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JPMorgan Chase closed President Trump’s bank accounts a month after the events of 6 January 2021, new court documents reveal.
The revelation came as part of a $5 billion lawsuit filed by President Trump against America’s largest bank and its CEO Jamie Dimon.
The bank did not give a reason for the closure in a series of letters it sent Trump and the Trump Organization.
One letter simply said the bank reserved the right to decide a client’s interests are no longer served by continuing a relationship with the bank.
President Trump maintains that the closure was politically motivated.
A spokesman for Trump said the documents are “a devastating concession that proves President Trump’s entire claim,” and that the bank “admitted to unlawfully and intentionally de-banking President Trump, his family, and his businesses, causing overwhelming financial harm.”
Trump’s lawyers have said the bank chose to close his account because “‘woke’ beliefs that it needed to distance itself from President Trump and his conservative political views.”
“In essence, [JPMorgan Chase] debanked Plaintiffs’ Accounts because it believed that the political tide at the moment favored doing so.”
JPMorgan Chase denies any wrongdoing.
Since returning to office, President Trump has made the weaponization of the banking system a target for reform.
In August 2025, he issued an Executive Order, “Guaranteeing Fair Banking for All Americans,” that accused financial institutions of “unacceptable practices” and aims to ensure banking services are not withheld from individuals or organizations because of political or religious beliefs.
Back in December, Infowars reported that a watchdog found nine US banks had engaged in political debanking.
The report, from the Office of the Comptroller of the Currency (OCC), found that nine banks—Bank of America, BMO Bank, Citibank, Capital One, JPMorgan Chase Bank, PNC Bank, TD Bank, Wells Fargo Bank, and U.S. Bank—withdrew services and flagged individuals and organizations for political reasons.
“To date, the OCC has observed that between 2020 and 2023, the banks maintained public and nonpublic policies restricting certain industry sectors’ access to banking services,” the report states.
“Many industry sectors were restricted based primarily on how it might appear to the public if the bank provided access to financial services to these sectors.”
Banks targeted certain sectors when they were subject to political and media attention, including the firearms industry, oil and gas, and political action committees.
According to the report, “At least two banks highlighted ‘polarizing’ or ‘polarized’ public opinion surrounding individual gun ownership rights and gun control as part of the basis for their firearms restrictions.”
With regard to political action committees and political parties, “several banks, or lines of business within certain banks, restricted lending and other financial services to individuals or entities for the benefit of a political candidate or parties in support of a campaign effort.”
