JPMorgan Acknowledges Closure of Trump’s Accounts
JPMorgan Chase & Co. has, for the first time, confirmed that it closed the bank accounts belonging to President Donald Trump and several of his businesses. This decision appears to be tied to the political and legal aftermath following the January 6, 2021, uprising at the U.S. Capitol. It’s the latest twist in the contentious issue of what some are calling ‘unbanking.’
This revelation came to light in a recent court document related to Trump’s lawsuit against the bank and its CEO, Jamie Dimon. Trump is seeking $5 billion, claiming that his accounts were closed due to political motivations and that this action disrupted his business activities.
“In February 2021, JPMorgan informed Plaintiffs that certain accounts maintained in JPMorgan’s CB and PB would be closed,” said Dan Wilkening, the bank’s former chief administrative officer, in court filings. The abbreviations refer to JPMorgan’s Commercial Bank and Private Bank.
Interestingly, JPMorgan had previously not acknowledged closing the president’s accounts, instead offering only theoretical scenarios about the circumstances under which accounts might be terminated.
Attempts to contact a bank spokesperson via email and text went unanswered.
Trump had initially filed his lawsuit in a Florida state court, as he currently resides there. However, JPMorgan Chase is contemplating moving the case to New York, where the accounts in question are held and where a significant portion of Trump’s business activities had occurred up until recently.
The president has accused the bank of defamation, targeting Dimon specifically for allegedly violating Florida’s Unfair and Deceptive Trade Practices Act.
In the original lawsuit, Trump claimed he had reached out to Dimon privately after banks began shutting down his accounts, and that Dimon had assured him he would look into it. The complaint states that Dimon did not follow through.
Moreover, Trump’s legal team contends that JPMorgan has placed the president and his company on a reputational “blacklist” that is being used by JPMorgan and other banks to block future account openings.
Previously, JPMorgan maintained that it believed the lawsuit had no merit.
Debanking refers to the closure of a customer’s account or the refusal to provide services such as loans. This topic, which was once fairly obscure, has gained attention and been politicized in recent years, especially among conservative figures who argue that banks discriminate against individuals due to their political affiliations.
In a statement from Trump’s lawyers, they said, “In a devastating concession that proves President Trump’s entire argument, JPMorgan Chase & Co. has admitted that it unlawfully and intentionally debanked President Trump, his family, and his businesses, causing overwhelming financial harm.” They emphasized that Trump is advocating for all individuals whose bank accounts have been unjustly closed by JPMorgan Chase and similar banks.
Issues surrounding bank account closures initially gained national attention when conservatives criticized the Obama administration for allegedly pressuring banks to limit services to gun stores and payday lenders under a program named Operation Choke Point.
Trump and other conservative figures have alleged that banks have blocked access to their accounts under the guise of “reputational risk” following the January 6 events. In response, the banking regulators, under Trump’s influence since his return to office, have sought to prohibit banks from citing “reputational risk” as grounds for denying service.
This isn’t Trump’s first legal battle with a major bank over account terminations. His organization previously sued Capital One in March 2025 on similar allegations, and that case is still in progress.
