So, where are US adult companies supposed to bank now?

[iSpyCams]

I heard Wells Fargo was the place, I have heard they had no issues with adult business, but I was in a local branch opening a checking account and was asked what kind of business it was. I was honest, and the bank employee told me they'd just had a meeting where they were told they wouldn't be doing business with any adult companies, closing existing accounts and not opening new ones.

I said "well, what if I just say it's online retail sales" he was like, "what kind?" I said, "it feels like I spend most of my day on customer service and tech support" and he was like, "OK, I will squeeze you in, but any sign of adult business, and you account will most likely be closed, wink, wink."

I did manage to get a checking account open, but I am more than a little perturbed that I can't have a simple banking account for a perfectly legal operation unless I am less than forthcoming regarding it's exact nature.

Where is everybody banking these days?

[Wilsy]

Chase, Wells Fargo, And Porn Stars. - Chicks on the Right

[amvcdotcom]

Originally Posted by pompousjohn

I heard Wells Fargo was the place, I have heard they had no issues with adult business, but I was in a local branch opening a checking account and was asked what kind of business it was. I was honest, and the bank employee told me they'd just had a meeting where they were told they wouldn't be doing business with any adult companies, closing existing accounts and not opening new ones.

I said "well, what if I just say it's online retail sales" he was like, "what kind?" I said, "it feels like I spend most of my day on customer service and tech support" and he was like, "OK, I will squeeze you in, but any sign of adult business, and you account will most likely be closed, wink, wink."

I did manage to get a checking account open, but I am more than a little perturbed that I can't have a simple banking account for a perfectly legal operation unless I am less than forthcoming regarding it's exact nature.

Where is everybody banking these days?

i wish we could take class actions against (what feels like) discrimination. plus we get higher rates, etc. because we're "high risk", plus visa/mc fees, plus..... jeez.

[MakeMeGrrrrowl]

I have had wells fargo since I started my business 15 years ago. They were wachovia when I started though.

When I got approved for my business line of credit recently I said sales/marketing.

[iSpyCams]

Originally Posted by MakeMeGrrrrowl

I have had wells fargo since I started my business 15 years ago. They were wachovia when I started though.

When I got approved for my business line of credit recently I said sales/marketing.

That's cool but I wanna know where can we just be who we are? I mean with all the hoops we jump through to stay on the right side of the law and all the regulations we face, (2257 etc.) whey do we still have to have a cover story like drug dealers?

[pornmasta]

wells fargo = suspicious

[pornmasta]

Originally Posted by pompousjohn

That's cool but I wanna know where can we just be who we are? I mean with all the hoops we jump through to stay on the right side of the law and all the regulations we face, (2257 etc.) whey do we still have to have a cover story like drug dealers?

because surfers are a big bunch of hypocrites ?

[MakeMeGrrrrowl]

Originally Posted by pompousjohn

That's cool but I wanna know where can we just be who we are? I mean with all the hoops we jump through to stay on the right side of the law and all the regulations we face, (2257 etc.) whey do we still have to have a cover story like drug dealers?

We can be who we are, we just can't tell anyone As long as you get your money, all is well. They will never ask again what the nature of your business is most likely. No matter what I always say sales/marketing because that's what I do. I just don't tell them I am selling phone sex.

It definitely feels like discrimination when we pay more taxes than most people, charged higher rates, and high risk fees each year yet bring in so much money.

[xXXtesy10]

you try ruth's bank?

[mikesouth]

what most of you dont seem to understand is that these decisions are being pushed onto the banks by the FDIC

Google Operation Choke Point

Some merchant categories that the FDIC has listed as being associated with high-risk activity include, but are not limited to

Ammunition Sales
Cable Box De-scramblers
Coin Dealers
Credit Card Schemes
Credit Repair Services
Dating Services
Debt Consolidation Scams
Drug Paraphernalia
Escort Services
Firearms Sales
Fireworks Sales
Get Rich Products
Government Grants
Home-Based Charities
Life-Time Guarantees
Life-Time Memberships
Lottery Sales
Mailing Lists/Personal Info
Money Transfer Networks
On-line Gambling
Payday Loans
Pharmaceutical Sales
Ponzi Schemes
Pornography <------------------------------------------------------
Pyramid-Type Sales
Racist Materials
Surveillance Equipment
Telemarketing
Tobacco Sales
Travel Clubs

[marlboroack]

Bank of America
BB&T
Paxum

[Bladewire]

Over 15 years never an issue with any bank. If you work in adult and cant describe your business as anything other than dick & cum then you shouldn't be in adult anyway, we are all much more than the sex aspect of being in "adult"

[baddog]

Why would you even use the word adult? You are an Internet Marketer/Affiliate.

