What does it mean to lose a bank account in the United States?
This is not about a loan being rejected or a credit card being frozen, but rather being excluded from the entire financial system — unable to deposit money, transfer funds, pay bills, or even manage daily life.
In January 2021, just days after the chaos at the U.S. Capitol, former President Donald Trump received an unexpected call — JPMorgan Chase, with whom he had collaborated for nearly 40 years, informed him that his account would be closed within 20 days, and billions of dollars would have to be moved elsewhere.
At that moment, Trump not only lost banking services, but also the financial "identity" of one of the most powerful figures in the United States.
Was this a sanction against an individual, or a politically motivated financial purge?
Beneath the surface lies a hidden battle that remains unknown to the public: from the "Operation Chokepoint" under Obama's administration, to regulatory backtracking under Biden, and then Trump's retaliation after returning to the White House, "debanking" has gradually transformed from an industry term into a weapon of political division in the United States.
The President's Account Is Closed
The call happened in early January 2021, just days after the storming of the U.S. Capitol. Trump revealed in an interview with CNBC that JPMorgan Chase had notified him that his account was about to be closed without any explanation. He immediately protested — after all, the collaboration had lasted nearly four decades. But the bank remained unmoved.
Trump said he then contacted Bank of America, trying to deposit a large sum of money, but was also refused. "I brought a large amount of cash, and they told me, 'Sorry, sir, we can't accept you.'"
According to his account, this practice also affected his family. In her memoir, Melania wrote that she and her 19-year-old son Barron were "rudely kicked off the stage": their long-time bank terminated her account, and Barren was denied opening one.
JPMorgan Chase and Bank of America declined to comment on the matter. However, according to an investigation by The Daily Mail, such financial sanctions are not limited to political celebrities. Banks may monitor ordinary customers through consumption data and payment notes — shopping at outdoor goods stores, or using words like "Make America Great Again" in transfer remarks, could be flagged as "potential risks" by algorithms.
The Origin of "Debanking": "Operation Chokepoint" Under Obama
"Debanking" is not a concept created by the Biden administration. Its roots can be traced back to the aftermath of the 2008 financial crisis. In spring 2014, the U.S. House Committee on Oversight held a hearing on the Department of Justice's "Operation Chokepoint," a program initiated by the Obama administration aimed at cutting off certain industries deemed "non-compliant" from the banking system, even if they operated legally.
Such "non-compliance" was more based on reputational concerns — gun retailers, payday loan companies, and precious metal traders were all on the list. The government believed that if banks cooperated with these industries, they might face investigations or public relations crises.
Eventually, Congress concluded that this forced banks to act as "moral arbiters and commercial police," demanding the termination of the operation. In August 2017, "Operation Chokepoint" was officially ended, but several bank executives admitted that the logic of "reputational risk" had never truly disappeared.
Backlash Under Biden
During his first term, Trump tried to limit "debanking." He pushed the Office of the Comptroller of the Currency (OCC) to enact the "Fair Access to Banking Services" bill in the week before leaving office, aiming to repeal the "reputational risk" rule. However, just two weeks after taking office, Biden froze and eventually rejected the bill.
From that point on, industry insiders said that "debanking" became even more radical. The OCC manual redefined "reputational risk" with vague language — any behavior that could trigger negative public opinion or question the board or management could be seen as a risk source. This definition gives banks the space to expand their scrutiny indefinitely under political and public pressure.
The "Fear Politics" of the Banking Industry
The U.S. banking system is now subject to multiple layers of regulation: the Federal Reserve, the OCC, the Federal Deposit Insurance Corporation (FDIC), the Consumer Financial Protection Bureau (CFPB), the Securities and Exchange Commission (SEC), and the Commodity Futures Trading Commission (CFTC) all apply pressure.
CEO of U.S. Bank, Brian Moynihan, openly stated that there are "over 100 regulators" working inside the headquarters building every day. In such an environment, although there is no explicit ban, banks' sensitivity to "reputational risk" is pushed to the extreme.
Ryan Bangert, Senior Vice President of the "Freedom Alliance," pointed out that "debanking" often targets conservative groups and related issues in practice — fossil fuels, the Second Amendment (right to bear arms), and climate skepticism. While it may be understandable to terminate accounts due to fraud or illegal activities, when the reason becomes political stance, it touches the bottom line of financial freedom.
From Entrepreneurs to Former Governors: Those Affected
In 2022, Mike Lindell, founder of "MyPillow" and a high-profile supporter of the MAGA movement, had his partnership with Minnesota Bank and Trust terminated.
In the same year, the account of the non-profit organization "National Religious Freedom Council," led by former Kansas Governor Sam Brownback, was closed by JPMorgan Chase. Chase even implied that only if they disclosed their list of political supporters would they consider cooperation again.
The deterrent power of "debanking" comes not only from banks' business choices, but also from the punishment mechanisms of regulatory and judicial systems. In 2024, TD Bank was fined $3 billion for inadequate anti-money laundering programs, triggering panic throughout the industry. A bank executive described it as "a fatal blow," as any business with high-risk clients could pose a survival threat.
White House Retaliation
After returning to the White House, Trump made this issue a top priority. In August 2025, he signed an executive order banning banks from refusing service based on a customer's political or religious beliefs. This move is seen as a direct response to Biden's policies and a campaign to correct the regulatory logic over the past decade.
The OCC has removed the "reputational risk" clause from its manual, and the Federal Reserve abolished the relevant regulations in June this year. JPMorgan Chase issued a statement saying that they do not close accounts based on politics and support Trump's regulatory reform direction; while Moynihan of Bank of America said, "When reviewing these rules, we often find that the decisions they lead to are not reasonable, and revisions are necessary."
The Line of Financial Freedom
The incident of Trump's account being closed reveals a larger issue: in modern society, the financial system is the lifeline for individuals and businesses. Once access to banking services becomes politicized, the impact is not limited to a single faction, but affects the entire social trust foundation.
Today, "reputational risk" can target MAGA supporters, and tomorrow it could target another group. Once a precedent is set, the boundaries of financial freedom will continue to be pushed further.
In this ongoing policy and counter-policy struggle that has lasted nearly two decades, "debanking" has evolved from a technical compliance issue into another front of political polarization in the United States. Trump's experience may be just the tip of the iceberg, but it outlines the shape of the iceberg — an invisible network of power, extending deep into the financial and political systems, ready to change anyone's economic fate at any time.
Original article: https://www.toutiao.com/article/7536040649670279690/
Statement: This article represents the views of the author. Please express your opinion below with the 【Up/Down】 buttons.