Former U.S. President Donald Trump said Tuesday that two major U.S. banks had refused to provide account-opening services for him, and he again claimed that conservative customers are being unfairly shut out of banking.
In an exclusive interview with CNBC's Squawk Box, he said JPMorgan Chase required him to transfer "hundreds of millions of dollars in cash" to another bank within 20 days. He later reached out to Bank of America to deposit "more than $1 billion," but was told he could not open an account.
Donald Trump said that two large U.S. banks had refused to provide him with account services again. He again alleged that conservative clients are experiencing unfair account shutoffs.
In the CNBC interview, Trump said JPMorgan had told him he had to move "hundreds of millions of dollars in cash" to another bank within 20 days, and did not specify exactly when this happened. He then said he contacted Bank of America to deposit "more than $1 billion," but was told he could not open an account.
"(Bank of America CEO Brian Moynihan)" directly said, "We can't do it," Trump said. Trump said, "So I kept going from bank to bank and was eventually forced to distribute the money across smaller banks—$10 million here, $10 million there." As a result, both bank shares fell more than 1% in afternoon trading.
Some conservatives, crypto executives, and religious organizations have claimed that they were unfairly shut out of banking services by large U.S. financial institutions. Banks have generally denied turning away customers based on political or religious belief, but say they must comply with the 1970 Bank Secrecy Act and other federal anti-money-laundering laws, while also facing regulatory pressure over money-laundering and fraud risks in sectors like cryptocurrency. The issue had already drawn attention in January when Trump accused Moynihan of refusing service to conservative clients.
This has placed banks in a difficult position: Trump's public remarks may amplify supporters' grievances and could intensify tensions. At the same time, banks are among the biggest beneficiaries of the Trump administration's rollback of Biden-era financial regulations. According to a Wall Street Journal report on Monday, the administration is expected to issue an executive order that would threaten fines for banks that deny customers for political reasons. The draft calls on regulators to investigate whether banks violated the law. The Bank Policy Institute said the core problem is regulatory overreach and said it hopes the order will push reforms to the regulatory framework. Although Trump's comments on Tuesday pointed to the banking operations serving his real-estate and hotel group, it was not made clear whether the matter involved personal accounts, business accounts, or both.
Trump claimed that the refusals were due to pressure from Biden-era regulators on financial institutions. In March 2025, the Trump Organization sued Capital One, alleging it improperly closed more than 300 accounts (a claim the bank denied), saying the case was tied to the Jan. 6, 2021, Capitol Hill attack. Chase denied targeting conservatives or Trump supporters: "We do not close accounts for political reasons, and we also recognize the urgency of President Trump's push for regulatory reform," a spokesperson said Tuesday. "We appreciate the White House's attention to this issue and look forward to working together on a solution." BofA CEO Brian Moynihan, in an interview with CNBC the same day, said Trump was "right" to criticize a banking industry constrained by complex regulation. "We serve all customers, but we also need to make sure our decisions are not later questioned under the rules."
