Capital One Closes Trump Accounts Amid Money Laundering Concerns
Capital One closed over 300 bank accounts held by President Donald Trump in 2021 after its anti-money laundering team flagged suspicious activity. The closures occurred despite Trump's claims that he was debanked for political reasons.
The discovery is tied to a lawsuit filed against Capital One by one of Trump's financial holding companies shortly after his second inauguration. Trump alleges that the bank illegally shut down his accounts following the January 6 attacks on the U.S. Capitol.
Capital One, however, maintains that it had no reason to make a political statement with the closure and that the decision was based solely on activity in the accounts being flagged by its anti-money laundering team.
The bank's actions are part of a broader controversy over debanking, where banks shut down customer accounts due to perceived financial, legal, or reputational risks. Trump has also sued JPMorgan Chase for allegedly debanking him and his family.