Chase Bank Is Shutting Down Accounts Held By Porn Stars

  • kuroshiro

    Posts: 786

    Apr 24, 2014 11:35 PM GMT
    Chase Bank Is Shutting Down Accounts Held By Porn Stars

    The taxpayer-bailed out Chase Bank appears to have decided that folks who work in the totally-legal adult film industry are no longer worthy of holding accounts with the institution. Though legal money is legal money, hundreds of people who earn a living wage in porn have been sent letters from Chase advising them to find a new institution because their current bank accounts under the famous blue logo will be void as of May 11, whether they like it or not.

    Jezebel has more on the Chase letters that have been shared on social media this week:

    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.

    Who's deciding the international bank's "morality"? Will the account cancellations stop at consumers who work in the adult film industry, or will gay activists, divorced adults and people who eat pork soon receive notices from Chase, too?

    We've reached out for comment from Chase and will update this story accordingly.

    http://instinctmagazine.com/post/chase-bank-shutting-down-accounts-held-porn-stars
  • Posted by a hidden member.
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    Apr 25, 2014 12:27 AM GMT
    If Chase Bank was so concerned with "morals" they wouldn't have knowingly given toxic mortgages to at-risk consumers.

    If Chase Bank was so concerned with "morals" they wouldn't have aided dictatorships in places such as Liberia and Sudan.

    If Chase Bank was so concerned with "morals" they wouldn't have misled investors who unknowingly engaged in fictitious trades and trading.

    Out of all the banks, I'm grateful that Chase Bank remains a steadfast moral compass in the financial world. icon_rolleyes.gif
  • tj85016

    Posts: 4123

    Apr 25, 2014 1:45 AM GMT
    Chase should have been shut down in 2009 and the assets and bailout money should have been used to start 20 new regional banks and the existing Chase accounts transferred to the new banks
  • Webster666

    Posts: 9217

    Apr 25, 2014 8:58 AM GMT
    What is needed is for a big shot (pun intended) in the porn industry to apply to open an account at Chase. And, when Chase refuses, sue their asses. And, make it a class action suit.
  • Posted by a hidden member.
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    Apr 25, 2014 12:47 PM GMT
    owl_bundy saidthis is going to sound crazy BUT if i had the choice to store up my money and have it locked away somewhere where i could be my own bank, i would much rather do that. i don't trust the bank. then again, i think that's tax evasion though right???


    No. As long as you pay your taxes, you can keep your money wherever you like.
  • Posted by a hidden member.
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    Apr 25, 2014 12:52 PM GMT
    More reasons why I love my Local Credit Union..... No bailouts and No answering to a big corp. My Rates are every bit as good as a major bank without the major bank issues.
  • HottJoe

    Posts: 21366

    Apr 25, 2014 3:10 PM GMT
    OtterBox saidIf Chase Bank was so concerned with "morals" they wouldn't have knowingly given toxic mortgages to at-risk consumers.

    If Chase Bank was so concerned with "morals" they wouldn't have aided dictatorships in places such as Liberia and Sudan.

    If Chase Bank was so concerned with "morals" they wouldn't have misled investors who unknowingly engaged in fictitious trades and trading.

    Out of all the banks, I'm grateful that Chase Bank remains a steadfast moral compass in the financial world. icon_rolleyes.gif

    Immoral moralists.
  • Posted by a hidden member.
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    Apr 28, 2014 3:46 AM GMT
    Scapegoating

    Bank of America might be similar
  • Posted by a hidden member.
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    Apr 28, 2014 3:51 AM GMT
    I know what bank I won't be transferring to now - lol