The Trump family is accusing five major US banks of abruptly closing their accounts for political reasons, claiming it’s part of a broader attack orchestrated by the Biden administration.
Eric Trump’s Claims
In a recent Fox Business interview, Eric Trump alleged that JPMorgan Chase, Bank of America, Capital One, TD Bank, and First Republic all shut down the Trump family’s accounts. He stated that this was due to political pressure from the Biden administration, claiming the banks acted against them solely because of their father’s political affiliation. He further stated that the family was “viciously targeted” and that they are now considering options in the crypto market due to the closures.
Lawsuit and Accountability
Last month, the Trump Organization sued Capital One over the account closure. Eric Trump emphasized their intention to hold all the banks accountable for their actions, arguing that banks shouldn’t be able to discriminate based on political beliefs. He called the situation “weaponization” of the banking system and stated that it needs to stop.
Banks Respond
Capital One has denied the allegations, stating they don’t close accounts for political reasons. Both Bank of America and JPMorgan Chase have previously issued similar denials, attributing account closures to regulatory pressures related to anti-money laundering rules. JPMorgan Chase CEO Jamie Dimon specifically acknowledged that banks sometimes remove customers from their systems due to unclear federal regulations, but denied that political or religious beliefs are factors in these decisions.
Disclaimer: This information is for news purposes only and does not constitute financial or legal advice.
