Many banks refusing to do business with pornstars for “moral” reasons
If you are a porn professional, getting a bank account or loan may be difficult. Even for pornstars with good credit and a solid source of income, just opening a simple checking account can prove to be a challenge. The reason is that many banks will refuse to do business with individuals whom they believe are associated with the porn industry. So even though a pornstar’s income source is completely legal, some banks still consider it “dirty money” and will refuse to touch it.
While this isn’t anything new, the issue of banks refusing to do business with pornstars made headlines when Chanel Preston found that her bank had unexpectedly closed her checking account. The story was reported by CNBC, which offered the following insight into Chanel Preston’s situation…
Chanel Preston knows not everyone approves of her chosen profession. That’s one of the risks that go with being one of the biggest stars in porn. But she never thought it would affect her ability to open a bank account.
Preston recently opened a business account with City National Bank in Los Angeles. When she went to deposit checks into the account days later, however, she was told it had been shut down, due to “compliance issues”.
She found the manager she had originally worked with and asked what had happened. The bank, she was told, was worried about the Webcam shows she had on her site and had revoked the account.
To put this into perspective, Chanel Preston is one of the biggest names currently working in the porn industry. She’s starred in some of the best selling porn films to be released in recent years, including playing the role of Lara Croft in last year’s Tomb Raider XXX porn parody. So if someone of her caliber and success is having trouble opening a simple checking account, you can imagine how difficult it is across the board in terms of porn professionals doing business with banks.
In most cases, getting a personal checking account or personal loan isn’t an issue for porn pros. That’s because these accounts and loans are tied to the person’s legal name, as opposed to their “stage name” (you didn’t really think it says Nikki Sexxx on her drivers licence, did you?). However, banks will make it difficult for that same person to open an account or get a loan when that person’s profession comes into play. So, in other words, its really a case of keeping their porn stuff on the downlow.
And, again, this is nothing new. Many porn industry veterans will tell you that it’s best to keep ties to the porn industry out of sight when working with banks. Legally, a financial institution can refuse to do business with anyone due to moral reasons. So, for example, if you’re a pornstar filling out a loan application, it might be best to list your occupation as “actress” as opposed to “adult entertainer” or something similar. And when chatting with the loan officer, don’t mention porn. Like, at all. The bank may find out anyway, but the idea is to keep the adult industry stuff as low-key as possible.
What are your thoughts on banks refusing to work with porn professionals? Let us know in the comments below.