By The Trump Organization has initiated legal action against Capital One, alleging that the bank unlawfully terminated over 300 business and personal accounts linked to the company and members of the Trump family in 2021. Filed in the Circuit Court of the Eleventh Judicial Circuit in Miami-Dade County, Florida, the lawsuit claims that the financial institution’s decision was politically motivated and inflicted substantial financial harm.
Early in his term, while speaking at the World Economic Forum, Trump took on some of the largest bank CEOs in the world, saying, “I hope you start opening your bank to conservatives because many conservatives complain that the banks are not allowing them to do business,” Trump said, specifically referencing Bank of America. “You and Jamie and everybody, I hope you’re going to open your banks to conservatives because what you’re doing is wrong.” Trump also speculated that such practices might stem from regulatory pressure under the Biden administration. Moynihan, who was present on the panel, chose not to respond directly to the claims.
Trump To Bank Of America CEO: What You’re Doing De-Banking Conservatives Is Wrong
More – https://t.co/T0Y5snrMEx
TRUMP: Many conservatives complain that the banks are not allowing them to do business within the bank, and that included a place called Bank of America.
I don’t… pic.twitter.com/v3j5RaDupG
— RCP Video (@rcpvideo) January 23, 2025
The Trump lawsuit details how Capital One informed the Trump Organization and its affiliates on March 8, 2021, that their accounts would be closed by June 7, 2021. According to the filing, the bank provided no justification or opportunity for recourse, leaving the plaintiffs without viable banking alternatives. The accounts, holding millions of dollars, were essential to the company’s operations across multiple sectors, including hospitality, real estate, and retail, writes CNN.
Trump claims his business was harmed when Capital One abruptly notified them in March 2021 that hundreds of bank accounts holding millions of dollars would be closed in two months. The lawsuit claims more broadly consumers are losing access to the banking system because of differences in political views.
“Plaintiffs have reason to believe that Capital One’s unilateral decision came about as a result of political and social motivations and Capital One’s unsubstantiated, ‘woke’ beliefs that it needed to distance itself from President Trump and his conservative political views,” according to the lawsuit.
Trump said he was informed on March 8, 2021, that the accounts would be closed in June causing them widespread harm.
“Plaintiffs suffered considerable financial harm and losses caused not only by the interruption to their access to Capital One’s banking services, but also by the devastating impact on Plaintiffs’ ability to transact and access their monies,” according to the lawsuit.
Eric Trump suggested that this case is not an isolated incident, asserting that other financial institutions—such as Chase, Bank of America, and TD Bank—had similarly distanced themselves from Trump-affiliated businesses and could also face legal repercussions. “This is just the beginning,” he warned, vowing to hold corporations accountable for what he perceives as the politicization of financial services. “America is sick and tired of political lawfare. As an individual and as a company, I won’t tolerate major corporations that inflict harm on those with differing views.”
“Debanking,” preventing people from being allowed to have bank accounts, became a significant tool to attack conservatives during Biden’s time in the White House. Several financial institutions have faced scrutiny for policies perceived as politically motivated—most notably, reports that certain banks refused loans to businesses associated with the firearms industry, ostensibly in response to gun control debates. In 2024, prominent conservatives, including former Trump attorney John Eastman, along have decried what they characterize as the opaque and arbitrary closure of accounts by major banks.
Eastman—whose legal entanglements and association with Trump have rendered him a lightning rod for political controversy—saw his banking relationships severed by two major institutions. Bank of America, with which he had maintained accounts for four decades, abruptly terminated his access, citing “reputational risk” without further elaboration. Seeking refuge at USAA, Eastman soon encountered the same fate, as the institution likewise shuttered his accounts without a detailed explanation.
First Lady Melania Trump and the son of the president, Barron Trump, were both allegedly debanked following the 2020 election, as well.
These actions have provoked sharp criticism from Republican attorneys general, who accuse Bank of America and other financial giants of selectively targeting conservatives, gun manufacturers, and fossil fuel producers under the guise of risk management. They have demanded greater transparency in the criteria governing account closures, framing such decisions as emblematic of a broader, politically driven effort to marginalize ideological dissenters.
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