We have seen and reported on a few actions that have been occurring over the last year in terms of the pressures on banks and payment processors. Recently, Chase has closed several checking accounts for people associated with the adult industry. The outcry has resulted in a very prestigious publication taking notice. The American Banker article that addresses this recent phenomenon is an excellent read that brings up several important points and followup questions for the reader.
Banking seemed to be a service that every legal business, and US citizen was entitled to but with the recent activity it is now evident that this is not the case. The banking system, which is regulated by the US government, can discriminate against who it offers it’s services to.
To read the full article you can go here.