US Bank To Close Accounts Of Hundreds Of Porn Stars

By: EW News Desk Team   Date: 27 April 2014

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27 April 2014

A major U.S.-based bank has abruptly ordered the closure of hundreds of accounts belonging to porn stars, triggering fury across the adult industry.

According to CNBC.com, Chase Bank, a subsidiary of U.S. financial giant JPMorgan Chase, began sending out notices to stars in the porn industry earlier this month, informing them that their bank accounts would be shut down by May 11.

The letter, which has been posted by several porn stars on their social media channels, gave no explanation why their accounts had been targeted, informing the recipients only that "your account agreement says that either of us may close your account at any time, without notice and without a reason."

Porn star Teagan Presley confirmed to adult industry news website Xbiz that her account was among those targeted.

"I called them and they told me that because I am, I guess, public and am recognisable in the adult business, they're closing my account," she told the website.

She later added on Twitter: “Thank you for @Chase for closing my personal account that I’ve had since I was 18 years old. I was with Washington Mutual before you bought them out.”

“it's just ridiculous cause I don't do business with that account. I only pay my house bills with it. That's why it's personal.”

Another porn star Stoya told VICE News that she was not surprised by the account closures, given her problems trying to open a Chase account last year.

“They came back and asked what Manwin was,” Stoya said in reference to the corporation that owns her production company, Digital Playground. “I told them it was an adult company. They told me my business account was being closed, and then wouldn't give me a straight answer about why they were closing my account.”

“Like any smart company they certainly aren't going to come right out and say that the reason has to do with allowing my genitals to be photographed and videotaped in exchange for money, and they most definitely aren't going to say it in writing,” she added.

This is not the first time that Chase Bank or JPMorgan Chase have been cited for discriminating against the adult industry, which generated close to $5 billion in revenue last year in the U.S.

Related: Porn Industry, Porn Trade, Adult Entertainment Industry

Related: Japan Crack Down On “Alibi Companies” For Sex Workers

Related: Spain’s High-End Escorts Go On Strike – By Withholding Sex – Against Bankers

Last year, JPMorgan Chase was sued by soft porn studio MRG Entertainment, alleging the bank violated fair lending laws and its own policy by refusing to underwrite a loan for "moral reasons".

“JPMorgan purports to be so ashamed of nudity and human sexuality that it cannot process a refinance of a home loan of plaintiff, secured by plaintiff’s house, because plaintiff’s source of income six years ago included production of television programs that contained nudity and human sexuality,” wrote the lawsuit.

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