[shoot twice]

Originally Posted by mikesouth

what most of you dont seem to understand is that these decisions are being pushed onto the banks by the FDIC

Google Operation Choke Point

Some merchant categories that the FDIC has listed as being associated with high-risk activity include, but are not limited to

Ammunition Sales
Cable Box De-scramblers
Coin Dealers
Credit Card Schemes
Credit Repair Services
Dating Services
Debt Consolidation Scams
Drug Paraphernalia
Escort Services
Firearms Sales
Fireworks Sales
Get Rich Products
Government Grants
Home-Based Charities
Life-Time Guarantees
Life-Time Memberships
Lottery Sales
Mailing Lists/Personal Info
Money Transfer Networks
On-line Gambling
Payday Loans
Pharmaceutical Sales
Ponzi Schemes
Pornography <------------------------------------------------------
Pyramid-Type Sales
Racist Materials
Surveillance Equipment
Telemarketing
Tobacco Sales
Travel Clubs

As I've already said once before my involvement in porn is mostly falcultive these days.

Just the same I look back at how things used to be in this industry and there's always been hustlers, con artists, assholes and screw balls but at least there was money and our video /films were of a much higher standard than today.

Then I take a hard look at today's society and rampant omnipresence of porn has really played a huge role into the "stupidification and narcissistic-ification" of our society and especially our youth. (Today's young adult need to download an app in order to wipe their asses)

Well the above two facts make me wonder if perhaps situations like Operation Google Choke Point aren't ultimately for the better. Sure it sucks if this is how you pay your bills but you know what they say... "Adapt or Die."

[k0nr4d]

I work with ING and they don't seem to give a fuck if that helps?

[Socks]

What I don't understand is how all the strip clubs have no problems with banking?

BOA closed my account
2 other banks wouldn't open an account for me

And I *did* say affiliate sales "like amazon".

Finally got one, and we're *super* careful what we charge to it. If we're buying something from an adult merchant, I use my own personal CC and expense it.

[spads]

Just make a super clean holding name, and say its online marketing or SEO consulting. Never give banks any more info then they need to open the account. You're not doing anything illegal and if you don't even need a loan from them they need to STFU and just take the free legal money.

[Barefootsies]

Originally Posted by Bladewire

Over 15 years never an issue with any bank.

Same here. I have had accounts at major banks, as well as credit unions, and never had any issue in regards to "adult" stuff. After 9/11, and the new "Know Your Customer" regulations, I had a few inquires about international bank wires, but that was about it. Once you could explain and show invoices, that was all the bank needed.

[seksi]

Here's an article by Rob Blackwell in "American Banker" saying the FDIC has withdrawn that high risk list, but the damage is done, right? Most bankers aren't going to get a memo or retraining saying porn is okay again.

WASHINGTON ? The Federal Deposit Insurance Corp. said Monday that it has withdrawn a list of merchant categories, including payday lenders, debt consolidation firms, pornography businesses and others, that it said warranted heightened attention by banks processing their transactions.

In a letter to financial institutions, the agency said the list, which was first published three years ago, had been misinterpreted, resulting in banks' severing ties with legitimate businesses.

"The lists of examples of merchant categories have led to misunderstandings regarding the FDIC's supervisory approach to institutions' relationships with [third-party payment processors], resulting in the misperception that the listed examples of merchant categories were prohibited or discouraged," the FDIC wrote. "In fact, it is the FDIC's policy that insured institutions that properly manage customer relationships are neither prohibited nor discouraged from providing services to customers operating in compliance with applicable federal and state law."

