Background of the Lawsuit
JPMorgan Chase Bank recently admitted in a court filing that it closed President Donald Trump's bank accounts and those of several hospitality companies following the January 6, 2021, breach of the U.S. Capitol. This confession came in response to a $5 billion legal challenge filed by Trump last month in Miami state court against the bank and its CEO, Jamie Dimon. The suit accuses the financial institution of debanking Trump for political reasons.
Details of the Court Filing and Account Closures
Dan Wilkening, chief administrative officer for global banking at JPMorgan, confirmed that in February 2021, the bank informed Trump and his companies of the impending closures. Formal letters dated February 19, 2021, were provided as evidence. The bank handled remaining balances by assisting in transfers to other institutions per standard account agreements, with accounts fully closed by April 19, 2021, after transferring hundreds of millions of dollars.
JPMorgan Chase Bank, N.A. ('we') has decided to close its banking relationship with The Trump Corporation and its affiliated entities.
We may determine that a client’s interests are no longer served by maintaining a relationship. ... With that in mind, this letter is to respectfully inform you that we will need to end our current relationship.
Trump's Allegations and Bank Policies
Trump's attorneys allege the closures were due to political discrimination, placing him on a blacklist, and note difficulties with Bank of America later refusing large deposits. Trump had been a JPMorgan customer for decades, transacting hundreds of millions. Bank agreements permit terminations with 30 days' notice, with or without cause, including for breach of contract, regulatory requirements, or activities violating policies centered on anti-money laundering, sanctions, and risk management. The bank can refuse transactions or close accounts if policies are breached.
Legal Claims and Broader Context
The lawsuit charges trade libel, violations of Florida’s unfair trade practices act, declaratory relief, and breach of good faith, demanding a jury trial. Attorneys assert the decision stemmed from political motivations and 'woke' beliefs to distance from Trump’s conservative views, contributing to a trend of debanking based on politics. JPMorgan did not immediately comment. Separately, the Trump Organization sued Capital One in 2025 over similar 2021 closures.
We don’t debank people because of political or religious affiliations... But there are a lot of things that can be fixed. We should fix them. The rules and requirements are so onerous, and it does cause people to be debanked in my opinion.
