Society

Chase Bank Shuts Down Hundreds Of Porn Industry Accounts (LETTER)

| by Khier Casino

A bank has decided to close hundreds of accounts belonging to porn stars, causing quite a stir throughout the adult entertainment industry.

JP Morgan Chase sent letters to adult entertainers notifying them that their accounts would be closed next month, News.com.au reports.

The bank, a subsidiary of JP Morgan Chase, did not give customers any reason for terminating their accounts but an apology is offered for the inconvenience.

“We recently reviewed your account and determined that we will be closing it on May 11, 2014,” it reads.

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“You may close your account before the date we’ve provided. Your account agreement says that either of us may close your account at any time, without notice and without a reason,” the letter states.

Performer Teagan Presley said Chase closed her account and she was rejected when she tried opening another one.

“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,” she told adult industry site XBiz News.

Other porn stars have had similar issues with Chase including Veronica Avluv and Dakota Skye, who took to Twitter to express her anger:

@DirectorJoshua something has to be done. #chase has fucked with people before with other issues. Should not get away with shit like this

— Dakota Skye (@imDakotaSkye) April 22, 2014

But not to worry, it appears that Wells Fargo is glad to take in those who work in the porn industry and open accounts.

“Of course we encourage these industry workers to come to us with their business and we will gladly help them,” a bank representative from Wells Fargo told TMZ.

This is not the first time JP Morgan Chase found itself in hot water over closed accounts registered to industry workers.

The bank was sued last year by porn studio MRG Entertainment, claiming the bank violated fair lending laws and its own policy for “refusing to underwrite a loan for ‘moral reasons.’”

Daily Mail reported there is suggestion that the clampdown may be part of the Department of Justice's “Operation Choke Point,” aiming to shut down certain industries by preventing them access to banks.

Writing in the Wall Street Journal, American Banking Association CEO Frank Keating says the DOJ was “asking banks to identify customers who may be breaking the law or simply doing something government officials don’t like.”

“Banks must then ‘choke off’ those customers’ access to financial services, shutting down their accounts.”

Chase bank has not commented on the situation.