lucy banks
A Perth business owner has accused the online banking service Wise of discriminatory practices after her business account was blocked from receiving funds for several days. Lucy Banks, 34, had opened the account to manage finances for the upcoming Adult Industry Choice Awards in November, an event heralded as the “biggest night in Australia’s adult industry.”
Wise, a financial company known for facilitating international money transfers across multiple currencies, became Banks’ choice due to its digital convenience. As a busy mother of three, she sought to avoid the hassle of traditional banks. However, on October 14, Banks discovered her account was unable to receive payments, a situation she initially attributed to a technical glitch.
Allegations of Discrimination
Upon contacting Wise’s support team, Banks was informed that her account activity might be in breach of the Wise card processing agreement. “Because of this, you’ll no longer be able to get paid by card,” she was reportedly told. The restrictions posed a significant hurdle, especially as she was relying on the account to receive sponsorships for the awards.
Banks believes her association with the adult entertainment industry, including a recent sponsorship payment from a strip club, led to the account limitations. Although she has transitioned from OnlyFans to a marketing and PR role, she feels targeted due to her industry connections. “It is just really frustrating and it felt like discrimination,” she told news.com.au.
Wise’s Response and Resolution
Following media coverage of the incident, Wise restored Banks’ account access on October 16. The company issued a statement explaining their due diligence processes. “As a regulated financial institution in Australia and around the world, our dedicated teams must conduct necessary due diligence reviews of account activity,” Wise stated. They attributed the delay to overlooked communications with Banks.
“Unfortunately, this appears to be a situation where our communications were overlooked, leading to an extended delay in resolving the feature’s availability.”
Banks, however, insists she received no such communication, even after checking her spam folder. Despite the account restoration, she felt compelled to withdraw all funds, feeling “pushed out” by Wise’s actions.
Broader Industry Challenges
Banks’ experience highlights ongoing challenges faced by those in the adult industry when dealing with financial institutions. She argues that such actions are discriminatory, noting the lack of official acceptance for sex workers by banks. “There’s no official institution that says ‘we accept sex workers’, there is none – we all run the risk of having our accounts shut down,” she stated.
“Imagine if banks were like, ‘We are no longer servicing hairdressers’ – people would be up in arms! Sex work is the most reliable industry in the world, I would argue, and yet the finance industry keeps saying it is risky. That is discriminatory.”
Looking Forward
The incident with Wise underscores a broader issue within the financial sector regarding the treatment of individuals and businesses associated with the adult industry. It raises questions about fairness and the criteria used by banks to assess risk. As Banks continues to seek a reliable financial partner, her story may prompt further scrutiny and discussion about the policies governing financial services for unconventional industries.
For now, Banks remains resolute in her stance against what she perceives as unjust treatment, advocating for greater inclusivity and understanding within the financial sector.
