President Donald Trump said Tuesday that the two largest American banks previously rejected him as a customer, reviving claims that conservative clients were being unfairly denied accounts.
Trump told CNBC’s “Squawk Box” in a wide-ranging interview that JPMorgan Chase informed him he had 20 days to move “hundreds of millions of dollars in cash” to another bank. He didn’t say when this happened.
The president then said he approached Bank of America to “deposit a billion dollars-plus” and was told the bank couldn’t provide him an account, Trump said.
“[Bank of America CEO Brian Moynihan] 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.”
While Trump mentioned his business, likely referring to his real estate and hospitality conglomerate, it wasn’t clear if this episode was in reference to personal or business accounts, or both.
Trump said that he believes that large banks rejected him and his supporters because regulators during the Biden administration applied pressure to the companies.
“The banks discriminated against me very badly, and I was very good to the banks,” Trump said.
This story is developing. Please check back for updates.
Source: https://www.cnbc.com/2025/08/05/trump-jpmorgan-chase-bank-of-america-rejected-bank-customer.html
Meet Jaydon Hermann, the driving force behind Business Press Daily. As our Editor-in-Chief, Jaydon is dedicated to delivering the latest and most insightful news in the business world. With a passion for uncovering stories that matter, Jaydon leads our team in providing you with the most up-to-date and informative newsroom experience.