Capital One has officially stated it closed the Trump Organization’s bank accounts years ago following an extensive anti-money laundering (AML) review by its expert team. This disclosure comes as Capital One seeks to dismiss a lawsuit brought by the Trump Organization and Eric Trump, which alleges the closures were politically motivated. The bank asserts its actions were based on legitimate financial security concerns, not ‘woke’ beliefs or political bias.
New York, NY – Capital One Financial, in a significant disclosure, has officially stated that it closed the Trump Organization's bank accounts years ago following an extensive review by its anti-money laundering (AML) experts. This marks the first time a major financial institution has formally linked money-laundering concerns to the former U.S. President Donald Trump's family business.
The revelation came as Capital One moved to dismiss a lawsuit alleging that it illegally 'debanked' the Trump Organization, or denied services based on religious or political grounds. While Capital One has never directly accused the Trump Organization of illegal money laundering, its Friday court filing asserts that 'documents and Plaintiffs' own allegations make clear that Capital One closed Plaintiffs' accounts for anti-money laundering ('AML') reasons. 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.'
Capital One informed the Trump Organization of its plans to close over 300 Trump-affiliated accounts in March 2021. Subsequently, in March 2025 (as stated in the filing), the Trump Organization and Donald Trump's son, Eric Trump, filed a lawsuit in a Florida federal court. They alleged that the accounts were shut down due to Capital One's 'woke' ideology and its desire to capitalize on the political climate following the Jan. 6, 2021, riot at the U.S. Capitol.
Capital One Dismisses 'Misguided Allegations'
The federal court in Miami has previously dismissed two versions of the Trump Organization's complaint, granting opportunities for amendment each time. Capital One argued in its latest filing that the most recent version, submitted in July, 'suffers from the same fundamental flaws as their prior two pleadings.' The bank labeled the Trump Organization's claims of political pretext as 'misguided' and 'based on cherry-picked quotations unsupported by the full context' of documents presented to the court. Capital One emphasized that 'The transaction patterns identified by Capital One are among the types of activity flagged by federal banking guidance.'
This case unfolds against a backdrop of increasing pressure on large banks from conservative factions and the Trump administration. Since the beginning of his second term, Donald Trump has been a vocal critic of what he perceives as financial institutions deliberately targeting political conservatives. In August 2025, he signed an executive order prohibiting discriminatory debanking practices. Furthermore, in January, Trump initiated a lawsuit against JPMorgan Chase on similar grounds, highlighting the complex and politically charged environment Wall Street must navigate.
During his first term in 2019, Trump also sued Capital One and Deutsche Bank in an attempt to prevent them from providing financial records to Congress during an investigation led by Democratic lawmakers. Reports at the time suggested that anti-money laundering professionals at Deutsche Bank had flagged certain transactions, though executives reportedly disregarded them—a claim Deutsche Bank denied.
