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Bank of America, if you use them read this
We have been using Bank of America for 5+ years now. My personal banker has always told me the higher ups at the bank had a mandate not to do business with adult companies. He even said they cancelled the merchant account for Ricks Caberet simply because they were a titty bar.
So we are about to buy an office building. I email my banker, let him know this, and ask him to make sure we can get a quick and easy loan before I go out looking. I fgure with a large balance, getting a relative small loan should be easy. He emails me back and says it should be no problem.
So I go out, find a building, make an offer. Then fill out the formal loan papers. Get back a response a week later from B of A basically saying they do not "do business" with adult companies therefore can not issue a loan.
So let me get this straight, I keep a nice balance with them, pay them large fees each month, and they will not do biz with me?
Can not wait to close that account, and move every dime to a bank that wants my business. Already have a check for the majority of the $ in there to move to my Paine Webber account today just to get it out of b of a.
Just something to think about if you use B of A and think you may ever need a business loan at some point. Anyone know of any large banks that are friendly toward our line of work?
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