Chase Bank and at risk accounts.

[stocksnbonds]

http://www.cnbc.com/id/101616944

After tax payers bail out the banks...morals now play a role within the banking industry!

Chase Bank is closing the accounts of hundreds of people who work in the adult industry, according to multiple reports
Celebrity blogger Perez Hilton posted images of the letters reportedly sent to stars in the adult industry informing them of the account closings. Hilton reported that the accounts would be closed on May 11, 2014.

[IIFFOFRDB]

Originally Posted by valuedaset

http://www.cnbc.com/id/101616944

After tax payers bail out the banks...morals now play a role within the banking industry!

Chase Bank is closing the accounts of hundreds of people who work in the adult industry, according to multiple reports
Celebrity blogger Perez Hilton posted images of the letters reportedly sent to stars in the adult industry informing them of the account closings. Hilton reported that the accounts would be closed on May 11, 2014.

Maybe Michelle Obeastmama made a phone call...

[Guest032516]

Why is this a problem?

The article says:
-----------------------------------------
"TMZ.com reported Friday that Chase had closed the account of porn star Layton Benton, who told the site that Chase said her account was "a risk." Citing sources, the site reported that Chase is targeting specific types of transactions such as deposits from webcam shows.

JPMorgan Chase faced a lawsuit last year from the founder of soft porn studio MRG Entertainment that alleged the bank violated fair lending laws for refusing to underwrite a loan on the grounds of "moral reasons."
------------------------------------

It's Chase's money. They can lend it however they want. Their obligation is to make money, not support any particular industry.

Perhaps they think that the webcam companies are engage in systematic fraud? If you consistently get complaints from customers about overcharging or phantom charges in a particular line of business, you are well within your rights to not provide financing for those types of businesses.

I'm sure the porn stars can find another bank. But they may have to pay more next time to compensate for all the crooked operations.

[stocksnbonds]

Chase has the right to do what ever they want... I find it ironic that they are a "at risk bank" that required a taxpayer bail out but want to shut down accounts of porn stars. Last time I checked, the porn industry is real legitimate business. Where does this stop? Are these providers next? I don't know...I hate those greedy bastards.

Originally Posted by ExNYer

Why is this a problem?

The article says:
-----------------------------------------
"TMZ.com reported Friday that Chase had closed the account of porn star Layton Benton, who told the site that Chase said her account was "a risk." Citing sources, the site reported that Chase is targeting specific types of transactions such as deposits from webcam shows.

JPMorgan Chase faced a lawsuit last year from the founder of soft porn studio MRG Entertainment that alleged the bank violated fair lending laws for refusing to underwrite a loan on the grounds of "moral reasons."
------------------------------------

It's Chase's money. They can lend it however they want. Their obligation is to make money, not support any particular industry.

Perhaps they think that the webcam companies are engage in systematic fraud? If you consistently get complaints from customers about overcharging or phantom charges in a particular line of business, you are well within your rights to not provide financing for those types of businesses.

I'm sure the porn stars can find another bank. But they may have to pay more next time to compensate for all the crooked operations.

[Guest032516]

Originally Posted by valuedaset

Chase has the right to do what ever they want... I find it ironic that they are a "at risk bank" that required a taxpayer bail out but want to shut down accounts of porn stars. Last time I checked, the porn industry is real legitimate business. Where does this stop? Are these providers next? I don't know...I hate those greedy bastards.

I agree the bank bailouts were bullshit. But that is a separate issue.

Just because taxpayers bailed them out does not mean they have some kind of obligation to fund every business, no matter how unsavory or risky.

The sun still comes up in the morning and bankers still have to evaluate risk. Even if they have been bailed out.

[BigLouie]

The internet owes it's success to the porn industry. All online business is based on innovations from on line porn. Chase should give them an award

[IIFFOFRDB]

Originally Posted by BigLouie

The internet owes it's success to the porn industry. All online business is based on innovations from on line porn. Chase should give them an award

I look at the bottom of this page and have to agree with you... BitchLips... LOL

[Guest032516]

Originally Posted by BigLouie

The internet owes it's success to the porn industry. All online business is based on innovations from on line porn. Chase should give them an award

Actually, the porn industry was an early adopter of innovations made by others (CDs, DVDs, streaming).

They innovated nothing themselves.

Interestingly, they also at least partially bypassed some innovations - like HD.

HD video eats up too much bandwidth and - unless the porn site has high production values and budget for makeup - most viewers do NOT want to see porn stars and certain body parts in high-definition. Especially the MILF stars. Ugh.

SOME websites provide HD content. But most still go for SD video.

[IIFFOFRDB]

Originally Posted by ExNYer

Actually, the porn industry was an early adopter of innovations made by others (CDs, DVDs, streaming).

They innovated nothing themselves.

Interestingly, they also at least partially bypassed some innovations - like HD.

HD video eats up too much bandwidth and - unless the porn site has high production values and budget for makeup - most viewers do NOT want to see porn stars and certain body parts in high-definition. Especially the MILF stars. Ugh.

SOME websites provide HD content. But most still go for SD video.

You have a opinion on every thing in the world. Don't you nyRINOer? You fucking pretentious piece of shit.

[Old-T]

Originally Posted by IIFFOFRDB

Maybe Michelle Obeastmama made a phone call...

I basically find this not a big deal. I don't know the reasoning behind Chase's position. On first read it sounds a bit dumb, but regardless I doubt M.O. made any such call.

It sound far more like the kind of obtuse advice IIFFy would provide (almost 7,000 posts without a review).

[Old-T]

Originally Posted by IIFFOFRDB

You have a opinion on every thing in the world. Don't you nyRINOer? You fucking pretentious piece of shit.

Horrors of horrors! A poster on a blog has OPINIONS!!! That sounds like front page news don't you think? That's a lot better than having non-sequitur videos for every thread.

[IIFFOFRDB]

Originally Posted by Old-T

Horrors of horrors! A poster on a blog has OPINIONS!!! That sounds like front page news don't you think? That's a lot better than having non-sequitur videos for every thread.

Old-Tyrant glad you could pull your drunk ass away from the bar. Here is a quarter go play in the turnpike.

[Guest032516]

Originally Posted by IIFFOFRDB

You have a opinion on every thing in the world. Don't you nyRINOer? You fucking pretentious piece of shit.

I see you are following me around a lot, mouth-breather.

Too bad you can't pick up any smarts.

You also miss the irony of your own opinion posting, including in this thread. You know, the asinine comment about Michelle Obama that you started off with.

[JohnnyCap]

Goddamn it this is America and nobody has to sell fags chicken or loan porn stars money.

That being said, Chase Bank, though as a bank not alone in this aspect, is an example of some of the slimiest, scummiest, sleaziest, most worthless, parasitic fecal matter the universe has to offer. If only the Fort Hood guys would go to Chase HQ when they were having a bad day.

But in America...

[I B Hankering]

When did that fine New York (AKA Yankee) institution -- Chase Bank -- become so self-righteous? It was conspicuously turned a profit on the slave-trade and slave produced commerce, and following WWII, it knowingly and unscrupulously screwed the hell out of Holocaust survivors.