NEW YORK (AP) — Bank accounts held by President Donald Trump were closed by Capital One in 2021 after it flagged financial activity that had characteristics of money laundering, the bank disclosed in a court filing over the weekend.
The court filing is tied to a lawsuit filed against Capital One by one of Trump’s financial holding companies shortly after he was sworn into office a second time. Trump alleges that Capital One illegally closed his accounts
for political reasons, following the Jan. 6 attacks on the U.S. Capitol.
Capital One wants the lawsuit dismissed.
“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 court filing. The term “AML” is an abbreviation for anti-money laundering.
Trump has sued Capital One, as well as JPMorgan Chase, for allegedly debanking him after he left office in 2021. Debanking occurs when banks shut down customer accounts because they believe they pose financial, legal or reputational risks to the banks.
Both banks have denied they severed their relationships with the president, his sons, and other related businesses for political reasons. The lawsuit against JPMorgan Chase is seeking damages of $5 billion. JPMorgan has said it does not close accounts for political reasons, but closes accounts “with or without cause” and also accounts that create “legal or regulatory risk.”
In July, after the original lawsuit had laid dormant for months, lawyers for the president filed an amended lawsuit that alleged the bank debanked him for political reasons. The bank says the new allegations are without merit, saying the complaint rests on “new theories are based on cherry-picked quotations."
President Trump's legal team dismissed that claim Monday, but did not address the internal findings by the bank.
“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.”
Conservatives have long alleged that banks debank them and their political allies. The allegations became louder after Operation Choke Point, an initiative during the Obama Administration when regulators pressed banks to cut off financial services to the firearm industry, tobacco, and payday lenders, among others. The cryptocurrency industry alleged it was also a victim of debanking during the Biden Administration.
Trump signed an executive order in August 2025 titled “Guaranteeing Fair Banking for All Americans” directing federal bank regulators to terminate examinations of banks over who they were doing business with. The Trump administration has also subpoenaed records of the biggest banks as part of an investigation into alleged debanking.
Trump had more than 300 bank accounts with Capital One before they were closed. The bank accounts were for a variety of Trump-branded businesses, ranging from a golf course to a winery. Trump had banked with Capital One for more than a decade before the accounts were closed.
In the court filing, Capital One said it had no reason to make a political statement with the closure of Trump’s accounts in 2021 and the move had everything to do with activity in the accounts being flagged by anti-money laundering experts with the bank.
“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 bank said.
