Capital One closed over 300 Trump Organization accounts due to anti-money laundering review
Capital One disclosed it closed more than 300 bank accounts linked to the Trump Organization in 2021, stating the decision followed an anti-money laundering review and was not politically motivated. This disclosure was made in a court filing in the United States District Court for the Southern District of Florida, where Capital One is seeking to dismiss a lawsuit filed by the Trump Organization. The Trump Organization sued Capital One last year, alleging "considerable financial harm" after the accounts were closed, and has maintained that its businesses were "debanked" for political reasons. Capital One, one of the largest banks in the United States, denied allegations of political discrimination, arguing the lawsuit was based on vague and unsupported claims. A spokesperson for the Trump Organization called Capital One's justification "completely baseless" and a "politically motivated decision" manufactured after the January 6, 2021, attack on the US Capitol. According to the court filing, Capital One identified "transaction patterns" that prompted the review, but did not provide details of the review or accuse the Trump Organization of specific wrongdoing. Customers were given several months to arrange alternative banking services before the closures. This case is among several legal actions by Trump or his allies, including a similar lawsuit against JPMorgan Chase and its CEO, Jamie Dimon, over "debanking" allegations, which have also been denied by that bank.
