JPMorgan agrees to close accounts linked to Trump weeks after Jan. 6, 2021
‘The Big Money Show’ JPMorgan agrees to close accounts linked to Trump discusses the potential fallout from President Donald Trump’s credit card interest rate cap.
JPMorgan Chase Bank recently agreed to freeze President Donald Trump’s bank accounts following a breach of the US Capitol on January 6, 2021, an admission that prompted a $5 billion legal challenge from the president last month.
The lawsuit, filed by the bank and its CEO, Jamie Dimon, in a Miami district court, accused the financial institution of removing Trump for political reasons.
In new court filings, Dan Wilkening, JPMorgan’s global banking chief, confirmed that in February 2021, the bank notified Trump and several of his hospitality companies that certain accounts would be closed.
Copies of official letters sent by JPMorgan dated Feb. 19, 2021.
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Marquee at the main entrance of the JPMorgan Chase Headquarters Building in Manhattan. (Erik McGregor/LightRocket via Getty Images/Getty Images)
One letter written to Jeffrey McConney, of The Trump Corporation, clearly states, “JPMorgan Chase Bank, NA (‘we’) has decided to terminate its banking relationship with The Trump Corporation and its affiliates.”
Another letter addressed directly to Trump states, “We may determine that the client’s best interests are no longer served by maintaining the relationship. … With that in mind, this letter is to respectfully inform you that we will have to end our current relationship.”
Wilkening said the bank manages the remaining balances in the accounts by working with Trump and his companies to transfer their funds to other institutions, in accordance with the bank’s standard account agreements.
Trump and his companies have been given until April 19, 2021, to transfer hundreds of millions of dollars before the accounts are officially closed.
| A ticker | Security | Finally | Change | Change % |
|---|---|---|---|---|
| JPM | JPMORGAN CHASE & CO. | 310.79 | +2.74 | +0.89% |
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His lawyers allege that Bank of America later refused to accept large deposits when he tried to bank elsewhere.
Although the bank’s documents did not give a specific reason for the closure, Trump’s lawyers said the accounts were “unlawfully closed due to political discrimination” and that they were “blacklisted.”
In an earlier filing, Trump’s lawyers noted that he had been a client of JPMorgan for decades, and that he and affiliates traded “hundreds of millions of dollars” through the bank.
Based on the account agreements JPMorgan shares with the court, the agency can justify closing certain accounts, with or without cause, and generally allows either party to close accounts with at least 30 days’ written notice.
Jamie Dimon, CEO of JPMorgan Chase & Co., speaks during the America Business Forum in Miami, Nov. 6, 2025. (Eva Marie Uzcategui/Bloomberg via Getty Images/Getty Images)
The agreements also authorize termination upon written notice for certain reasons, including breach of contract, financial impairment or default, legal or regulatory requirements, or activities that the bank “in good faith” believes violate its policies.
JPMorgan’s policies are primarily designed to comply with laws and risk management, particularly anti-money laundering and counter-terrorism, government sanctions, illegal transactions, and compliance with general legal and banking standards.
The agreements note that customers must comply with all notified bank policies, and the bank reserves the right to refuse transactions, freeze funds or close accounts without further notice if it determines that a transaction is in violation of its policies.
Trump’s attorneys accused JPMorgan Chase and its CEO of trading, violating Florida’s unfair and deceptive trade practices, declaratory relief and breach of an implied covenant of good faith and fair dealing – seeking a trial.
The attorneys said they “are convinced that JPMC’s non-partisan decision was made for political and social reasons, and that JPMC, without evidence, ‘awakened’ beliefs that it needed to distance itself from President Trump and his radical political views.”
“In addition to the significant financial and reputational harm suffered by the plaintiffs and their affiliates, JPMC’s negligent decision leads to a growing trend of financial institutions in the United States of America to cut off a consumer’s access to banking services if their political views conflict with those of the financial institution,” Trump’s lawyers wrote in the original complaint.
close accounts linked to Trump
Dimon in 2025 denied that his agency gives money to clients based on political views.
President Donald Trump has been a JPMorgan client for decades, according to the lawsuit. (Krisztian Bocsi/Bloomberg via Getty Images; ANGELA WEISS/AFP via Getty Images/Getty Images)
“We don’t give money to people because of political or religious affiliations,” Dimon said on Capitol Hill Feb. 13, 2025. “But there are many things that can be fixed. We have to fix them. rules and requirements they’re too difficult, and it’s driving people out of the bank in my opinion, it shouldn’t be discussed.”
The Trump Organization also sued Capital One in 2025, saying the bank in 2021 “improperly” terminated more than 300 of its bank accounts, as well as the accounts of members of the Trump family.
At the time, a Capital One spokesperson told Fox News Digital, “Capital One does not and does not close customer accounts for political reasons.”
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JPMorgan Chase did not immediately respond to FOX Business’ request for comment.
FOX Business’ Brooke Singman contributed to this report.
