JPMorgan said to upset the adult industry

Closed Sign

High risk ?

A US bank is reportedly closing down the accounts of hundreds of adult entertainment stars - causing fury throughout the adult industry.

The Daily Mirror reports that Chase bank, a subsidiary of financial giant JP Morgan Chase, sent out letters to porn actors, informing them their accounts were to be shut down.

The letters say: 'We recently reviewed your account and determined that we will be closing it on May 11, 2014. Please accept our apologies for the inconvenience'.

It goes on to say: 'You may close your account before the date we've provided. Your account agreement says that either of us may close your account at any time, without notice and without a reason'.

No reason for the account closures is given in the letter.

TMZ.com reported Friday that Chase is targeting specific types of transactions such as deposits from webcam shows.

To access the complete Daily Mirror article hit the link below:

Porn stars 'screwed' as JPMorgan Chase closes hundreds of actors' bank accounts

Banks rip-off: £3bn overdrafts bill to be probed - it can be cheaper to take out a payday loan

 

JefferiesAnd the Best Place to Work in the global financial markets 2016 is...

Register for Financial Markets News Alerts