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Thread: Banks hatin' on the Adult Industry

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    God/dess Sophia_Starina's Avatar
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    Angry Banks hatin' on the Adult Industry

    What in the Hell?


    Porn star Chanel Preston says that when she attempted to make a deposit into her new account, she learned it had been closed because of “compliance issues.”


    She says that the manager who had helped her set up the account explained that the bank was worried about the live cam shows on her website and had decided to close the business account.
    The actress says she’s previously been turned down for loans because of her profession, which may be controversial, but is certainly legal.
    “[The loan officer] asked me ‘are you affiliated with the adult entertainment industry?’” she recalls. “When I said yes, she said ‘We will not give you a loan.’”




    http://consumerist.com/2013/05/17/ma...by-some-banks/
    Quote Originally Posted by Jay12 View Post
    ^What Sophia said.
    Quote Originally Posted by yoda57us View Post
    I wish there was an "auto-like" setting that I could just have applied to all of your posts Sophia....

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    Default Re: Banks hatin' on the Adult Industry

    Strangely, I thought this would be about Tyra Banks talking about the industry.

    Anyway this reminds me of an incident years ago. Back in 1994 I was living in this apartment near a club I danced at which was pretty close to O'Hare. My apartment got robbed so I went to open an account. I went with my roommate (also a dancer)and her boyfriend (worked a factory job). My roommate and her boyfriend had no problem opening an account because she said he worked at this factory. I was dancing full time and also doing modeling at a local college so I put both places down. I gave her my driver's license, my social security and then she wanted some proof of my dancing which I found very bizarre. I said it was just cash and she said "we don't like to deal with that here". Yeah, even though I had over $1,000 they turned me down. I did find another bank to put the money in that didn't ask where the money came.

    Go figure, bankers can screw over people and that is fine but those in the sex industry? why apparently they are lower class than thieving bankers.

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    God/dess simone87's Avatar
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    Default Re: Banks hatin' on the Adult Industry

    reminds me of that movie "boogie nights" where they turned down the porn actor because of his profession..that was back in the 70s, and a movie but i guess its true! people make me sick

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    God/dess whirlerz's Avatar
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    Default Re: Banks hatin' on the Adult Industry

    Shitty, that's all I can say..what about when the banks took bailout $, then threw a huge bash with it, giving out gift bags from Tiffany's


    MANY MEN WANTED TO LAY ME DOWN, BUT FEW WANTED TO LIFT ME UP

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    Featured Member Vamp's Avatar
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    Default Re: Banks hatin' on the Adult Industry

    Having worked at national banks .....

    Some banks have strict policies against adult entertainment of any kind. But they also have strict policies against gambling and other businesses that tend to have a high rate of money laundering.
    It isnt a moral issue from many banks point of view. It is because they have lost alot of money or had too many law suits involving these types of accounts. Banks only care about money. As one bank exec tried to explain to me ... banks do not have morals; they just have money.

    Now that doesnt mean some branch employee might say there is a moral issue. I have known some branch employees who talk all kinds of shit that has nothing to do with the banks point of view or even legal. They just know corp wont do it and they make up a reason. For along time the fav excuse was the patriot act; when in reality the ONLY thing that was effected in banking under the patriot act was what ID we accept and some money laundering regulations. But I have seen branch mangers tell people they couldnt open accounts because of the patriot act, which was a complete lie.

    If you are at a branch with alot of cash, they will always ask questions. It is part of the job. They ask everyone with alot of cash questions. Just tell them you are a waitress and you saved up your tips for a few weeks.

    If you have a business make sure it has a generic name with a generic description of services ie entertainment, marketing, etc. Have an adult industry friendly lawyer set up your business so that you get the most advantages and most coverage. Also take business classes online at BSA.gov so that you know some of the lingo. You can learn to talk the talk without giving away too much.
    Im surprised the people in the article didnt at least go to an industry friendly lawyer.
    Nature knows no indecencies; man invents them. ~ Mark Twain


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    Default Re: Banks hatin' on the Adult Industry

    Vamp, you always jump in with some kick-ass advice. Brava!
    Quote Originally Posted by Jay12 View Post
    ^What Sophia said.
    Quote Originally Posted by yoda57us View Post
    I wish there was an "auto-like" setting that I could just have applied to all of your posts Sophia....

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    Default Re: Banks hatin' on the Adult Industry

    Yes that was very informative Vamp. I know after this happened to me is when I started a business and listed it as entertainment. I also put small amounts in at one time. I had a banking account before this one time but before my account was when I started working in high school.