The move is another dramatic turn in the battle over efforts by state and federal authorities to cut off certain business' access to the payment system.

[HandballJim]

when I tried to open an account with Citibank in which I already had a 15 year relationship with, they grilled the fuck out of me until I came clean that it was adult related. The lady was like were a conservative bank and we don't deal with adult. I was fucking shocked that I had so much of an issue. I wanted to smack her with my dick. She asked for proof of marketing, screen shots of websites I build, links, etc.

After research, the key to no hassle was opening your account first online, then you come into the back with ID's. This worked... I know that BOA takes new accounts online.

[The Porn Nerd]

Make sure your corporate name is as mainstream-sounding as possible.

I wonder if this is more of an issue with small town Podunk branches. In NYC no one gives a flying fuck. LOL

[marcop]

Originally Posted by The Porn Nerd

Make sure your corporate name is as mainstream-sounding as possible.

I wonder if this is more of an issue with small town Podunk branches. In NYC no one gives a flying fuck. LOL

My bank of 20 years shit-canned me in 2013--they wouldn't even tell me why, even though I insisted on speaking to the risk manager who was overseeing my termination. And this is in Los Angeles.

[MakeMeGrrrrowl]

Originally Posted by The Porn Nerd

Make sure your corporate name is as mainstream-sounding as possible.

I wonder if this is more of an issue with small town Podunk branches. In NYC no one gives a flying fuck. LOL

Chase Manhattan sure gives a fuck. They wont even let you use your debit card to purchase ads on backpage.

[MaDalton]

Originally Posted by MakeMeGrrrrowl

Chase Manhattan sure gives a fuck. They wont even let you use your debit card to purchase ads on backpage.

i don't know of any credit card company or bank that had a problem with paying at a strip club or brothel

it is all pure hypocrisy


fortunately banks over here are more liberal

[pornmasta]

Originally Posted by MaDalton

i don't know of any credit card company or bank that had a problem with paying at a strip club or brothel

it is all pure hypocrisy

a lot of things in this world are pure hypocrisy...

[DBS.US]

Internet Marketing, like Google

[The Porn Nerd]

Originally Posted by MakeMeGrrrrowl

Chase Manhattan sure gives a fuck. They wont even let you use your debit card to purchase ads on backpage.

I use Chase Manhattan and I've never had an issue, even when buying ads on Craig's List (back in the day, like in 2010). Maybe shit has changed now with new accounts but my Corp sounds like a media company, sooooo........?

Originally Posted by marcop

My bank of 20 years shit-canned me in 2013--they wouldn't even tell me why, even though I insisted on speaking to the risk manager who was overseeing my termination. And this is in Los Angeles.

Los Angeles isn't a real city.

[ManPuppy]

Taking the advice to have a clean/ubiquitous corporate name, try BB&T.

[The Porn Nerd]

Originally Posted by ManPuppy

Taking the advice to have a clean/ubiquitous corporate name, try BB&T.

Yes, but stay away from BBW Inc., POV Inc., BBC Inc., MILF Inc., CFNM Inc. and so on.

(And don't even get me started on fetish acronyms - CBT Inc. anyone?)

[fuzebox]

I was terminated by US Bank in 2011, but they branch manager said she guessed it was for foreign wires over $10k, although the risk department wouldn't share the actual reason.

[pornmasta]

Originally Posted by fuzebox

she guessed it was for foreign wires over $10k,

that's indeed a possible reason

[xXXtesy10]

Originally Posted by k0nr4d

I work with ING and they don't seem to give a fuck if that helps?

you have referral? i ask them.

[NETbilling]

We have a bank connection for accounts for very clean merchants.
Shoot me an email john if you are in need.

Mitch

[iSpyCams]

Originally Posted by NETbilling

We have a bank connection for accounts for very clean merchants.
Shoot me an email john if you are in need.

Mitch

Yes I will be contacting you, I do overseas wires over 10k weekly.

[bizgoddess69]

Originally Posted by pornmasta

a lot of things in this world are pure hypocrisy...

that is the ultimate truth!