Is it legal to close down bank accounts that may contain funds legally earned in the pornography industry? JPMorgan Chase & Co. and PayPal Inc. apparently decided it is.
Several news outlets, including The Wall Street Journal last week, have reported on PayPal, JPMorgan Chase and some other banks closing accounts belonging to porn actors or producers. “But the move appears to be a standard practice by a major bank, aimed at limiting risk rather than a sign of new prudishness,” the Journal said.
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