JPMorgan Chase Bank recently admitted to closing its doors Donald TrumpDonald Trump’s bank accounts after the Jan. 6, 2021, breach of the U.S. Capitol, a confession prompted by a $5 billion legal challenge by the president last month.
The lawsuit, filed against the bank and its CEO, Jamie Dimon, in Miami state court, accused the financial institution to debank Trump for political reasons.
In a new court filing, Dan Wilkening, chief administrative officer of global banking at JPMorgan, confirmed that in February 2021, the bank informed Trump and several of his hotel companies that certain accounts would be closed.
Copies of the official letters sent by JPMorgan are dated February 19, 2021.
TRUMP SUES JPMORGAN CHASE AND CEO JAMIE DIMON FOR $5B OVER ALLEGED “POLITICAL” DEBANCING
Marquee at the main entrance to JPMorgan Chase headquarters in Manhattan. (Erik McGregor/LightRocket via Getty Images / Getty Images)
A letter addressed to Jeffrey McConney of The Trump Corporation explicitly states: “JPMorgan Chase BankNA (“we”) has decided to terminate its banking relationship with The Trump Corporation and its affiliated entities. »
Another letter addressed directly to Trump states: “We may determine that maintaining a relationship no longer serves a client’s interests.” …With that in mind, this letter is intended to respectfully inform you that we will need to end our current relationship. »
Wilkening claimed the bank managed remaining account balances by working with Trump and his companies to move their funds to other institutions, in accordance with the bank’s standard account agreements.
Trump and his companies had until April 19, 2021 to transfer hundreds of millions of dollars before the accounts were officially closed.
Teleprinter Security Last Change Change % JPM JPMORGAN CHASE & CO. 310.79 +2.74 +0.89% TRUMP SAYS HE WILL CONTINUE LAWSUIT OF JPMORGAN FOR “INCORRECT” DEBANCING AFTER JANUARY 6
His lawyers alleged that Bank of America later refused to accept large deposits when he tried to bank elsewhere.
Although the bank’s letters do not provide a specific reason for the closures, Trump’s lawyers claim the accounts were “unlawfully closed due to political discrimination” and that they were placed on a “blacklist.”
In an earlier filing, Trump’s lawyers noted that he had been a client of JPMorgan for decades and that he and his affiliated entities had conducted “hundreds of millions of dollars” of transactions through the bank.
Based on the account agreements that JPMorgan shared with the court, the institution can justify closing certain accounts, with or without cause, and generally allow either party to close its accounts with at least 30 days’ written notice.
Jamie Dimon, CEO of JPMorgan Chase & Co., speaks at the America Business Forum in Miami, November 6, 2025. (Eva Marie Uzcategui/Bloomberg via Getty Images / Getty Images)
The agreements also permit closure upon written notice of specific reasons, including breach of contract, financial deficiency or insolvency, legal or regulatory requirements, or activities that the bank believes in “good faith” violate its policies.
JPMorgan’s policies are primarily structured around regulatory compliance and risk managementin particular the fight against money laundering and terrorism, government sanctions, illegal transactions and compliance with general legal and banking standards.
The agreements state that customers must comply with all notified bank policies, and the bank reserves the right to refuse transactions, freeze funds or close accounts without notice if it determines that an activity conflicts with its policies.
Trump’s lawyers accuse JPMorgan Chase and its CEO of trade defamation, violation of Florida’s Unfair and Deceptive Trade Practices Act, declaratory relief and violation of the implied covenant of good faith and fair dealing – requiring a jury trial.
TRUMP ORGANIZATION, ERIC TRUMP SUES CAPITAL ONE FOR “UNJUSTIFIABLE” DEBANCING IN 2021 BASED ON “WAKED” BELIEFS
The lawyers said they were “convinced that JPMC’s unilateral decision is the result of political and social motivationsand JPMC’s unfounded and “woke” beliefs that he needed to distance himself from President Trump and his conservative political views. »
“In addition to the significant financial and reputational harm suffered by Plaintiffs and their affiliated entities, JPMC’s reckless decision is responsible for a growing trend of financial institutions in the United States of America cutting off consumers’ access to banking services if their political views contradict those of the financial institution,” Trump’s lawyers wrote in the initial complaint.
Dimon denied in 2025 that his institution excluded clients because of his political views.
President Donald Trump was a client of JPMorgan for decades, according to the lawsuit. (Krisztian Bocsi/Bloomberg via Getty Images; ANGELA WEISS/AFP via Getty Images / Getty Images)
“We don’t ban people because of their political or religious affiliations,” Dimon said on Capitol Hill on February 13, 2025. “But there are a lot of things that can be fixed. rules and requirements are so expensive, and this leads to people becoming unbanked in my opinion, should not be debated. »
The Trump Organization also sued Capital One in 2025, claiming the bank “unjustifiably” closed more than 300 of its bank accounts and accounts belonging to members of the Trump family in 2021.
At the time, a Capital One spokesperson told Fox News Digital, “Capital One has not and is not closing customer accounts for political reasons.”
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JPMorgan Chase did not immediately respond to FOX Business’ request for comment.
Brooke Singman of FOX Business contributed to this report.
