Capital One closed more than 300 Trump Organization accounts in 2021 following an anti-money laundering review, the bank disclosed in court filings this week, marking the first time a major financial institution has formally tied account closures to money laundering concerns involving the president’s family business.
The disclosure came as Capital One asked a federal judge in Miami to dismiss a lawsuit filed by the Trump Organization and Eric Trump in March 2025. The Trump organization alleged the bank had “debanked” the accounts—denied them financial services—for political reasons tied to the January 6, 2021 Capitol riot.
Capital One stated in its filing that the account closures resulted from “months of analysis and a careful review” by the bank’s anti-money laundering team “in accordance with bank policies and regulatory guidance.” The bank has not accused the Trump Organization of illegal money laundering but noted that “the transaction patterns identified by Capital One are among the types of activity flagged by federal banking guidance.”
The Trump Organization’s lawsuit claims Capital One’s decision was driven by “woke” beliefs and a desire to distance itself from the president following the Capitol riot. In its court response, Capital One characterized those allegations as “misguided” and “based on cherry-picked quotations unsupported by the full context” of submitted documents.
Capital One notified the Trump Organization of its intention to close the accounts in March 2021. The federal court in Miami has dismissed two versions of the Trump Organization’s complaint, but each time allowed the plaintiffs to file amended versions. The bank contends in its latest motion that the newest complaint, filed in July, “suffers from the same fundamental flaws as their prior two pleadings.”
The Trump Organization has argued that it could have explained the flagged transactions if asked. Capital One responded that under the terms of their agreement, the Trump Organization was not entitled to any reason for the closure decision and that an explanation would not have altered the bank’s determination anyway.
This dispute reflects a broader clash between the Trump administration and Wall Street over alleged political debanking. In January 2026, Trump filed a separate $5 billion lawsuit against JPMorgan Chase and CEO Jamie Dimon, alleging the bank closed his accounts for political reasons. JPMorgan has denied the claims and called Trump’s lawsuit “threadbare.”
In August 2025, Trump signed an executive order barring discriminatory debanking, citing conservative complaints that financial institutions deliberately target the political right. The administration has pressured major banks on the issue, underscoring the contentious policy environment Wall Street navigates during Trump’s second term.
The Capital One case centers on whether banks can broadly close accounts under their contractual rights when compliance concerns arise, even if those concerns could be challenged in court. The outcome may shape how financial institutions handle account terminations involving politically prominent customers.
Sources
- Reuters — Capital One’s court filing stating the bank closed accounts after anti-money laundering review, marking the first time a bank formally tied money laundering concerns to Trump’s family business.
- Banking Dive — Details of Capital One’s motion to dismiss the lawsuit, the bank’s assertion of months of AML analysis, and the transaction patterns matching federal banking guidance.
- The Hill — Context on Trump’s administration pressure on banks and the executive order barring discriminatory debanking signed in August 2025.
