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Text Content

CoedCherry is in danger. Click Here to find out what's going on.
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COEDCHERRY IS PROBABLY GOING TO HAVE TO SHUT DOWN


TL;DR:

On August 16th 2022 our bank told us they are closing our business accounts.

We've had no luck finding a bank or credit union that will take us.


WHY WTF?

In 2013 my wife and I incorporated our business in Ontario, Canada as Amber-Lace
Entertainment Ltd. At that time we opened commercial accounts with The Bank of
Montreal and we did not have a single problem or issue for these past NINE years
(or the 10 years before we incorporated and opened these accounts).

Suddenly we get this notice:

> Dear client:
> 
> This letter is to inform you that after careful consideration, we will be
> ending our banking relationship with Amber-Lace Entertainment Ltd. It has been
> determined that your business activities fall outside of our risk appetite,
> and therefore we do not have an appropriate basis to maintain a banking
> relationship.
> 
> As a result, we ask that you close your accounts by September 16, 2022. After
> that time we will cease to operate these accounts. A full list of all the
> accounts to be closed is attached.
> 
> Regards,
> Risk and Compliance, Personal and Commercial Banking
> BMO Financial Group

That's all they said. They didn't identify a particular "risk". They didn't give
any recourse to appeal. They didn't explain which particular "business activity"
they have a problem with (but we're guessing they just don't like porn).

For the past month my wife and I have reached out to every single bank and
credit union in Canada that we can find. We have explained every detail of our
business, how we earn money, where that money comes from etc.

They have all turned us down.

This is something we can't understand. We have excellent credit. No bad debts
(no debts at all). ALL the money that flows through our business is traceable.
We pay taxes. We are completely legal and lawful.


CAN COEDCHERRY BE SAVED?

The only thing that will save us is if we can find a bank or credit union in
Canada to take us within the next month or so.

 * If you know of one in Canada that is willing to work with adult entertainment
   companies, and you know that for a fact, please let us know right away by
   emailing me at garett@coedcherry.com
 * If you have a platform on social media you can signal boost what's happening.
 * Get the attention of someone who knows of a bank in Canada that is willing to
   work with us.
 * Maybe get BMO's attention & send a message that banks going after porn
   companies is not cool and is going to hurt their reputations amongst their
   consumers who think there's nothing wrong with consenting adults enjoying
   lawful content.

If you are in Canada and are a Bank of Montreal customer you could try sending a
polite and respectful message to BMO tell them you disagree with their
prejudiced decision and will be reevaluating your banking options in the future.
I stress that if you want to do this please be polite and respectful. You would
only hurt us further by being mean or rude.

We have enough money in reserve to pay for our servers for quite some time but
we've pretty much run out of options, save for a few that we're not optimistic
about.

Once we exhaust every option then the website just burns money and there's no
way that we can justify keeping it online.

We have hired a lawyer, not because we think what BMO is doing is actionable in
any way (they are within their rights to decide who to do business with), but
just so that we have some help talking to BMO to see if there's any way that we
can work something out or get more time. But as of today we had to move all
business funds out of our accounts and are going to be forced to use our
personal means to cover servers until we pull the plug.


OUR STORY

In 2003 I was a 21 year-old unemployed software developer living in a small-ish
city that had no tech jobs what-so-ever. This is was during the major NASDAQ
"dot com" crash of 2002, so even in big cities tech jobs were dry and it didn't
help that I was just starting out in my career.

My wife and I were new parents and had a choice to make: move our family to a
big city, away from everyone and everything we know, to take a job doing network
admin stuff that I wasn't super thrilled about OR ... use my talents to make
money online. I started making "free" adult websites that earned income by
promoting affiliate programs.

CoedCherry was launched in January 2004. That means it's 18 years-old this year.
Ironic, isn't it?

CoedCherry is older than PornHub. It's older than YouTube. It's older than
Facebook.

CoedCherry was the most successful of the sites I made by far, and eventually I
shut down all the others.

I built this site from scratch myself. I wrote every single line of code. I
maintained the web servers. I kept it updated. All from home working by myself
and with some help from my wife.

In 2013 I was making enough money through the site that it was worth
incorporating the business.

In 2018 I accepted a job offer in Toronto and became a full time Software
Engineer again. We kept the site online on our free time.

My wife is the only employee on our payroll. She works hard to update model
profiles, review tag suggestions. I spend a bit of time each day on content
updates. She's about to lose her job. You guys are about to lose a website you
like. And it's all for really stupid reasons that I can't explain.

I can't be too mad at The Bank Of Montreal when every other bank is telling us
the same thing. But I'm mad at banks in general. What really pisses me off is
that big companies like MindGeek, the owner of PornHub and also a Canadian
company, is still in business and somehow has banking. And they have been in hot
water recently, unlike us who has never been accused of wrong doing of any sort.
They get to stay in business while us, the little guy, gets shafted.

I will try to keep this site alive. It's been a part of our lives for 18 years.
If I fail then please know that I'm grateful to every single one of you who has
visited this site, clicked on affiliate links and bought subscriptions. You've
paid our bills. You let me work from home for myself for 15 years leading up to
2018. Most importantly, you showed me that you enjoyed something I built myself.
That means a lot to me.

To everyone who has sent me emails telling me how much you dig the site, to
everyone who has supported us and what we've done here...

Thank-you.

- Garett

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