Trump Says He Was ‘Debanked’ by JPMorgan — Could It Happen to You?
Written by
Chris Adam
Edited by
Jenna Klaverweiden
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President Donald Trump claimed he was treated unfairly and “debanked” by JPMorgan Chase and Bank of America. It came just before The White House released an executive order for “Guaranteeing Fair Banking For All Americans” amid a push to prohibit banks from “politicized or unlawful debanking.”
Here are more details about what the president said happened, as well as whether it could happen to you.
Also see seven ways to use your bank to simplify your finances.
What Does the President Say Happened?
President Trump told CNBC that JPMorgan Chase informed him he had 20 days to move “hundreds of millions of dollars in cash” to another bank. The president also said he went to Bank of America to deposit more than $1 billion and was told he couldn’t be provided an account. Further, according to President Trump, he kept going to banks and ended up using smaller ones in various places.
JPMorgan and others have denied targeting conservatives or supporters of the president for debanking. In fact, per CNBC, a JPMorgan spokesperson said they don’t close accounts for political reasons and that they agree regulatory change is needed.
Trump and some supporters have argued that the banks rejected them because of actions taken by the Biden administration and regulators.
Could It Happen to You?
Regardless of how you feel about the president and bank regulations, you may be wondering whether something like this could happen to you. According to Richard McWhorter, managing partner and private wealth advisor with SRM Private Wealth, there are still many questions as to the validity of the president’s claims and the reasoning for any debanking actions that may have happened.
“The question of whether this could happen to you would be maybe,” McWhorter said. “There could be many reasons that someone is de-banked. The belief that this could just arbitrarily happen for no reason would be really hard for me to believe. But, to understand the reasons for de-banking an individual or corporation would be most important.”
Editor’s note on political coverage: GOBankingRates is nonpartisan and strives to cover all aspects of the economy objectively and present balanced reports on politically focused finance stories. You can find more coverage of this topic on GOBankingRates.com.
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