Donald Trump is taking aim at major U.S. banks after they allegedly refused to accept his money following his time in the White House—decisions he says were driven by political bias and fear over their public image.
In a recent interview with CNBC, Trump said both JPMorgan Chase and Bank of America turned him away when he tried to deposit large sums of money after leaving office.
“I had hundreds of millions, I had many, many accounts 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 of JPMorgan Chase.
He claims Bank of America did the same. “The banks discriminated against me very badly,” he said, adding that he eventually had to split the cash across several smaller banks.
Trump blames what he calls a political crackdown by the Biden administration and says regulators pressured banks to treat him like a liability. He believes the decisions weren’t about business, but about targeting conservatives—especially him.
“They totally discriminate against, I think, me maybe even more, but they discriminate against many conservatives,” he said. “I think the word might be Trump supporters more than conservatives.”
Trump’s response is coming in the form of action. A draft executive order, first reported by The Wall Street Journal, would instruct regulators to investigate whether banks are violating laws by cutting off customers for political reasons. The order is expected to target “politicized or unlawful debanking” and could lead to financial penalties or legal action against banks found guilty of doing so.
While Trump didn’t speak directly about the order during his interview, he made it clear he believes federal agencies have played a role in pressuring banks behind the scenes.
At the heart of the issue is something known as “reputational risk”—a vague regulatory standard that banks have used to justify cutting ties with customers deemed controversial. One source said banks were under intense scrutiny and didn’t want to be seen as backing someone under multiple investigations and lawsuits.
In June, under Trump’s direction, the Federal Reserve took steps to block regulators from using “reputational risk” as a reason to challenge banking relationships.
JPMorgan did not directly deny or confirm Trump’s claim that they told him to pull his money. Instead, the bank issued a general statement:
“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 also declined to address Trump’s specific allegation but said it supported efforts to bring clarity to banking regulations:
“We’ve provided detailed proposals and will continue to work with the administration and Congress to improve the regulatory framework,” the bank said.
Some analysts remain skeptical that Trump’s push will have a long-term impact on the banking sector.
“This seems to be rhetoric that will likely be forgotten by lunchtime,” said David Wagner, head of equities at Aptus Capital Advisors.
Still, shares of JPMorgan and Bank of America both dipped more than 1% following the news, tracking with a broader decline in the S&P Bank index.
Trump went onto blame former President Joe Biden and former Vice President Kamala Harris for his banking problems, claiming they pressured financial institutions to shut him out.
Watch the interview below from CNBC.
