President Donald Trump revealed Tuesday that JPMorgan Chase and Bank of America, the two largest U.S. banks, refused to serve him, forcing him to disperse hundreds of millions of dollars across smaller institutions.
In a wide-ranging interview on CNBC’s Squawk Box, Trump said JPMorgan gave him 20 days to move his money, and that Bank of America flatly denied his request to deposit over $1 billion.
“Brian Moynihan [CEO of Bank of America] said, ‘We can’t do it,’” Trump said.
“So I went to another one, another one, another one. I ended up going to small banks all over the place. I mean, I was putting $10 million here, $10 million there.”
The disclosures reignited concerns that large financial institutions are targeting conservatives, faith-based groups, and political opponents with account closures and service denials — a trend known as “de-banking.”
Trump: Banks Acting Under Biden-Era Regulatory Pressure
While banks deny targeting clients for political reasons, Trump suggested the real culprit is regulatory pressure imposed under the Biden administration. Trump believes the banks are responding to risk warnings and bureaucratic overreach, particularly after January