Jonathan Higbee's picture

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. 

 

Comments

Have a friend that sells Passion Party products. They shut down her account with no notice thinking she was a prostitute. No questions asked. Just shut the account down. Everyone ought to trust their money to this scuzzy bank!!!!! You think???????

They have one hell of a nerve! After all of the nefarious, licentious and avaricious behavior of their bank and others that caused the near complete destruction of the world economy, this move is the height of hypocrisy! Just amazes me how these institutions arrogantly have no capacity for self reflection. Look in the mirror Chase!

The fucking cheek of them there like a lot of. Financial institutions con artists and it's use that pays the price and bail them out , use taxe payers 

I closed my account with Chase a long time ago.  Big banks practically put our country on it's back.  If we stop putting our money in these larger than the law banks, then we may see a difference.  Find a smaller, more local bank.  People forget the power they have as a consumer.  There a a thousand reasons to not support them.

Chase got caught laundering hundreds of millions for a Mexican drug cartel and they have the nerve to judge people who work for a living?!

Banks can and will close accounts if there is even the remote possibility of illegal activity such as money laundering. I worked at a bank years ago and adult entertainment establishments often laundered money through employees who were paid in cash. Some porn sites promise to pay "models" in cash. My guess is that young people depositing large amounts of cash is suspicious, it's business, pure and simple. Is it fair? Probably not but business is survival of the fittest.

Regarding discrimination, as long as all performers, not just gays or women or whatever are not allowed as customers, it's not discrimination. However, once again we're defending the porn industry when transgender kids are suffering and lgbt kids are bullied and pornographers don't give a damn about anything other than the bottom line and do not contribute to the common good. Where are our priorities?

Ed B, I'm impressed. Are you part of the banks in - house PR or are you from an outside contractor? I imagine you could sell that story one day....

No, I do not work for Chase, but large banks often exploit the poor, have ethically questionable practices, expect tax payers to bail them out, charge unfair fees, and pay many of their employees next to nothing, and we're in an uproar over porn stars, many of whom have gotten into trouble with the law in other ways? 

Mark, try reading the article. It's not talking about Chexsystems, and the referred-to 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, nor standard practices regarding loans--this is pure & simple discrimination. Read the article.

this author is a dolt. A few things. First: if you are bitching about being on Chexsystems... then maybe you want to keep that a secret cause you only go there if you charge off a bank account (ie overdraw your account because you don't know how to manage you own spending and then not repay the bank for paying for your spending). Also to all the idiots talking about the bailout that you want back with interest.... You got it. Do any of you, including the author, understand what TARP was and how it worked? Obviously not. Go learn something before getting your panties in a twist because Jonathan Higbee wants to write an opinion piece because Chase turned down his loan application due to him not being able to pay his bills on time since he writes for Instinctmagazine.com. Banks decide who they want to do business with every day, usually based on the risk they want to take. It's how the entire financial system works. Read a book.

I jus wanna know the names of the dudes in the picture

Kris Evans and Brandon Manilow

Okay I will cancel my chase accounts.
I personally loathe pornography and never watch it but there's something I hate more and That's moral righteousness. I will not bank with an institution who discriminates based onsuch ridiculous grounds. Furthermore I'd like a search warrant for how Morgan's homes and computers to see If he's ever watched it. But I Don't care. There is nothing as evil in this world s Christian morality .its sadism , elitism, and everything Jesus stands against . Would Jesus tell Mary she couldn't bank at Chase ? Mary mag.
thank u. I will apply for new credit and transfer Everything over next month. Goodbye chase.
Chase also screwed me financially 2 years ago giving me fines for purchases I was approved for..ridiculous. When ur strikes are this offensive, 2 is enough.
I do believe they may be violating the law as well . I don't believe we have the right to refuse service to anyone counts under something like this

