More Donald Trump Complaining: This Time He’s Complaining About JPMorgan Chase And Bank of America Rejecting Him As A Customer
There really is nothing more pathetic than Trump complaining. He’s always complaining about how some business or person didn’t give him what he wants. Now two of the largest American banks are subjects of his autistic trust fund baby style tantrums. Trump claims both banks previously rejected him as a customer. He even tried claiming that conservative clients were being unfairly denied accounts. However, like all things Trump, he doesn’t elaborate or gave any details.
Trump claimed in a Squawk Box interview that JPMorgan Chase informed him he had 20 days to move “hundreds of millions of dollars in cash” to another bank.
However, in typical Trump style, he didn’t specify why or when this happened.
The president said he then approached Bank of America to “deposit a billion dollars-plus.” Bank of America executives allegedly told Trump the bank couldn’t provide him an account.
Some conservatives and religious organizations have claim large U.S. banks unfairly “de-bank” them. Banks generally deny rejecting clientele based on political or religious beliefs.Â
The government requires U.S banks to comply with federal laws aimed at preventing financial crimes. This also includes the 1970 Bank Secrecy Act. Federal regulators also pressure American banks when it comes to cryptocurrencies. The Treasury Department considers them high risk for fraud.
After being sworn into office Trump accused Moynihan of denying services to conservative customers.
Trump Complaining About Banks Rejecting Him Put Them Into A Bind
The issue puts banks in a bind. One hand, the companies risk further angering the president as he airs grievances that resonate with his supporters. At the same time, banks have been a major beneficiary of the Trump’s efforts to roll back Biden-era regulatory rules.Â
The Wall Street Journal reported that the Trump administration is preparing an executive order threatening the industry with fines if they drop customers on political grounds. A draft version of the order asks regulators to investigate whether banks violated laws.
The Bank Policy Institute told CNBC:
Trump claims that he believes banks rejected him and his supporters. He also claimed regulators applied pressure at President Biden’s request.
The Trump Organization filed a lawsuit against Capital One in March. Trump alleged that the bank improperly closed more than 300 accounts a few months after the Jan. 6, 2021, assault on the U.S. Capitol. The bank denied the accusations.
JPMorgan denied targeting conservatives or Trump supporters for de-banking.
A JPMorgan spokeswoman told CNBC:
