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Capital One Financial has said it closed more than 300 Trump Organization bank accounts in 2021 after a review by its anti-money-laundering team, responding to a lawsuit that alleges the accounts were shut for political reasons. The bank made the disclosure in a court filing last Friday, marking what Reuters reported as the first time a bank has formally tied money-laundering concerns to US President Donald Trump’s family business.

Coverage Comparison

The case stems from a lawsuit filed in March 2025 in a Florida federal court by the Trump Organization and Eric Trump, the president’s son. They allege that Capital One closed the accounts because of the bank’s “woke” beliefs and its desire to benefit from the political mood after the January 6, 2021, riot at the US Capitol. The bank, which is seeking to dismiss the case, said in its filing that the closures were for anti-money-laundering reasons and not political pretext.

Capital One gave notice in March 2021 of its intention to close the accounts. The bank has never accused the Trump Organization of illegal money laundering, but its filing argues that “documents and Plaintiffs’ own allegations make clear that Capital One closed Plaintiffs’ accounts for anti-money laundering (‘AML’) reasons.” The filing added that 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.”

According to the court filing, the transaction patterns that Capital One identified “are among the types of activity flagged by federal banking guidance.” The bank said the Trump Organization’s allegations of political pretext were “misguided” and “based on cherry-picked quotations unsupported by the full context” of documents submitted to the court.

The federal court in Miami has tossed out two complaints in the Capital One case but gave the plaintiffs opportunities each time to amend their complaint. Capital One said the latest version, filed in July, “suffers from the same fundamental flaws as their prior two pleadings.”

In a related matter, Trump has also sued JPMorgan Chase, alleging the bank debanked him after he left office in 2021. JPMorgan has denied closing accounts for political reasons, saying it closes accounts “with or without cause” and those that create “legal or regulatory risk.” The lawsuit against JPMorgan is seeking $5 billion in damages.

Trump signed an executive order in August 2025 barring discriminatory debanking, a move that followed conservative complaints that large banks deliberately target the political right.

Key Claims

  • Capital One closed more than 300 Trump Organization bank accounts in 2021, as reported by Al Jazeera, France 24, The Guardian, and South China Morning Post.
  • The closures followed a review by Capital One’s anti-money-laundering team, according to the bank’s court filing, as reported by multiple outlets.
  • The Trump Organization and Eric Trump filed a lawsuit against Capital One in March 2025 in a Florida federal court, alleging political reasons for the closures.
  • Capital One is seeking to dismiss the case, arguing the closures were for AML reasons.
  • Trump signed an executive order in August 2025 barring discriminatory debanking.
  • A federal court has tossed out two complaints in the Capital One case.
  • Trump has also sued JPMorgan Chase for allegedly debanking him.

Perspectives

Capital One: The bank maintains that the account closures were the result of a careful anti-money-laundering review, not political discrimination. It argues the lawsuit’s allegations are based on cherry-picked quotations and seeks dismissal of the case.

Trump Organization/Eric Trump: The plaintiffs allege that Capital One closed the accounts for political reasons, citing the bank’s “woke” beliefs and the political climate after January 6, 2021. They have filed multiple amended complaints after court dismissals.

JPMorgan Chase: In the related debanking lawsuit, JPMorgan denies political motivation, stating it closes accounts for legal or regulatory risk, with or without cause.