Lol there should be a documentary about the sexual life of the board of directors on Chase. See how many traumas they have once theyre put on the spotlight... come on... arent they supposed to be business people? Only someone with serious disturbances towards their own sexuality would do something as unnecessary as closing bank accounts. Is not like the board of directors have to deal personally with anyone who has account with them.
Those are serious issues those losers have. These issues should be thrown out to the light and see what they do after.
A big middle finger to all those "wannabe business people".
And I hope many of their clients remove their money from that bank asap... regardless of being in porn or not.
Havent we had enough through history with big corporations or religions judging people for how or who they fuck? THE ONES ON TOP OF THOSE CORPORATIONS AND RELIGIONS ALWAYS END UP BEING THE MOST DISTURBED ONES! PEDOPHILES, MASOQUISTS AND MANY MORE KINKY SHIT.
They should grow a pair and accept that theyre only doing business.

I had a Chase account years ago. Overdrew by like 2 dollars in one transaction by mistake and I was ready to pay the fee,  but the way they processed the hole thing landed me with 10 fees. I closed my account and never looked back at them. I think Obama even addressed this sort of unfair banking in a consumer protections act. Chase is evil for many more reasons. 

to be clear, the overdraft fees were $35. 10 =  $350. The fact that, not only Chase, but big banks not only think of doing this but design their systems to work like this scared me away from banks. I use Paypal now, paypal only. 

Well Chase Bank, I'm gay and I have one of your credit cards......you going to close it too?

Dont bank with them thankfully. 

First, Chase had no choice but to take the money. Neither Chase nor Wells needed it. Secondly, tax payers made a profit from the loan  .  Thirdly, the bank is protecting itself from over zealous regulators that are scouring Chase accounts looking for anything they don't like. Fourth, if you were too stupid to realize you couldn't afford your mortgage, you shouldn't have signed it. 

Your comments don't even have anything to do with this story.  Are you daft?

It has to do with the idiots responding with inaccurate comments. 

Joemamma, are you directly in the financial services industry, or with outside reputation management? This whole model of defense is really quite fascinating.

I've never banked at Chase. All my friends who did business with them had problems and left.

nick91604's picture

Chase Bank is EVIL. In 2008 they put me on Chexsystems -- which is the financial kiss of DEATH -- and REFUSED to take me off until 2013. I had to get Congress involved to get Chase to cooperate, I kid you not.

I think I'm just gonna go ahead and close my account with them.   Yeah.  

And fyi LeNaire, nobody knows you or really keeps up with the fact that you loath porn.  

I lost my chase account over this like 2 years ago.

LeNair Xavier's picture

As much as I have made no secret of my loathing of the gay porn industry, I do find this to be VERY HYPOCRITICAL of Chase Bank. For I'm sure you can find MANY a Chase bank employee and bank customer giving or making money from adult entertainment directly or indirectly. Maybe even the CEO and board members themselves are guilty. So they need to stop pointing fingers just to cover their asses trying to ease their own guilt at being voyeurs and (straight or on the down low) johns.

They've just informed me that they no longer want the business of our 260 year old art dealing business - for absolutely no reason - it is outrageous !

How do they know you are a porn star? "research?  And  lets be honest , just because you do porn does not mean you are a star

I took my money out of those a holes bank along time ago, after finding out how they sold shitty mortgages to hard working people and did not give a damn when they lost their homes.

Who the hell do they think they are to try and govern how people earn a living and what they spend it on?!  If I were in the US there's no way I'd be giving these assholes my banking business

I want my government tax bailout money back.

You did. Every cent and with interest. Idiot.

I suppose that argument might work on those unaware of the mechanics of quantitative easing, but leaving that aside, are you paid by the post, or is it a single contract?

Yeah. Taken it somewhere else. Or stop paying your bills for their credit cards based on how they pick and choose customers.... I bet they won't like that either.

There's plenty of other banks. If you have an account with Chase, take your money out and see how they respond.

Unless u have over 50k, they don't care.  

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