Porn Stars Can't Open Bank Accounts

CNBC – 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.Preston is hardly the only porn star who has had trouble with the banking industry. Several performers and porn insiders (who were afraid to go on the record due to possible repercussions from their banks) said they have been denied accounts from a variety of financial institutions. “The people within my [local] bank have urged me to downplay the nature of my business because corporate frowns on it,” said one long-time industry veteran.  Preston noted she, too, has been denied a loan because of her profession—though at a different bank. “[The loan officer] asked me ‘are you affiliated with the adult entertainment industry?’ When I said yes, she said ‘We will not give you a loan.’,” she said. The issue seems to be reaching a boiling point, though. Earlier this week, Marc Greenberg, founder of the soft porn studio MRG Entertainment, filed suit againstJPMorgan Chase in Los Angeles Superior Court, alleging the bank violated fair lending laws and its own policy for refusing to underwrite a loan for “moral reasons”.