Locked Out: OnlyFans Creators and Their Battle with Banks

Financial Bias Against Adult Content: OnlyFans Creators and Their Battle with Banks

In the curious intersection of modern technology, sex work, and the often prudish financial sector, a battleground has emerged: OnlyFans creators and their battle with banks. OnlyFans creators, alongside numerous other adult content providers, are finding themselves in a perplexing predicament: their bank accounts are getting shuttered by institutions like Wells Fargo and other financial behemoths.

Let's start with Alana Evans, an outspoken porn star who recently found herself on the receiving end of this draconian practice. As she recounted to The Daily Beast, "Wells Fargo closed my account because of my work in the adult industry. It’s time to fight back." Evans isn't alone; many in adult entertainment are astonished to discover their financial stability compromised due to what they see as institutionalized prudishness.

A little long but it’s my I don’t normally post videos like this but I feel the need to express how deeply this has affected myself and others - banking discrimination destroys livelihoods of marginalized workers @WellsFargo pic.twitter.com/gzYCeETh1G

— Alana Evans XBIZ BEST MILF CAM Winner!! (@alanaevansxxx) September 2, 2022

Across the border, Phillipa von Blücher, a Canadian adult content creator, shared her dismay with CityNews after her bank decided to ax her accounts. This isn't an isolated incident; von Blücher's story represents OnlyFans creators and their battle with banks across North America.

One might think that an age of virtual enterprise would encourage adaptability in financial services. However, banking giants remain entrenched in nostalgic, censorious policies.  The story touches not just individual creators but also implicates broader financial institutions and credit card companies. The Financial Times noted the ripple effect stemming from credit card firms imposing stricter policies, urging adult websites like Pornhub to implement more rigid content verification processes. This pressure trickles down, affecting anyone even tangentially involved in the sex industry, and pushes them further to the financial fringes.

These bank policies are creating unexpected and severe consequences. Content creators find themselves jumping through hoops and using less secure financial methods to manage their earnings and pay their bills. The irony here is rich: banks, which pitch their security and reliability, force clients into more precarious financial situations.

A Financial Times investigation has revealed that the banking sector's aversion to adult entertainment has far-reaching implications beyond individual account closures. Chief Financial Officer Lee Taylor and Chief Executive Officer Keily Blair are the latest to admit they were "debanked" alongside other creators on the subscription site, highlighting a trend of systemic financial exclusion faced by those in adult entertainment. Routine issues, such as securing loans or mainstream payment processing services, become nearly insurmountable hurdles. This exclusion, according to the FT, stems from heightened regulatory scrutiny and financial institutions' fear of reputational damage, compelling banks to enforce stringent measures. These policies not only stymie business operations but also push adult content creators toward less reliable financial alternatives, exacerbating their financial instability.

This situation also opens up serious discussions about societal attitudes toward sex work and the adult entertainment industry. These are legitimate, often highly regulated professions that pay taxes, support families, and contribute to the economy. However, they're still stigmatized by "neutral" institutions that should, in theory, treat all legal business activities equally.

"Sex work is work," assert advocates; it carries the same weight, labor, and economic contributions as any other job. Yet, these workers face locked doors and closed accounts, indicative of a prudishness that seems out of step with modernity.

In Evans's words, "We’re not asking for handouts or special treatment. We’re asking for fairness." There's a growing demand for financial fairness as creators push for the same respect and service afforded to other industries. The question remains: will banking institutions evolve to reflect the complexities of contemporary economies, or will they stay mired in outdated stigmas?

In an era where OnlyFans can bankroll mortgages and pay bills, the discretion is no longer about what content creators share online but who controls their financial access. We are on the cusp of another significant societal shift, where even the most conservative institutions must decide whether to adapt or be left behind.

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