I don't like where this is leading.........
 

Citibank Closes Accounts Associated with Adult.
http://www.avnonline.com/index.php?P...tent_ID=254720

Well, that's genuinely disturbing.

I find its best to just tell your bank you do Web development or some such. Very few sponsors put the name of their program/sites on checks anymore, so the bank has no way of knowing ... and in all seriousness they probably don't want to know.

You're going to see more of that in the coming months. 3 months ago new bankrupcy laws went into effect to protect credit cards. January minimum payments tripled.

To get this type of legislation passed you have to make some big promises.

Yeah, this poses a huge problem.
I just opened an account there and they asked me all sorts of questions about what I do and the website URL. (Which they couldn't get to because it was blocked and said "Blacked due to adult content.)

It's just a static page with a non-descript logo.

Not cool at all.

I don't either. Much of the banking (finance) industry has a copycat mentality as well. :( I wouldn't be surprised to see others do this soon.

It is very much outragious. But if that is their attitude and they don't want your money...fuck 'em.

Three words. Coffee+cans+backyard. No interest gained, but no red tape either.

The bank president would have to have a crucifix up his ass to close Impulse's accounts. That's not exactly like sweeping peanuts out the door.

I agree, but I doubt he would have gone anywhere near doing it without corporate approval, especially in the porn capital of the world. My guess is they'll be trying to push adult businesses to the smaller banks (which they probably own too) so that they can screw us a little harder. Pure speculation on that :)

Yes that is scary.

Dr Bizzaro, I recently opened an account at a new bank and incorporated a business without a business name just a numbered company. We can write checks and everything using that numbered company name so no worries about reporting a web site and/or url. I will set something up though that looks legite somehow and soon.

There are a few sponsors that pay via checks cut from a Citibank location (WEG Cash comes to mind) so this should be interesting.

I use ICRA labels on all my servers so I think I might have to get a new hosting account somewhere just so I can have a couple of domains without labels.

I'm with BOA and I just say that I do web development. I even keep a one page non adult website for business purposes. My account is pretty amused with me. Especially after I fixed Angel up with him.

Internet Marketing is always my story for the banks :) I was moving to Bank of America but, I am now thinking of sticking with my crappy little bank that has I think 10 branches.

We are with BoA as well, but we have been there for almost 4 years I think and was never asked a URL or anything, I think we said web development/consulting/marketing, but it's been so long I hardly remember to be honest.

We are with a local bank who knows everything and are super cool with it...hell they even log into Brandi's cam shows once in a while and chat it up LOL!

This is a disturbing development though...especially since our corporate Visa is through Citibank. I love our country but we have some things pretty jacked up! Uh oh..better move on I feel a rant building up!

That is indeed pretty messed up

I had a similar problem to that with my old bank (TD) here in Canada with my mainstream business once they froze my bank account on "suspicious activity" when I sold one of my business' for 2K (not a lot of money IMHO to justify "suspicious activity".)

They knew I had an internet business, refused to see it as "viable income" but had no problem taking that money and applying it to my loan and mortgage payments ... they were also quite shocked when I told them I was taking all my personal and business banking elsewhere, as they refused to supply me with a merchant account. I think if I spend a few hundred K in your bank, you best be giving me a merchant acct, esp when 90% of those debts are paid off and the reason why they are 90% paid off is because of my internet business'.

Do yourself a favor and find a small nice bank that will cater to your needs and value your business, I have found a good provincial bank and now couldn't be more pleased with their services and they know everything I do online.

I couldn't agree more |thumb

It's nice to walk in where everyone knows your name what you do and jump at the chance to help you :)

Jade - you found a Canadian bank that would give you a merchant account? I thought this was impossible now so it's great to hear there are some options. Is it a credit union?

the smart thing to do is keep 2 or 3 accounts for your buisness at different banks

I think this happened to ars or some other big program a few years back

I agree that's what I do. I use the small bank for my operating expenses and two larger banks for CD's, Bonds, etc.

