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Trump accounts at Capital One were closed in 2021 over money laundering concerns
AP News • • nation
Key Points:
- Capital One closed over 300 bank accounts linked to President Donald Trump in 2021 after flagging financial activity with characteristics of money laundering, according to a court filing.
- Trump filed a lawsuit alleging Capital One closed his accounts for political reasons following the January 6 Capitol attack, but the bank insists the closures were based on anti-money laundering reviews and not political motives.
- Trump has also sued JPMorgan Chase for allegedly debanking him and related entities, seeking $5 billion in damages, while both banks deny closing accounts for political reasons.
- The case highlights broader conservative claims of politically motivated debanking, a practice scrutinized during initiatives like Operation Choke Point and prompting Trump's 2025 executive order aimed at ensuring fair banking.
- Capital One emphasized it never publicized the account closures and allowed Trump’s entities several months to transition to new banking services, disputing the lawsuit’s political bias allegations.
