Why is JPMorgan Chase Shutting Bank Accounts of Porn Stars? Because Banks Can Do This.


Why is JPMorgan Chase Shutting Bank Accounts of Porn Stars? Because Banks Can Do This.JPMorgan Chase is closing bank accounts of adult film industry workers. And the bank is not telling them why.

What all consumers should know about this is that banks can do this. And they don’t have to tell you why.

“We recently reviewed your account and determined that we will be closing it on May 11, 2014. Please accept our apologies for the inconvenience,” reads a letter from Chase to porn star Teagan Presley posted on Perez Hilton’s site reads.

Here’s the part that should interest all of the bank’s customers

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

The account closings are causing a stir, with some even talk of boycotting Chase.

Some adult film stars expressed on Twitter that the reason their account was shut down is because they work in the porn industry.

“The branch and telephone bankers said it was because of our industry but their executive branch said no it wasn’t and categorically denied this,” Presley’s husband Joshua Lehman told BusinessInsider via email. Lehman also had his Chase account closed.

There’s no requirement by law that banks have to tell account holders why they’re closing their account.

And it gets worse as far as consumer protections go. The banks are even obligated under the law not to disclose the reason why an account is being closed.

Nonetheless, just because you’re a porn star, it doesn’t mean you’ll get your account taken away either.

A spokesperson for JPMorgan Chase declined to comment on the matter.

People are getting upset with Chase.

There a #BoycottChase hashtag. There’s also an online petition with over 6,000 signatures as of this morning.


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