Capital One Says Money Laundering Concerns Led to Closure of More Than 300 Trump Linked Accounts
Capital One says it closed more than 300 bank accounts connected to President Donald Trump and his businesses in 2021 after an internal review identified financial activity associated with potential money laundering concerns.
The bank disclosed its reasoning in a recent federal court filing seeking the dismissal of a lawsuit brought by Trump-affiliated companies. Those businesses accuse Capital One of unlawfully cutting ties with Trump, his family and his companies for political reasons after the Jan. 6, 2021, attack on the U.S. Capitol.
Capital One denied that politics played any role in its decision.
“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,” the bank said in the filing. AML refers to anti-money laundering procedures.
The bank has not accused Trump or the Trump Organization of committing money laundering. It said the transaction patterns identified during its review were among the types of activity federal banking guidance instructs financial institutions to flag.
Trump Companies Allege Political Debanking
The lawsuit was filed by Trump-affiliated businesses shortly after Trump returned to the White House for a second term. It argues that Capital One closed the accounts because the bank wanted to distance itself from Trump and his conservative political views.
Trump had maintained accounts with Capital One for more than a decade. The more than 300 accounts represented businesses ranging from golf properties to a Trump-branded winery.
After earlier versions of the lawsuit were dismissed, Trump’s attorneys filed an amended complaint in July that continued to allege political discrimination. Capital One said those claims were without merit and relied on “cherry-picked quotations” taken out of context.
The bank is asking the court to dismiss the latest complaint permanently. Previous versions were dismissed while allowing Trump’s companies an opportunity to amend and refile their allegations.
Trump’s legal team defended the lawsuit Monday but did not directly address Capital One’s internal findings.
“Capital One, along with other major banks, de-banked President Trump, his family, and his businesses for blatantly political reasons,” a spokesperson for Trump’s legal team said. “President Trump’s powerful lawsuit holds Capital One accountable for its disgraceful conduct, and we look forward to seeing this matter through to a just and proper conclusion.”
Capital One Says Closures Were Handled Privately
Capital One said it did not publicize either its decision or the internal review behind it. The bank also said Trump’s companies were given several months—and multiple extensions—to move their money and secure banking services elsewhere.
“Capital One never publicized the termination decision nor its confidential internal process giving rise to the closure, and it permitted Plaintiffs several months (and granted several extensions) to find new banking services, which they did,” the filing said.
The bank argues those actions undermine claims that it was attempting to make a public political statement by ending the relationship.
Capital One also maintains that its customer agreements allowed it to close accounts at any time, with or without providing a specific reason.
Trump Has Also Sued JPMorgan Chase
Trump has brought a separate $5 billion lawsuit against JPMorgan Chase, similarly accusing the bank of closing accounts for political reasons.
JPMorgan has denied targeting customers because of their beliefs. The bank says it may close accounts that create legal, regulatory or financial risks and that its customer agreements allow relationships to be ended “with or without cause.”
Conservatives have argued for years that banks have unfairly denied financial services to right-leaning individuals and industries. Those complaints intensified following Operation Choke Point, an Obama-era initiative under which federal regulators scrutinized banks doing business with industries including firearms, tobacco products and payday lending.
Cryptocurrency companies later made similar accusations against regulators during the Biden administration.
Trump signed an executive order in August 2025 directing federal regulators to address what the administration described as politically or religiously motivated debanking. His administration has also sought records from major financial institutions as part of an investigation into those allegations.
Capital One maintains that its decision involving Trump’s accounts was based entirely on financial compliance and risk—not his political affiliation.
