Trump claims he was turned away as a customer by JPMorgan Chase and Bank of America

Trump Claims Major Banks Rejected Him as a Client

President Donald Trump revealed on Tuesday that two of the largest banks in the U.S. had turned him away as a client, alleging that conservative customers are being unfairly denied service.

In an interview with CNBC’s “Scoobox,” Trump stated that he was informed by JPMorgan Chase that he had 20 days to move “at least millions of dollars” to another bank. He didn’t elaborate on when this incident occurred.

Trump also mentioned that Bank of America refused to provide him with an account for his expected deposits exceeding $1 billion. He quoted Bank of America’s CEO Brian Moynihan as saying, “We can’t do that.” Consequently, Trump found himself turning to smaller banks, spreading his funds rather thinly, depositing around $10 million in various institutions.

There is a growing perception among some conservatives, including executives and religious organizations, that they are being discriminated against by major financial entities. In response, banks argue that they are simply complying with federal regulations aimed at preventing financial crimes, such as the Bank Secrecy Act of 1970.

On the stock market, shares of both banks were down by less than 1% during morning trading.

Trump didn’t clarify whether these issues were connected to his personal or business accounts, which might involve his real estate and hospitality ventures. He expressed that he felt seriously discriminated against by the banks, despite having had a good relationship with them in the past.

The president suggested that large banks are siding against him and his supporters, especially under the regulatory pressures that have come with the Biden administration.

In a lawsuit filed against Capital One, Trump’s company claimed the bank wrongly closed over 300 accounts shortly after the January 6, 2021, attack on the U.S. Capitol, although the bank has denied these allegations.

JPMorgan has maintained that it does not target conservatives or Trump supporters specifically. A spokesperson indicated that they agree with Trump on the need for regulatory changes and praised the White House for addressing these issues, stating they look forward to collaborating to find solutions.