sex is pure evil. I would love to find out how many hookers have been employed by the upper management at Chase.

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