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BradShaw

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#1

Bank of America, if you use them read this

10-01-2002, 10:43 AM

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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inthestars

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#2

10-01-2002, 10:47 AM

Thanks for the heads up. I bank with them too.. I wasn't even aware that this sort of bias existed towards successful adult business.. have you tried asking Andy of sexswap or maybe Rowdy from Netpond? They are very successful and could probably point you in the right direction.
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[H]

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#3

10-01-2002, 10:48 AM

Not surprising at all. Never bank with B of A.
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Brown Bear

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#4

10-01-2002, 10:49 AM

I don't think I have ever had a bank ask me what my company does.

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#5

10-01-2002, 10:50 AM

Originally posted by Brown Bear
I don't think I have ever had a bank ask me what my company does.

If you try to get a business loan they will.
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BradShaw

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#6

10-01-2002, 10:52 AM

Yes, if you want a loan, they of course ask for financials. My personal banker knows what we do, he is in the office all the time. He has no problem with it, but the higher ups do, all the way to the head office.

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Jak

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#7

10-01-2002, 10:52 AM

Damn. We've been with Wells Fargo for 4 years but since we're moving to Florida in 3 days and there aren't any Well Fargos there, we had to transfer everything to Bank of America. Our mother corp that the accounts are under is mainstream but I wonder if they'll have a problem with our adult entertainment products.

At any rate thanks for the heads-up. We really didn't want to go with B of A in the first place since we've been spoiled by Wells Fargo. Ahhh well, might have to find someplace else to do business if they act like that.

Jak
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Sly_RJ

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#8

10-01-2002, 10:52 AM

Originally posted by Brown Bear
I don't think I have ever had a bank ask me what my company does.

I'm thinking the same thing.

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Fletch XXX

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#9

10-01-2002, 10:54 AM

man... I get shit everytime I go to the bank.

handfuls of outta state checks, they love it. Some with no addrss or phone number (ibill)

Bank Of America is owned by the Chinese here in So Cal is it not?

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DrewKole

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#10

10-01-2002, 10:55 AM

Hmm... I just started using DrewKole Savings & Loan...

I can transfer you there in no time Brad... Your savings accts will get -2% interest per month, as well...

Can't beat that with a stick.
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Mr.Fiction

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#11

10-01-2002, 10:58 AM

They should change their name from "Bank of America" to "Bank of Right Wing Dipshits".

Thanks for the info.

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Fletch XXX

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#12

10-01-2002, 10:59 AM

Do not Lightspeed and Topbucks use Bof A too?

I thought B of A was *the* Adult bank?

hahehehe

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boneprone

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#13

10-01-2002, 11:01 AM

Move your shit to Barclay's Bank.
They will handle any kind of accounts from adult, to gambling, to coke money to fucking blood money.

Sure banks with such relaxed rules are probably the ones that house terrorist cash and blood cash but it may be just what you need if places like B of A are starting to hint they dont want your kind around here no more.

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Brown Bear

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#14

10-01-2002, 11:03 AM

Isn't Barclay's a UK bank?

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Mr.Fiction

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#15

10-01-2002, 11:04 AM

Originally posted by Brown Bear
Isn't Barclay's a UK bank?

I thought is was a Malt Liquor?

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Nfzgrld

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#16

10-01-2002, 11:05 AM

B of A? Shit, go anywhere else! Those motherfuckers still owe me money from the last account I had with them.

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nocostporn

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#17

10-01-2002, 11:05 AM

have a personal account with them,monthly fuck up's are common

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Honeyslut

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#18

10-01-2002, 11:09 AM

Our home loan is with B of A since they bought the loan from someone else. Since our house went up in value , my hub asked them to take the pmi off the house. They would not unless we paid the difference ( 6000 ) or paid them 300 bucks to appraise the house. Anyway, most banks will just take it off if you show them proof that the value the house went up.

We have a joint account with B of A but I have my porn account with a local bank. Great service and NEVER any errors .We opened another account there to move over a large amount from a sale of a house. No way was I going to let B of A use the money.... Heck, I told hub just the other day I would like to refiance the house just to get it away from B of A..

