Capital One says it closed several Trump accounts 'for anti-money laundering reasons'
Summary
Capital One closed hundreds of bank accounts linked to President Donald Trump and his businesses in 2021 after a long review by its anti-money laundering team. The bank says the closures were not political but were made to follow laws against money laundering. President Trump and his family say the closures were politically motivated and have sued the bank.Key Facts
- Capital One closed approximately 385 bank accounts tied to President Trump and his businesses in 2021.
- The bank's decision followed months of anti-money laundering analysis and review.
- Capital One states the closures complied with bank rules and government regulations.
- President Trump’s family alleges the bank closed the accounts for political reasons following the January 6 Capitol attack.
- The Trump family filed a lawsuit claiming the account closures were unfair and politically motivated.
- Capital One granted several extensions to give Trump’s businesses time to find other banking options.
- Capital One never publicly disclosed the reasons or the process behind closing the accounts until the court filing.
- President Trump has also sued JPMorgan Chase over similar "debanking" allegations; that case is still pending.
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