2020 Election Finance News Opinons Politics

Banks Cut Off Trump, Close Former President’s Multi-Million Dollar Accounts

Banks are cutting ties with former President Donald Trump as corporate America and Big Tech continue to deny services to him and other conservatives.

Two Florida-based banks have ceased doing business with the country’s 45th president, the Miami Herald reported Friday. The moves come as other institutions are distancing themselves from him after Democrats and the establishment media blamed Trump for the Jan. 6 Capitol incursion.

BankUnited, where the former president stored more than $5 million, said Friday it had closed his accounts.

“We no longer have any depository relationship with him,” a BankUnited representative said in a statement to the Herald. No specific reason was given for the bank’s decision to cut ties with Trump.

Another Florida-based financial institution severed its relationship with the former president last week.

According to the Herald, Professional Bank, which is based out of Coral Gables, had loaned the Trump family $11.2 million in 2018 to buy real estate near Trump’s Mar-a-Lago club. Trump had also kept between $5 million and $25 million in an account with that institution, according to the Herald.

The South Florida banks are just the latest such institutions to refuse Trump financial services since Jan. 6.

Signature Bank, which is based in New York, and the German institution Deutsche Bank also both announced that Trump and his business were no longer welcome, The Hill reported. Signature Bank even called for the president to resign.

“To witness a rioter sitting in the presiding chair of the U.S. Senate and our elected representatives being told to seek cover under their seats is appalling and an insult to the Republic,” Signature Bank said in a statement. “We witnessed the President of the United States encouraging the rioters and refraining from calling in the National Guard to protect the Congress in its performance of duty.”

The bank also said it would also not be doing business with congressmen or women who objected to the electoral vote certification.

Deutsche Bank, meanwhile, said it would cease doing business with Trump and his brand, aside from expecting him to continue to stay current on outstanding loans.

Trump’s son, Eric Trump, commented on the banks serving ties with his father and the family business, connecting it to “cancel culture.”

“We live in the age of cancel culture, but this isn’t something that started this week. It is something that they have been doing to us and others for years,” the younger Trump told The Associated Press last week. “If you disagree with them, if they don’t like you, they try and cancel you.”

Eric Trump also told the AP that the Trump Organization is not bothered by the severed business relationships, and would lean on its own holdings and other institutions that are standing by the now-former president and his family.

“You have a man who would get followed to the ends of the Earth by a hundred million Americans,” Eric Trump said. “He created the greatest political movement in American history and his opportunities are endless.”

Canceling the accounts of those connected to the political right is, as the younger Trump asserted, nothing new. A Project Veritas investigation in 2019 appeared to show that Proud Boys leader Enrique Tarrio had his account with Chase Bank closed over his political views, though Chase denied that was the reason.

As banks refuse to do business with Trump, thousands of conservatives, including the former president, have also been purged from social media in recent weeks.

Story cited here.

Loading...