US President Donald Trump has revealed that America’s two biggest banks, JPMorgan Chase and Bank of America, have rejected him as a customer in the past. In an interview with CNBC, Trump said he had been forced to deposit his money in small banks.Trump disclosed that JPMorgan Chase had given him a 20-day notice to transfer “hundreds of millions of dollars in cash” elsewhere, though he did not specify the timing of this incident.In the interview to CNBC, Trump also said that after JPMorgan’s move, he subsequently approached Bank of America with the intention to “deposit a billion dollars-plus”. However, the bank declined to provide him with an account.Trump spoke of these experiences to support his assertion that conservative clients were experiencing unfair treatment in banking services.
When Trump was rejected by JPMorgan, Bank of America
“[Bank of America CEO Brian Moynihan] said, ‘We can’t do it,'” Trump reportedly 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,” he added.Also Read | ‘Will raise tariff substantially in 24 hours’: Donald Trump fires fresh salvo; says India ‘not good trading partner’Trump did not specify whether he was speaking about personal accounts, business accounts, or a combination of both.Trump attributed the large banks’ rejection of him and his supporters to regulatory pressure from the then Biden administration.“The banks discriminated against me very badly, and I was very good to the banks,” Trump was quoted as saying in the report.JPMorgan rejected accusations of discriminatory account closures aimed at conservatives or supporters of former President Trump.A JPMorgan representative told CNBC: “We don’t close accounts for political reasons, and we agree with President Trump that regulatory change is desperately needed. We commend the White House for addressing this issue and look forward to working with them to get this right.”
