Posted May 3, 2014 The DOJ is now pressuring banks to close bank accounts of people they think are in an undesirable profession. I know one provider who has had this happen to her. http://reason.com/blog/2014/04/28/doj-operation-chokepoint-and-porn-stars http://www.theguardian.com/commentisfree/2014/apr/29/porn-stars-high-risk-bank-accounts 0 Share this post Link to post Share on other sites
Posted May 3, 2014 I read about this in the New York Times but it was more centered around Chase closing accounts for porn stars, didn't realize it was such a big problem. I have had accounts closed as a provider which is a little different, it was for posting not so legal ads on BP. First they blocked payments to the site and then closed the whole thing out. 0 Share this post Link to post Share on other sites
Posted May 3, 2014 I read about this in the New York Times but it was more centered around Chase closing accounts for porn stars, didn't realize it was such a big problem. Chase executives must watch a lot of porn,because porn stars get their paychecks written out too their real name,not their stage name. 0 Share this post Link to post Share on other sites
Posted May 3, 2014 Be careful with those deposits folks: A G.Will report on IRS actions. 0 Share this post Link to post Share on other sites
Posted May 3, 2014 Chase executives must watch a lot of porn,because porn stars get their paychecks written out too their real name,not their stage name. I wondered about that too, how do they know who is who? Chase must have offered some sort of porn star promotion to lure them in. 0 Share this post Link to post Share on other sites
Posted May 3, 2014 Chase executives must watch a lot of porn,because porn stars get their paychecks written out too their real name,not their stage name. Not if the IRS is giving Chase a list of names, which they can gather from other sources (model releases?, porn site registration?). 0 Share this post Link to post Share on other sites
Posted May 3, 2014 Just an FYI- Chase has also been closing accounts that have a lot of cash deposits for "suspicious activity." Didn't happen to me personally, but my accountant notified me that I should switch to a different bank because of it. Though I hate Wells Fargo, I switched to them because they are apparently a bit more business friendly in general. 0 Share this post Link to post Share on other sites
Posted May 3, 2014 Just an FYI- Chase has also been closing accounts that have a lot of cash deposits for "suspicious activity." Didn't happen to me personally, but my accountant notified me that I should switch to a different bank because of it. Though I hate Wells Fargo, I switched to them because they are apparently a bit more business friendly in general. Under current federal banking laws, ALL banks and credit unions are required to have in place a policy/procedure for identifying potential illicit money activities - money laundering, terrorism, etc. If the teller/supervisor decides something you did - large deposit, acting nervous, repeated deposits just under the ten thousand reporting level, etc. - falls under that policy/procedure the bank is REQUIRED to report the incident to homeland security and the irs. When that happens your account is frozen until you prove you are not guilty. I know most people find this hard to believe in this "free" country, but been there and had it done to me. Happens frequently. If it concerns you - if not - ask for a copy of their policy before giving them your money. 0 Share this post Link to post Share on other sites
Posted May 3, 2014 Awww! So, that's why Chase closed my account. Bastards! 0 Share this post Link to post Share on other sites
Posted May 3, 2014 Given the history of this DOJ, I'm not surprised. 0 Share this post Link to post Share on other sites
Posted May 4, 2014 Didn't the POTUS loosen banking regulations so that the new legal businesses in states like CO and WA can legally open accounts for them? <forbiden topic> is still illegal on the national level. But porn is not. That's DC for you. 0 Share this post Link to post Share on other sites
Posted May 4, 2014 Under current federal banking laws, ALL banks and credit unions are required to have in place a policy/procedure for identifying potential illicit money activities - money laundering, terrorism, etc. . That's understandable...however, the porn industry is very LEGAL in California, where the situation with Chase is taking place. No money laundering involved . 0 Share this post Link to post Share on other sites
Posted May 4, 2014 Didn't the POTUS loosen banking regulations so that the new legal businesses in states like CO and WA can legally open accounts for them? <forbiden topic> is still illegal on the national level. But porn is not. That's DC for you. Banking for the newly legal business in CO is still not worked out, I think this might fall under that "legal but subjectively undesirable business" so there could still be problems for that in the future. Trust me one is not any more accepted than the other. <Forbidden topic> business are still sitting on piles of cash with no place for it to go. 0 Share this post Link to post Share on other sites
