Capital One closed more than 300 bank accounts affiliated with Donald Trump in mid-2021. The bank had previously given notice of its plans to close the accounts in March 2021.
In court documents, Capital One attorneys stated that the accounts were closed due to concerns regarding money laundering. The bank explained that a months-long anti-money-laundering review was triggered by transaction patterns that are among the types of activity flagged by federal banking guidance.
President Trump alleges that the bank illegally closed his accounts for political reasons following the January 6 attacks on the U.S. Capitol. However, bank filings maintain that the closure was the result of the internal review rather than politics.
The dispute is currently tied to a lawsuit filed against Capital One by one of Trump's financial holding companies, which was submitted shortly after he was sworn into office for a second term.