NEW YORK (Realist English). Donald Trump has accused JPMorgan Chase and Bank of America of refusing to do business with him, adding to long-standing conservative allegations that major U.S. financial institutions are politically biased against rightwing figures.
In a Tuesday interview on CNBC, the former president said JPMorgan closed his accounts after he left office in 2021, despite what he described as a decades-long relationship.
“I was loaded up with cash and they told me, ‘I’m sorry, sir, we can’t have you. You have 20 days to get out,’” Trump said. “I said, ‘You’ve got to be kidding. I’ve been with you for 35, 40 years.’”
Trump also claimed that Bank of America rejected his attempt to open a new account, even after he personally spoke with CEO Brian Moynihan.
“Brian was kissing my ass when I was president,” Trump remarked. “And now he says, ‘We can’t do it.’”
According to Trump, multiple large banks turned him away, forcing him to turn to smaller institutions. He also referenced his long-standing ties with Deutsche Bank, though did not say whether they continued post-2021.
The comments have intensified scrutiny of alleged “debanking” of conservative figures and politically sensitive clients. Rightwing lawmakers and tech investors have increasingly claimed that banks are denying services for ideological reasons, especially following the January 6 Capitol riot.
In her memoir, Melania Trump wrote that her bank closed her account after the riot and declined to open one for her son Barron.
Banks, however, deny political motives. Institutions point to compliance burdens for clients classified as “politically exposed persons” (PEPs) — a designation that comes with higher regulatory scrutiny and risks, particularly regarding anti-money laundering rules and Know Your Customer (KYC) procedures. Crypto involvement and other high-risk sectors also invite more oversight.
JPMorgan, the country’s largest bank by assets, responded to Trump’s comments on Tuesday:
“We don’t close accounts for political reasons, and we agree with President Trump that regulatory change is desperately needed. We commend the White House for addressing this issue and look forward to working with them to get this right.”
Bank of America declined to comment.
Meanwhile, The Wall Street Journal reported that the White House is drafting an executive order instructing bank regulators to investigate unlawful account closures and ensure customers are not discriminated against.
The Bank Policy Institute, a financial lobbying group, backed the initiative but pointed fingers at regulators:
“The heart of the problem is regulatory overreach and supervisory discretion. We hope any executive order will direct regulators to confront the flawed framework that gave rise to these concerns.”
The issue is likely to grow more politically charged as Trump continues to frame his re-election campaign around themes of institutional bias and conservative marginalization in key sectors — including finance.
