Why Donald Trump is suing JPMorgan Chase
JPMorgan Chase has acknowledged shutting down both Donald Trump's personal and business accounts back in February 2021, though they didn't give a specific reason at the time.
In February 2026 (in a court filing this week), Trump pressed his $5 billion lawsuit against the bank and its CEO Jamie Dimon, saying the closures were politically motivated and tied to fallout from the January 6 Capitol riot.
The case also brings 'debanking' into spotlight
This case spotlights ongoing debates about "debanking" — when banks close accounts over reputational or legal risks.
JPMorgan insists politics had nothing to do with it, stating, "JPMorgan Chase does not close accounts for political or religious reasons."
Still, Trump's team calls it unfair and an abuse of financial power.
The story also connects to wider concerns about banks' influence over who gets access to financial services, especially after high-profile controversies like this one.