Posted May 4, 2014 The real threat to our liberties is that cooperation can be obtained through threats of (perfectly legal) audits. Rather than fight for the general public's rights, banks (& etc.) acquiesce to the government's "requests"; it's less damaging to their profit margin. I remember several years ago when the owner of the Tattered Cover told the Feds to take a hike when they requested the purchasing records of several customers. She won the court case, as I recall. 0 Share this post Link to post Share on other sites
Posted May 4, 2014 That's understandable...however, the porn industry is very LEGAL in California, where the situation with Chase is taking place. No money laundering involved . My reply was to Ms. Karlyle and specifically: " Chase has also been closing accounts that have a lot of cash deposits for "suspicious activity." So my comment did not really have to do with the porn industry. It may be understandable until it is YOUR account that is frozen - not just closed, but the money in the account held indefinitely. My only real point in the main context of this board is that if you run large sums of money through a bank account you had better have matching income that you are filing taxes on. If not you are playing with fire. And in my case you don't have to be doing ANYTHING wrong or illegal in terms of money deposited to run afoul of current banking laws and get screwed. 0 Share this post Link to post Share on other sites
Posted May 4, 2014 My reply was to Ms. Karlyle and specifically: " Chase has also been closing accounts that have a lot of cash deposits for "suspicious activity." So my comment did not really have to do with the porn industry. It may be understandable until it is YOUR account that is frozen - not just closed, but the money in the account held indefinitely. My only real point in the main context of this board is that if you run large sums of money through a bank account you had better have matching income that you are filing taxes on. If not you are playing with fire. And in my case you don't have to be doing ANYTHING wrong or illegal in terms of money deposited to run afoul of current banking laws and get screwed. The only purpose of my very legitimate corporate consulting business bank account is to make it easier to pay my taxes. Just because my consulting business happens to mostly bring in cash doesn't mean that I should be discriminated against for being suspicious, imho. However, I think we all know banks are not there to serve customers. They're really just one of the biggest criminal cartels to ever be backed by government. 0 Share this post Link to post Share on other sites
Posted May 4, 2014 The only purpose of my very legitimate corporate consulting business bank account is to make it easier to pay my taxes. Just because my consulting business happens to mostly bring in cash doesn't mean that I should be discriminated against for being suspicious. Many decades ago, early early 1970s ,I was a waiter at a very upscale resturaunt and deposited half my tips every other day into my savings account. My teller didn't know my job, thought it was weird and reported it to her boss ,who chuckled. He took her and some of the other tellers to lunch and asked for my section. She never questioned my deposits again. A couple years later,after she left the bank, I saw her onstage as a stripper at Aloha Beach. 0 Share this post Link to post Share on other sites
Posted May 4, 2014 ...you don't have to be doing ANYTHING wrong or illegal in terms of money deposited to run afoul of current banking laws and get screwed. This. I have a friend who does the finances for a large local retailer. Mondays and Tuesdays, after depositing their cash receipts, is constant dealings with the bank and justifying the deposits. Business has been around for decades, everyone at the bank that deals with them know this business, yet... hoops hoops hoops to jump through. As for porn, sure, "legal", but, can see where a bank gets nervous: who is really the money behind business, especially some of these smaller porn makers. Same thing we see with <forbidden topic> business in state and the alleged Columbian connection re: recent raids. Will be interesting to see if Dealin' Doug will run into issues, now that he bought one of the warehouses in question and is leasing out to <forbidden topic>. 0 Share this post Link to post Share on other sites
Posted May 4, 2014 That had to do with what people were reading not finances. 0 Share this post Link to post Share on other sites
Posted May 5, 2014 That had to do with what people were reading not finances. True. My point was that a few businesses, but generally not highly regulated ones, do on occasion fight for the rights of their customers. 0 Share this post Link to post Share on other sites