Yeah it's a credit union, but they will only accept mainstream and it's only for one card, so still have an american merchant account, but at least it's a start, hopefully more banks will start to open their eyes!

my bank only allows me to do tangible products ... i can pay 1500 annually to accept visa and MC but I choose to keep it only for DVD sales and use CCBill for the tracking and soon to be affliate program... I am sure i will need to upgrade to another processor and traffic software for affliates once we reach that plato... good luck with the new system Far-L

As Jade mentioned about the TD, its pretty tough...I'm currently with the TD as well and I won't be able to get a business account or even a credit card until I've at least been in full time business making a ton of $$$ for like 3 years at least; and even with that you have to walk in with all your accounting books....I've actually been doing business under my personal account. Sure I bring checks in for deposit and stuff like ccbill and others. They don't know what I do nor is it really their business (of course I still have to pay taxes). My account just shows I do "web design" -- which I do actually.

I was thinking this very same thing.

For me the accounts I have now at a small local bank, just about every aspect from service to less fees to they all know my name when I walk in, is far far better than any experience I have ever had at a larger bank.

They do ask what I do for a living and I say internet marketing and that usually is good enough. Though on occassion one of the tellers will ask me if Im the guy that sends all the spam lol.

A friend of mine is just getting his in the construction industry after about 20 years, and $1 million a year.

I just slip the checks in with my normal business deposits, and most of my consulting checks are from a Bermuda bank in $CDN.

I was thinking about stuffing mattresses, but somewhere you got to cash those huge checks of yours.

The main thing that disturbs me is that they are practising outright discrimination against a legitimate business. So what's next on their list of don't likes ~~~ Catholics. Gays, Blacks, Women?

Evolution is next

Just an FYI: BoA are crooks and they've stolen $100 from me(I was young and they made me put up $100 in one of their savings accounts to get my first CC and now they won't give me my $100 even though the card was paid off a year ago...). Plus when you go into BoA, no one there can actually help you. For example at one of them here they have a phone setup for their customers and anyone with a problem gets sent to that phone to call the same support that's on back of your debit card! The people in the building have no control over anything... Stick with your hometown banks and support the little guys, not the theifs.

Upon searching google and the web I was surprised to find about 10,000 stories like this one. The strange thing is that so many sponsors actually use them.

Switzerland.
Where I bank. Have done for 4 years now. No problems No hassle. Go on a skiing holiday and open a personal account with $5000 US minimum opening deposit. Nobody can get their hands on your cash except you so long as nobody else knows your account details. Two exceptions are if you are involved in Drugs or Terrorism in which case Swiss law allows your country to spend 6 months in the Swiss legal system trying to get a disclosure order served on the banks (75% fail since they have to prove you are an international and not merely a domestic drug runner or terrorist).

My accounts are at TD Canada Trust and I've never had any issues what so ever. We've had our corp. account there since 1999, they look at the article of incorporation to see what your business is, and usually hook you up with an account right away.

If you are incorporated you should have no trouble at the TD, unless you're looking for a high risk merchant account.

Would this BS with banks only affect sponsors or would it affect those that only do affiliate marketing as well? I am with Suntrust and other than the fact that they are a lil slow sometimes I have never had any issues other than a funny look when I cash / deposit checks.

It really shouldn't affect anyone who is doing things legally ideally. But if some banks are doing it to sponsors I could see them targetting affiliates who cash checks as well. There is the "know your customer" deal that I believe was passed as part of the patriot act a few years ago. With it, banks are encouraged to ask questions in order to find terrorists, tax evaders, drug dealers, etc.

I will say as an experiment today I went to a BoA and cashed an affiliate check from a major porn sponsor and had no problems. In fact, I was treated like a king.

I use my ATM to deposit checks. No problems, hehe. If they closed my account, I'd be shocked. It's been open through about 4 changes of banks (currently it's HSBC) and it's well.. maybe 20 year old account or so..

I bank with TD Canada Trust as well...I have had my account there for over 10 years and have been depositing my US CCbill cheques for about 4 years. Despite that, I get the third degree about them every single time. I hold on to my CCbill cheques until I have 4 or 5 of them to deposit at once because I'm not into the 20 question routine every single week. I also just use my personal account for all of my business stuff too - I'm not into the hassle of trying to open a business account.

I'm suprised you're getting a hassle at TD especially since you've been banking there for so long. You should really talk to the branch manager and have them put a note in your account so they don't give you a hassle each time.

I get checks made out to Kenny B! and they even deposit those with no hassles.