The Trump Organization is suing Capital One after the ninth-largest bank in the United States allegedly “debanked” them in 2021.
The lawsuit, filed in Miami-Dade County on March 7, endeavors “to hold the bank accountable for their egregious conduct in unjustifiably terminating over 300 of the company’s bank accounts without cause,” Eric Trump wrote in an X post.
Eric Trump said the Trump Organization had banked with Capital One for more than a decade as “a clear attack on free speech and free enterprise that flies in the face of the bedrock principles and freedoms that define our country.”
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“Moreover, the arbitrary closure of these accounts, without justifiable cause, reflects a broader effort to silence and undermine the success of the Trump Organization and those who dare to express their political views,” he continued.
The lawsuit alleges that Capital One “‘de-banked’ plaintiff’s accounts because Capital One believed that the political tide at the moment favored doing so.”
The filing claims that Capital One’s alleged actions are part of a wider trend of major banks closing customers’ accounts for political reasons.
“In addition to the considerable financial harm that Plaintiffs and their affiliated entities suffered, Capital One’s reckless decision is part of a growing trend by financial institutions in the United States of America to cut off a consumer’s access to banking services if their political views contradict with those of the financial institution,” the suit reads.
Capital One has denied the Trump Organization’s allegations.
“Capital One has not and does not close customer accounts for political reasons,” the company said in a statement, according to The Telegraph.
In her book Melania, first lady Melania Trump alleged that her bank dropped her and refused to allow her son Barron to open one in the weeks after they left the White House in 2021.
“I was shocked and dismayed to learn that my long-time bank decided to terminate my account and deny my son the opportunity to open a new one,” Melania Trump wrote, though she did not name the bank she was referring to.
“This decision appeared to be rooted in political discrimination, raising serious concerns about civil rights violations,” she added.
The lawsuit comes amid bipartisan concerns over banks using so-called “reputational risk” as a reason for shuttering accounts.
Sen. Elizabeth Warren, D-Mass., the ranking Democrat on the Senate Banking Committee, urged President Donald Trump last month to take steps to push back against political debanking.
“I write to request that you take action on preventing the debanking of too many Americans across the country, including consumers unfairly locked out of the financial system due to overdraft fees, religious affiliation, or political beliefs,” she wrote.
Potential legislation prohibiting banks from citing “reputational risk” as a reason for shuttering accounts has received bipartisan support in Congress.
Speaking remotely from the White House to the elite international World Economic Forum’s 2025 Annual Meeting in Davos, Switzerland, in January, Trump rebuked the CEOs of Bank of America and JPMorgan Chase for allegedly debanking conservatives.
“I hope you start opening your bank to conservatives because many conservatives complain that the banks are not allowing them to do business within the bank, they don’t take conservative business,” Trump told Brian Moynihan, who has served as CEO of Bank of America since 2010 and was speaking to Trump as part of a panel with other major CEOs.
Trump also singled out JPMorgan Chase CEO Jamie Dimon, who has headed the bank since 2006 but was not present on the panel.
“And I don’t know if the regulators mandated that [debanking] because of Biden or what,” Trump added. “But you and Jamie [Dimon] and everybody, I hope you’re going to open your banks to conservatives because what you’re doing is wrong.”
Both Bank of America and JPMorgan Chase have denied debanking anyone on the basis of political belief.
