Capital One Targets Trump: Bank Closes Accounts Amid Dubious ‘Money Laundering’ Claims
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Capital One closed President Donald Trump’s accounts in 2021, citing anti-money-laundering concerns, in a move Trump’s company says was politically motivated after January 6. The bank seeks to dismiss the lawsuit, denying any political bias.
President Donald Trump’s accounts with Capital One were terminated in 2021 after the bank’s anti-money-laundering (AML) team claimed to identify activity resembling money laundering, according to a court filing. This action, coming on the heels of the January 6 Capitol events, is being challenged by one of Trump’s financial holding companies, which rightly alleges that the closures were politically motivated and part of a broader campaign to target conservative voices and figures.
Capital One insists the closures resulted from “months of analysis and a careful review by Capital One’s AML team in accordance with bank policies and regulatory guidance,” but this explanation is viewed with skepticism by many who see a pattern of financial institutions weaponizing their power against those with whom they disagree politically. Trump has also sued JPMorgan Chase, claiming the bank similarly debanked him after leaving office, seeking $5 billion in damages. JPMorgan claims it does not close accounts for political reasons, but for “legal or regulatory risk.” In July, Trump’s lawyers amended the lawsuit to assert political bias, a claim the bank called “without merit” and said relied on “cherry-picked quotations.”
Capital One emphasized that it never publicized the termination decision, allowed the plaintiffs several months – with extensions – to secure new banking services, and maintains that the action was unrelated to any political statement. The bank is asking the court to dismiss the lawsuit, but the timing and circumstances raise serious concerns about the politicization of the banking system and the targeting of prominent conservatives.