Those looking for a new bank might want to support a local bank..

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Honeyslut

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#19

10-01-2002, 11:11 AM

Originally posted by Fletch XXX
Do not Lightspeed and Topbucks use Bof A too?

I thought B of A was *the* Adult bank?

hahehehe

Remember Brad is in Texas..

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Morgan

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#20

10-01-2002, 11:23 AM

Just put it all in paypal.

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DrewKole

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#21

10-01-2002, 11:29 AM

Originally posted by Honeyslut
Our home loan is with B of A since they bought the loan from someone else. Since our house went up in value , my hub asked them to take the pmi off the house. They would not unless we paid the difference ( 6000 ) or paid them 300 bucks to appraise the house. Anyway, most banks will just take it off if you show them proof that the value the house went up.

We have a joint account with B of A but I have my porn account with a local bank. Great service and NEVER any errors .We opened another account there to move over a large amount from a sale of a house. No way was I going to let B of A use the money.... Heck, I told hub just the other day I would like to refiance the house just to get it away from B of A..

Those looking for a new bank might want to support a local bank..

I can hook ya up on a refi, whats your current rate?

But... standard practice is... the appraisal IS the proof... some lenders will let you roll in the appraisal into the refi as well.
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playa

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#22

10-01-2002, 11:53 AM

i know i have cashed many sponser checks that were from bank of america,,

are you sure thats a policy of not loaning to adult companies, since when did banks care where the money was comming from
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#23

10-01-2002, 12:00 PM

Originally posted by Mr.Fiction

I thought is was a Malt Liquor?

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#24

10-01-2002, 12:03 PM

Originally posted by playa
i know i have cashed many sponser checks that were from bank of america,,

are you sure thats a policy of not loaning to adult companies, since when did banks care where the money was comming from

since 9/11?
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BradShaw

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#25

10-01-2002, 12:07 PM

Playa, they have no problem doing simple banking for us, they make a fortune off us with fees and $ they make off my $. But when it comes to do doing loans, they draw the line.

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J.R.

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#26

10-01-2002, 12:07 PM

Yeah, I have heard before that B of A is
not porn friendly.

I dropped them years ago.
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DrewKole

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#27

10-01-2002, 12:08 PM

Erm... he's talking about the executives not wanting to loan an adult company...

With commercial loans, the an executive underwriter or officer usually manually approves or declines the loans... And in Texas, moral issues are sometimes the basis for it. =)

I wouldnt worry about your checks bouncing through BofA, its 2 different departments...
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#28

10-01-2002, 12:11 PM

boneprone is right

barclay's bank is a world bank and deal with everyone (but yes, the corporate headquarters are in the U.K)

but what i don't understand is that if the majority of large corporations, media companies and banks themselves have large investments or side companies in the adult industry - why do they see a problem in your case?

for example, i don't see them turning down loans to large hotel chains that have involvement in adult movies for rooms

perhaps these large corporations just use their brand name companies to apply for loans and then funnel the money to their adult companies internally

Are you down with Sin?
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BradShaw

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#29

10-01-2002, 12:11 PM

Drew, actually it is a mandate from the head office, national office. Not just a Texas thing from what I can tell. No loans to adult companies.

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#30

10-01-2002, 12:14 PM

Originally posted by playa
i know i have cashed many sponser checks that were from bank of america,,

are you sure thats a policy of not loaning to adult companies, since when did banks care where the money was comming from

Exactly most of my checks are coming from B of A . I've an account at them and for me they have a good service.

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DrewKole

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#31

10-01-2002, 12:15 PM

Originally posted by BradShaw
Drew, actually it is a mandate from the head office, national office. Not just a Texas thing from what I can tell. No loans to adult companies.

Hmm... bastages. I was gonna talk to one of our BofA reps, and see what kind panhandlin we couldn't do...

but if its a nationwide mandate...

bastages.
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