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    Default Re: Banks hatin' on the Adult Industry

    Honestly, its not because of ~*being a sexworker*~, its actually because there is a high risk of chargebacks and other illegal stuff. And the bank doesn't want to be involved with that. Even if the company you get paid by doesn't do chargebacks and is legit. All adult is just deemed "high risk" which is why companies like Paypal and Google don't let you use it for adult transactions. I highly doubt some man at a bank would turn down a sexworker for an account if he knew thats what she did lol.

    Additionally, I'm guessing said pornstar's issue is one of two things. 1.) she either doesn't have an LLC, or 2.) she likely has an LLC in her stage name or in some other name that screams SEXWORKER!!! Said pornstar does not, in any way, look like the stereotypical big boobs blonde hair barbie faced pornstar, so I don't know why a company would ask her that without basing it off something.

    You can avoid her issue (read this: !) with an LLC in a non-adulty-sounding name, a decent cover job to confirm the LLC, and you can even go as far as making a website and business cards in the name of your LLC (and with your name on the business cards) and use that as a cover story with most people. I mean, whose going to doubt that? At the end of the day, self-employed is self-employed, and adult work is a pretty stable industry as long as you don't put all your eggs in one basket so its not like you're lying.


    Oh also, the bank she went to was a weird one. I just read the article. She tried to open an account at this weird bank for wealthy entrepreneurs, and they describe their bank like this: "***Bank's Name***'s mission is to provide the ultimate banking experience for successful entrepreneurs and professionals through an uncommon dedication to extraordinary service, proactive advice and total financial solutions." So of course they are going to be selective. But again, I'm sure she could have avoided this by doing the above ^^^. Since they are a bank based of catering to successful entrepreneurs, it makes sense that they must have asked her a bunch of questions about what she does for a living.

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    Featured Member Vamp's Avatar
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    Default Re: Banks hatin' on the Adult Industry

    Quote Originally Posted by GlamourRouge View Post
    Honestly, its not because of ~*being a sexworker*~, its actually because there is a high risk of chargebacks and other illegal stuff. And the bank doesn't want to be involved with that. Even if the company you get paid by doesn't do chargebacks and is legit. All adult is just deemed "high risk" which is why companies like Paypal and Google don't let you use it for adult transactions. I highly doubt some man at a bank would turn down a sexworker for an account if he knew thats what she did lol.
    I agree with you.

    For those that dont know, a chargebacks is when a customer successfully disputes a credit card or debit card transaction. Chargebacks arent illegal. But once a client has too many of them, they are costing the bank more money then they generate. Each chargeback/dispute has to be processed in accordance with regulation E. Each one costs money. Even Paypal has been in trouble for too many chargebacks/disputes with banks. At one point banks told Paypal they either fix their security issues or they would stop accepting Paypal transactions.
    Nature knows no indecencies; man invents them. ~ Mark Twain


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    Default Re: Banks hatin' on the Adult Industry

    Quote Originally Posted by Vamp View Post
    Having worked at national banks .....

    Some banks have strict policies against adult entertainment of any kind. But they also have strict policies against gambling and other businesses that tend to have a high rate of money laundering.
    It isnt a moral issue from many banks point of view. It is because they have lost alot of money or had too many law suits involving these types of accounts. Banks only care about money. As one bank exec tried to explain to me ... banks do not have morals; they just have money.

    Now that doesnt mean some branch employee might say there is a moral issue. I have known some branch employees who talk all kinds of shit that has nothing to do with the banks point of view or even legal. They just know corp wont do it and they make up a reason. For along time the fav excuse was the patriot act; when in reality the ONLY thing that was effected in banking under the patriot act was what ID we accept and some money laundering regulations. But I have seen branch mangers tell people they couldnt open accounts because of the patriot act, which was a complete lie.

    If you are at a branch with alot of cash, they will always ask questions. It is part of the job. They ask everyone with alot of cash questions. Just tell them you are a waitress and you saved up your tips for a few weeks.

    If you have a business make sure it has a generic name with a generic description of services ie entertainment, marketing, etc. Have an adult industry friendly lawyer set up your business so that you get the most advantages and most coverage. Also take business classes online at BSA.gov so that you know some of the lingo. You can learn to talk the talk without giving away too much.
    Im surprised the people in the article didnt at least go to an industry friendly lawyer.
    I had a chase account I opened in manhattan and opened another when I was in new Orleans because I had closed that one. I have a bamk of America I opened for Myrtle beach and I opened a wells fargo in Denver. No one has ever asked what I do for a living and I deposit large amounts at least 4 days a week when I travel. I only had to disclose I was an entertainer on the three home loans I've gotten over the years and never had a problem.

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    Default Re: Banks hatin' on the Adult Industry

    Vamp, GlamourRouge, this advice seems really good. Other than setting up an LLC with a non-adult industry sounding name and playing that part, what advice might an adult-industry friendly lawyer give? And where would you go to find one?

    Thanks!

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