Bank accounts held by former US President Donald Trump were closed by Capital One in 2021 after the bank flagged financial activity with characteristics of money laundering, according to a court filing disclosed over the weekend.

The filing is connected to a lawsuit filed against Capital One by one of Trump’s financial holding companies shortly after he was sworn into office for a second term. Trump alleges that Capital One illegally closed his accounts for political reasons following the January 6 attacks on the US Capitol.

Capital One stated in the court filing, “The closures were the result of months of analysis and a careful review by Capital One’s AML team in accordance with bank policies and regulatory guidance.” The bank denied any political motivation behind the account closures, attributing the decision solely to anti-money laundering concerns.

Trump has also sued JPMorgan Chase, accusing both banks of debanking him after he left office in 2021. Debanking refers to banks shutting down customer accounts due to perceived financial, legal, or reputational risks. Both Capital One and JPMorgan Chase have denied severing ties with Trump, his family, or related businesses for political reasons. JPMorgan stated it closes accounts “with or without cause” and those that pose “legal or regulatory risk.”

The lawsuit against JPMorgan Chase seeks damages of US$5 billion. In July 2026, after months of inactivity, Trump’s legal team filed an amended lawsuit alleging political motivations behind the debanking.

Trump reportedly had more than 300 bank accounts with Capital One before their closure. The controversy echoes past allegations stemming from the Obama Administration’s Operation Choke Point, where regulators pressured banks to cut off services to certain industries.

Sources