Bank of America gave SilverCash about three weeks notice before closing their account with the bank, SilverCash chief executive officer Mike Price said May 14.
"And after a ton of bitching, they finally told me it was because of the nature of the business I'm in," Price said. But he added he didn't plan litigation against the bank.
"They can do it," he said about the bank's closing the SilverCash account. "But I'm not going to sue them. But you have to wonder if they're going to go and shut down everybody? That's not right."
Bank of America's public relations representative was unavailable for comment. But the news about SilverCash's BofA account closure buzzed around some of the adult Internet's Webmaster message boards. "Bank of America has done this before, to other companies over the years," said well-known adult Webmistress Kimmy Kim on one message board. "They do business with some people in this industry but not with others, almost on a branch by branch basis. B of A has done this before to other companies over the years. There's nothing the Silvercash crew could have done to prevent this, it's a shame it had to happen to anyone, much less those guys."
Price said bank representatives at first wouldn't specify why they were closing SilverCash's account. "I couldn't get a freaking word out of them," he said. "I had to do a lot of screaming, complaining, and whining before I got them to admit it was the nature of the business I'm in."
But Price did say that one possible reason for the SilverCash account closure could have been something like a misdeed by an affiliated Webmaster. "You wonder if one of your Webmasters sent some spam out, and it got to the bank, and somebody at BofA got pissed," he said. "We don't allow people to send spam and we delete five to ten accounts a day for doing it, so it could have been that. But I don't really know."
