"I agree with them. They have the right to be angry. I'd be angry, too. Why is a bank allowed to do that? But they're forced to do it. We don't do it, generally, for political, religious reasons, for other reasons, and sometimes we can't even tell those people."
"Sometimes, banks have to shutter them because customers aren't providing the necessary information about the source and use of their funds, and because the accounts cause general legal and regulatory risk. The suit, filed in Miami-Dade County court in January, has no merit."
JPMorgan CEO Jamie Dimon expressed understanding of President Trump's frustration regarding the closure of his bank accounts, which prompted a $5 billion lawsuit against the bank and Dimon. While Dimon acknowledged Trump's right to be angry, he asserted the lawsuit has no merit. JPMorgan closed accounts linked to Trump and his businesses in February 2021. Dimon explained that banks sometimes must close accounts due to legal and regulatory requirements, including insufficient customer information about fund sources and uses, and cannot always disclose reasons to customers. He predicted the case would take years to resolve. Trump has alleged political motivation behind the closures and signed an executive order addressing alleged debanking of conservatives.
Read at Business Insider
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