President Donald Trump has revived claims that conservative clients were unfairly denied accounts with two of the largest US banks, JPMorgan Chase and Bank of America.
In an interview with CNBC’s “Squawk Box”, Trump said he was informed by JPMorgan Chase that he had 20 days to move “hundreds of millions of dollars in cash” to another bank. He then approached Bank of America to deposit a billion dollars, but was told the bank couldn’t provide him an account.
Trump alleged that the banks rejected him because regulators from the Biden administration applied pressure on them. However, both JPMorgan Chase and Bank of America denied targeting conservatives or Trump supporters for de-banking.
JPMorgan said it doesn’t close accounts for political reasons, while Bank of America’s CEO Brian Moynihan expressed support for Trump’s criticism of the industry’s regulatory framework.
The claims come as some conservatives, crypto executives, and religious organizations have accused large US financial institutions of unfairly “de-banking” clients based on their views. However, banks say they are required to comply with federal laws aimed at preventing financial crimes.
The issue puts banks in a bind, as the Trump administration is preparing an executive order that threatens fines if banks drop customers on political grounds. The banks have faced regulatory pressure related to crypto and other industries considered higher risk for money laundering or fraud.
Source: https://www.cnbc.com/2025/08/05/trump-jpmorgan-chase-bank-of-america-rejected-bank-customer.html