JPMorgan Chase Refuses to Process Payments for Women Entrepreneurs' Condom Company

[eridani]

Mortgage fraud is NOT a "reputational risk"?

http://www.dailykos.com/story/2014/03/23/1286853/-JPMorgan-Chase-Refuses-to-Process-Payments-for-Female-Entrepreneurs-Condom-Company

A news story today made me wonder if I had woken up in 1955, in the starched and sexually repressed world of Back to the Future or Pleasantville. I snapped back to reality as I realized I was reading it online, on Huffington Post:

A major online payment processor is refusing to handle credit card payments for a startup condom company.

A representative for Chase Paymentech, the payment processing platform offered by JPMorgan Chase, told Lovability founder Tiffany Gaines over the phone this week that the company considers it a "reputational risk" to handle online payments for condoms, which it classifies as an "adult-oriented product."

For some reason, Chase Bank thought doing business with this company would be a "reputational risk."

[madaboutharry]

1. There is probably one idiot making

a stupid decision. I would think this is going to be reversed.

[mercuryblues]

2. I am

pretty sure it isn't the condoms they object to. I am willing to bet that anyone with a Chase card can walk into a CVS store and buy as many condoms that they want. A quick look at their website reveals that they are those evil and wicked feminists, who promote women to take charge of their sexual health.

from their site: Why "The Lovability Movement?"

http://www.lovabilitycondoms.com/

We believe that self love has the power to improve lives. The goal of The Lovability Movement is for all of us to be as healthy, happy, and fabulous as humanly possible. Spoiler Alert: You're already awesome...and focusing on your awesomeness will make you even more awesome.

We believe that women who love themselves can love everyone else around them more fully. We believe that women who love themselves are more likely to be respectful and considerate of their bodies. We believe that women who love themselves have the confidence to pursue their dreams. If more women pursue their dreams the world will become a way better place. Yep

Can't have that now, can they?

they have a petition:

http://www.change.org/petitions/chase-paymentech-process-credit-cards-for-online-condom-purchases-and-end-the-stigma-against-condoms

[pipoman]

3. I get at least a call a week from credit card processors

She should milk this for all the bad press for Chase she can then choose one of the many other processing companies.

[JustAnotherGen]

4. ITA

And it's why I rec'd the op. This is really good publicity - I hope they use some asshole at Chase as a pawn to make a boat load of money. And I bet that boat load of money ends up benefitting a LOT of American women in the long run.

[CFLDem]

5. And working with drug cartels

and kicking people out of their homes isn't?

Talk about out of touch...

[Jim Lane]

6. Dealing with JPMorgan Chase would be a reputational risk for the condom company. (n/t)

[Iris]

7. news flash: everything I buy is an adult-oriented product

Because I am an adult.

I also wonder if this would be an issue if the adjective in front of "entrepreneur" were "male".

[FarCenter]

8. JPMC is cutting off customer's that may involve legal or reputational risk

Fraternity Chief Feared for Son as Hazings Spurred JPMorgan Snub

Early this month, JPMorgan Chase & Co. stopped managing an investment account for a prominent client: the charitable foundation of Sigma Alpha Epsilon, one of the U.S.’s largest fraternities.

The bank was concerned about SAE’s bad publicity, according to Anthony Alberico, a JPMorgan vice president who dealt with the foundation. SAE has had 10 deaths linked to drinking, drugs and hazing since 2006, more than any other fraternity.

...

The bank, which has said it would pay more than $23 billion to resolve regulatory and criminal investigations, has cut ties since last year with about 2,000 clients that could attract scrutiny, according to a person with knowledge of the matter. Emily Sackett, a JPMorgan spokeswoman, declined to comment.

http://www.bloomberg.com/news/2014-03-27/fraternity-chief-feared-for-son-as-hazings-spurred-jpmorgan-snub.html

Given that they are already "too big", they can be choosy about what customers they serve.

[GoCubsGo]

9. I had no clue they were processing for this company.

And, I'm willing to bet that 99.99% of the people in this country had no idea, either. And, why would we up until these assholes had to announce it to us? This is the most asinine thing I've read in ages.