JPMorgan Chase filed court documents this week acknowledging it closed bank accounts belonging to Donald Trump, his family members, and Trump Organization entities in February 2021. The bank sent letters dated February 19, 2021, informing account holders that the relationships would end on April 19, 2021, giving them two months to transfer funds. The letters did not specify reasons for the closures, stating only that the bank had determined the clients' interests were no longer served by the relationship.
Trump filed a $5 billion lawsuit in January 2026 against JPMorgan and CEO Jamie Dimon in Florida state court, alleging the bank "debanked" him for political reasons following the January 6, 2021 Capitol riot. The lawsuit claims the account closures caused business disruption and reputational harm, and alleges Trump was placed on a financial industry "blacklist." Trump's attorneys argue the closures were motivated by the bank's desire to distance itself from Trump's political views.
JPMorgan has consistently stated the lawsuit has no merit and that it does not close accounts for political or religious reasons. The bank says it closes accounts when they create legal or regulatory risk for the institution, citing rules and regulatory expectations. JPMorgan is seeking to move the case from Florida state court to federal court in New York, where the accounts were held. The bank's lawyers argue Dimon was "fraudulently joined" to the lawsuit to keep it in Florida court.