The short version
- Capital One disclosed in a recent court filing that it closed more than three hundred accounts associated with Donald Trump and his businesses in 2021.
- The bank attributed the closures to internal anti-money laundering reviews rather than political motivations, despite allegations from Trump's legal team.
- Trump has sued both Capital One and JPMorgan Chase for alleged debanking, seeking significant damages while claiming the actions were politically motivated.
Capital One has provided new details regarding its decision to terminate banking relationships with Donald Trump in 2021, citing concerns over potential money laundering. The disclosure appears in a court filing related to a lawsuit filed by one of Trump’s financial holding companies shortly after he resumed the presidency. According to the bank, the closures followed months of analysis by its anti-money laundering team and adhered to standard regulatory guidance and internal policies.
Trump’s legal representatives have accused Capital One, along with JPMorgan Chase, of illegally closing accounts for political reasons following the January 6 Capitol attacks. The lawsuit against JPMorgan Chase seeks five billion dollars in damages. Both institutions have denied severing ties based on politics, stating instead that they manage accounts to mitigate financial, legal, or reputational risks. JPMorgan has emphasized that it closes accounts with or without cause when they present regulatory hazards.
The filing indicates that Trump held more than three hundred accounts with Capital One across various ventures, including golf courses and wineries, after banking with the institution for over a decade. The bank stated it did not publicize the termination decision or its confidential internal processes. It also noted that it granted several extensions to allow the plaintiffs time to secure alternative banking services, which they successfully did.
This legal dispute occurs amid broader tensions regarding financial access for political figures. Trump signed an executive order in August 2025 directing federal regulators to end examinations focused on banks’ customer choices. His administration has also subpoenaed records from major banks as part of an investigation into alleged debanking practices. While conservatives and cryptocurrency advocates have raised concerns about such practices, Capital One maintains that its actions were strictly procedural and devoid of political intent.
Sources behind this briefing
Go to the original reporting
- PBS NewsHour↗Trump bank accounts were closed due to concerns over possible money laundering, Capital One says
