Capital One says it shut down hundreds of bank accounts tied to President Donald Trump and his businesses in 2021 because of an internal anti-money […] Source
Capital One says it closed hundreds of accounts associated with President Trump and his businesses in 2021 "for anti-money laundering reasons," according to a filing.
The Trump Organization's lawsuit claims the bank's silence proves the closures of 385 accounts were political retaliation after the Jan. 6, 2021, Capitol riots.
The bank is asking a judge to permanently dismiss a lawsuit from Trump-affiliated businesses, arguing a monthslong internal review — not the Jan. 6 riot — explains why hundreds of accounts were shut down in 2021.
The disclosure marks the first time a bank has formally tied money laundering concerns to President Donald Trump’s family business.
‘Banks are to find an edge in payments’
Some of the nation’s largest banks are reportedly exploring a deal that could allow them to sidestep debit card fee limits imposed under the Obama administration, reopening a long-running fight over government regulation of the payments industry. The Wall Street Journal reported Monday that JPMorgan Chase, Bank of America, Wells Fargo and PNC Financial Services have held preliminary discussions about acquiring a debit payments network owned by fintech company Fiserv. According to the Journal, ownership of the network could allow the banks to avoid interchange fee caps created by the Durbin Amendment, a provision of the 2010 Dodd-Frank Act. BREAKING: Banks including JPMorgan, Bank of America, and Wells Fargo are in talks acquire a…Open
The lawsuit alleges that the company failed to inform its existing 360 Savings customers about the new, higher-rate accounts or that their older accounts weren't the best option for their savings.