The acknowledgment fuels an ongoing legal dispute over “debanking”—the practice of banks closing accounts or refusing services to customers. The issue has become increasingly political, with Trump’s administration moving to prevent banks from citing “reputational risk” as justification for denying financial services.
JPMorgan Chase acknowledged for the first time in writing that it closed President Donald Trump’s bank accounts in February 2021, according to a court filing submitted this week in his ongoing lawsuit against the bank and its leader, Jamie Dimon. Trump is seeking $5 billion, alleging the closures were motivated by political retaliation for his role in the January 6, 2021 Capitol attack.
The bank’s former chief administrative officer, Dan Wilkening, confirmed the account closures in a declaration filed as part of JPMorgan’s motion to move the case from Florida state court to federal court.
“In February 2021, JPMorgan informed Plaintiffs that certain accounts maintained with JPMorgan’s CB and PB would be closed,” Wilkening wrote, referring to JPMorgan’s private banking and commercial banking divisions.
Until the filing, JPMorgan had never publicly confirmed in writing that it had closed Trump’s accounts. The bank previously would discuss account closures only in hypothetical terms, citing banking privacy laws.
JPMorgan’s acknowledgment arrives amid an ongoing legal and political battle over “debanking”—the practice of banks closing accounts or refusing services to customers. The issue has become increasingly political, with Trump’s administration moving to prevent banks from citing “reputational risk” as justification for denying financial services.
In his lawsuit, Trump alleged that he tried to raise the account closures personally with Dimon after receiving notice of the closure. According to Trump’s complaint, Dimon assured Trump he would investigate the matter, but then failed to follow up.
Trump’s lawyers also alleged that JPMorgan placed Trump and his companies on a reputational “blacklist” that the bank and other financial institutions use to prevent customers from opening accounts.
“If and when Plaintiffs explain what they mean by this ‘blacklist,’ JPMorgan will respond accordingly,” the bank’s lawyers said in a filing, suggesting the blacklist claim remains unsubstantiated in court.
A JPMorgan spokeswoman declined to comment beyond what the bank said in its court filings. In previous statements, the bank has maintained that the lawsuit has no merit, though it expressed regret that Trump felt the need to sue.
Debanking Becomes a Political Issue
The issue of debanking became a national political flashpoint years earlier, when conservatives alleged that the Obama administration pressured banks to deny services to gun stores and payday lenders under a program called “Operation Choke Point.” Trump and other conservative figures have since alleged that banks cut them off from accounts in the years following January 6, often citing “reputational risk” as justification.
Trump Administration’s Regulatory Push
Since returning to office, Trump’s administration has signaled its intent to prevent banks from using “reputational risk” as grounds for denying services to customers.
Pattern of Litigation
Trump’s disputes with banks extend beyond JPMorgan. The Trump Organization sued Capital One in March 2025, alleging similar debanking conduct. That case remains ongoing.