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Porn stars petition Chase

By David McMillin · Bankrate.com
Thursday, May 1, 2014
Posted: 4 pm ET

© Daryl Lang/Shutterstock.comIt looks like one of America's biggest banks doesn't want to be a star in the adult film industry.

Last week, celebrity gossip blogger Perez Hilton posted a photo of a letter that Chase sent to porn actress Teagan Presley informing her that the bank had suddenly determined it should close her account. While the letter did not directly cite Presley's involvement in the adult film industry, more actors and actresses in the industry have reported receiving similar notifications. Fellow actress Layton Benton also had her account closed, and she claimed she is pursuing legal action in a New York Post interview.

Chase is beginning to feel the backlash from more than just a few entertainers, too. A new online petition is asking the banking giant to stop discriminating against porn stars, and it's already collected more than 6,000 signatures.

"Many porn stars are simply trying to make a living and support their families like everyone else," writes Chris Wolverton, the author of the petition. "No one is saying they're good role models, but it's unfair to target them when no profession is perfect."

I'm guessing the vast majority of Bankrate.com readers aren't earning money from the adult entertainment business, but this fiasco is an important lesson for anyone to know the terms and conditions that govern their accounts. Financial institutions like Chase reserve the right to close your account whenever they feel like it. I reviewed the Chase Deposit Account Agreement that all checking account holders must sign, and it's very clear that consumers have little protection if the bank no longer wants their business.

"Either you or we may close your account (other than a CD) at any time for any reason or no reason," the agreement reads. "After your account is closed, we have no obligation to accept deposits or pay any outstanding checks. We will have no liability for refusing to honor any check drawn on a closed account."

Has your bank closed your checking account? Check out six cutting-edge banking alternatives.

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2 Comments
David Mech
May 02, 2014 at 6:03 pm

A new award-winning documentary, "Risky Business: A Look Inside America's Adult Film Industry," examines many of the current issues surrounding the adult film industry, including the mainstream discrimination that adult performers face, as with Chase Bank. The film's website is RiskyBusinessTheMovie dot c0m

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