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JPMorgan Chase Bank recently admitted to shutting down the president Donald Trump‘s bank accounts after the breach of the U.S. Capitol on Jan. 6, 2021, an admission sparked by a $5 billion legal challenge from the president last month.
The lawsuit filed against the bank and its CEO, Jamie Dimon, in Miami District Court accused the bank financial institution of Trump’s debanking for political reasons.
In a new court filing, Dan Wilkening, chief administrative officer for global banking at JPMorgan, confirmed that the bank informed Trump and some of his hospitality businesses in February 2021 that certain accounts would be closed.
Copies of formal letters sent by JPMorgan are dated February 19, 2021.
TRUMP Sues JPMORGAN CHASE AND CEO JAMIE DIMON FOR $5BILLION OVER ALLEGED ‘POLITICAL’ DEBANKING
Marquee at the main entrance of JPMorgan Chase headquarters in Manhattan. (Erik McGregor/LightRocket via Getty Images/Getty Images)
A letter to Jeffrey McConney of The Trump Corporation explicitly states: “JPMorgan Chase BankNA (“we”) has decided to terminate its banking relationship with The Trump Corporation and its affiliated entities.”
Another letter addressed directly to Trump states: “We may determine that a client’s interests are no longer served by maintaining a relationship. … With that in mind, this letter is intended to respectfully inform you that we will have to terminate our current relationship.”
Wilkening alleged that the bank handled the remaining balances in the accounts by working with Trump and his companies to transfer their funds to other institutions, in accordance with the bank’s standard account agreements.
Trump and his companies were given until April 19, 2021 to transfer hundreds of millions of dollars before the accounts were officially closed.
| Ticker | Security | Last | Change | Change % |
|---|---|---|---|---|
| JPM | JPMORGAN CHASE & CO. | 310.79 | +2.74 |
+0.89% |
TRUMP SAYS HE WILL ACCEPT JPMORGAN CHASE FOR ‘INCORRECT’ POST-JANUARY 6 DEBANKING
His lawyers alleged that Bank of America later refused to accept large deposits when he tried to bank elsewhere.
While the bank’s letters do not provide a specific reason for the closures, Trump’s lawyers claim that the accounts were “unlawfully closed due to political discrimination” and that they were placed on a “blacklist.”
In an earlier filing, Trump’s lawyers noted that he had been a client of JPMorgan for decades, and that he and his affiliated entities conducted “hundreds of millions of dollars” of transactions through the bank.
Under the account agreements JPMorgan shared with the court, the institution can justify closing certain accounts, with or without cause, and generally allow either party to close accounts with at least 30 days’ written notice.
Jamie Dimon, CEO of JPMorgan Chase & Co., speaks during the America Business Forum in Miami, November 6, 2025. (Eva Marie Uzcategui/Bloomberg via Getty Images/Getty Images)
The agreements also permit closure upon written notice of specific reasons, including breach of contract, financial distress or insolvency, legal or regulatory requirements, or activities that the bank believes in good faith are contrary to its policies.
JPMorgan’s policy is primarily structured around regulatory compliance and risk managementin particular anti-money laundering and anti-terrorism, government sanctions, unlawful transactions and compliance with general legal and banking standards.
The agreements state that customers must comply with all of the bank’s notified policies, and the bank reserves the right to refuse transactions, freeze funds or close accounts without further notice if it determines that any activity violates its policies.
Trump’s lawyers are accusing JPMorgan Chase and its CEO of trade defamation, violating Florida’s unfair and deceptive trade practices law, declaratory relief and breach of the implied covenant of good faith and fair dealing – and are demanding a jury trial.
Attorneys said they are “confident that JPMC’s unilateral decision came about as a result of political and social motivationsand JPMC’s unfounded, ‘woke’ beliefs that it needed to distance itself from President Trump and his conservative political views.”
“In addition to the significant financial and reputational harm suffered by Plaintiffs and their affiliated entities, JPMC’s reckless decision leads to a growing trend among financial institutions in the United States of America to cut off consumers’ access to banking services if their political views conflict with those of the financial institution,” Trump’s attorneys wrote in the initial complaint.
Dimon denied in 2025 that his institution debanks customers based on political views.
President Donald Trump was a JPMorgan client for decades, according to the lawsuit. (Krisztian Bocsi/Bloomberg via Getty Images; ANGELA WEISS/AFP via Getty Images/Getty Images)
“We don’t give money to people because of political or religious preferences,” Dimon said on Capitol Hill on February 13, 2025. “But there are many things that can be solved. We have to solve them. rules and requirements are so burdensome, and in my opinion it is causing people to be de-banked, that should not be debated.”
The Trump Organization also sued Capital One in 2025, claiming the bank “unjustifiably” terminated more than 300 of its bank accounts and accounts of Trump family members in 2021.
