Bank of America Allegedly ‘Debanked’ Film Company During Reagan Biopic Production

It seems the production of “Reagan” has hit a snag. The company behind the film claims Bank of America unexpectedly cut access to its accounts while working on the biopic about Ronald Reagan, the 40th president and a well-known figure in Republican circles.

RawHide Pictures provided documentation to the media, indicating that their banking services were abruptly canceled in 2021 without any clear reason.

As a result, RawHide had to quickly transfer its business to JPMorgan Chase while contesting the bank’s decision to close its account, which was eventually reinstated after some months.

While Bank of America has denied any wrongful action, they have offered no clarity on why the connection with the filmmakers was severed temporarily.

A letter from the bank, dated December 29, 2020, stated that the bank had chosen to end the relationship, noting that either party could do so as outlined in their agreement.

Following this notification, the bank indicated that all transactions related to the account would cease.

The suspension kicked in on January 29, 2021, coinciding with Joe Biden’s inauguration as president.

A spokesperson from RawHide mentioned that this sudden account closure caused significant setbacks during production.

According to Alfred Hopton, a RawHide representative, they received the closure notice while filming was actively underway, which led them to move their funds to Chase within the required timeframe. “These disruptions have been a major problem for us,” he reflected.

Despite having their account reinstated, the production team remains puzzled about the whole incident.

One RawHide representative expressed that they are not politically motivated; rather, they are simply crafting a film about a historical figure who had a political career. “We didn’t bring this up publicly until now, but it was one of many hurdles in getting the film released,” he added.

In defense, Bank of America asserted that their account closures are not influenced by political reasons, saying, “We do not terminate accounts based on political or religious affiliations.” They emphasized that the situation with RawHide does not fit into this narrative.

The film “Reagan,” featuring Dennis Quaid in the lead role, is set for a limited re-release to mark America’s 250th anniversary, including an additional ten minutes of footage not seen in the original version.

A broader release, inclusive of a director’s cut, is expected on September 25 in 600 theaters.

The cast also includes Penelope Ann Miller as Nancy Reagan, Jon Voight as a KGB agent, and Mena Suvari as Jane Wyman, Reagan’s first wife.

In political news, President Trump has initiated federal inquiries into banks accused of discrimination for terminating accounts based on political views or reputational risks.

Interestingly, Trump himself faced account closure after supporters rioted at the Capitol on January 6, 2021, and he has pursued legal action against JPMorgan Chase for his account issues; Bank of America is also under scrutiny from federal investigators.

The film “Reagan,” which features the story of the 40th president, has received mixed reviews. It garnered a high rating of 98% on Rotten Tomatoes at one point but was criticized with just an 18% score from critics.

Though it missed out on an Academy Award nomination for Best Picture, “Reagan” did win Best Western Film in 2025.