Capital One says it closed Trump Organization accounts after anti-money laundering review
A court filing reveals that Capital One closed over 300 Trump Organization accounts in 2021 after an internal anti-money laundering review, the first time a bank has formally tied such concerns to the president's family business.
The 2021 account closures
In March 2021, Capital One informed the Trump Organization that it planned to close more than 300 accounts held by the family business. The bank gave no public reason at the time. Five years later, a legal battle initiated by the Trump Organization itself has forced the disclosure: the closures followed a months-long internal review by Capital One's anti-money laundering team.
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.
The lawsuit and the bank's response
The Trump Organization and Eric Trump, the president's son, sued Capital One in March 2025 in a Florida federal court. They alleged the accounts were closed because of the bank's "woke" beliefs and a desire to benefit from the political mood after the 6 January 2021 riot at the U.S. Capitol. The court has already dismissed two versions of the complaint, each time allowing the plaintiffs to amend their filing. A third amended complaint was submitted in July 2026.
On 1 August 2026, Capital One filed a motion to dismiss that latest version, arguing it suffers from the same fundamental flaws as the earlier pleadings. The bank stated that the plaintiffs' allegations of political pretext were "misguided" and "based on cherry-picked quotations unsupported by the full context" of the court record.
The transaction patterns identified by Capital One are among the types of activity flagged by federal banking guidance.
Capital One has not accused the Trump Organization of illegal money laundering. The filing draws a careful line: the accounts were closed for anti-money laundering reasons, but that does not equate to a criminal charge. Whether the bank filed a suspicious activity report with authorities remains unknown; such reports are confidential under U.S. rules.
Political pressure and parallel cases
The disclosure lands in a charged political environment. Since the start of his second term, President Trump's administration has pressured large banks over what conservatives describe as the deliberate targeting of the political right. In August 2025, Trump signed an executive order barring discriminatory debanking. In January 2026, he filed a separate lawsuit against JPMorgan Chase on the same grounds.
The Capital One filing is the first time a bank has formally tied money-laundering concerns to Donald Trump's family business. The transaction patterns that triggered the review, the specific accounts involved, and the sums at issue have not been made public.
- Capital One notifies Trump Organization of plans to close over 300 accounts.
- Trump Organization and Eric Trump sue Capital One in Florida federal court, alleging political motives.
- President Trump signs executive order barring discriminatory debanking.
- Trump files a similar lawsuit against JPMorgan Chase over account closures.
- Plaintiffs file a third amended complaint after two prior versions are dismissed.
- Capital One files motion to dismiss, disclosing the closures followed an anti-money laundering review.
What comes next
The Miami federal court will now consider Capital One's motion to dismiss the third amended complaint. If the motion is granted, the plaintiffs may again be given leave to amend, or the case could be dismissed with prejudice. The broader political fight over debanking is likely to continue, with the executive order and the JPMorgan suit running in parallel.
