A total of five US lenders are now accused of abruptly terminating bank accounts for political reasons, as the Trump family ramps up its clash with US banking powerhouses.
In a new interview with Fox Business, Eric Trump alleges JPMorgan Chase, Bank of America, Capital One, TD Bank and First Republic all abruptly shuttered his family’s accounts while facing pressure from the Biden administration.
[adinserter block="1"]“The legal law fare from the Biden administration is unbelievable. That doesn’t mean banks should cancel people because of political views. That’s what Capital One did. Chase did the same thing. Bank of America did the same thing. TD did the same thing. First Republic did the same thing to us…
I never thought I would fall into the world of crypto until every bank started canceling us for no reason whatsoever other than my father is in politics. They came after us viciously.”
Last month, the Trump organization launched a lawsuit against Capital One over the alleged terminations, and Eric says the Trump family plans to hold all of the banks accountable.
“The weaponization is real. It has to stop. You can’t have banks pick who they’re going to lend to, who they’re going to service in the United States of America because of political affiliation.
We were targeted. We’ll hold the banks accountable.”
Capital One denies the allegations and says it doesn’t close accounts for political reasons.
Weeks before taking office, President Trump publicly blasted Bank of America and Chase over account terminations, alleging that “many conservatives complain that the banks are not allowing them to do business.”
In March, JPMorgan Chase CEO Jamie Dimon acknowledged US banks sometimes push people out of the system, pointing the blame at unclear federal anti-money laundering rules.
Dimon says Chase does not close accounts based on customers’ political or religious beliefs, blaming regulatory pressures for such account terminations.
Bank of America has also previously denied debanking customers over their religious or political affiliations.
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