Banks close Trump accounts with millions of dollars

Four banks cut off relations with former US President Donald Trump and closed their accounts. Bank United, where Trump had between $5 and $25 million at the end of 2020, announced the decision on Thursday (21).

„We have no further relationship with him,“ a Bank United spokesman told The Washington Post, without clarifying the reason for cutting off relations. The bank had been used by Trump since at least 2015, as seen in one of the former president’s financial statements.

The Florida-based bank’s announcement follows similar moves by other banks, such as Signature Bank and Deutsche Bank. The companies severed ties with Trump after the US Capitol invasion on 6 January.

At the time, the company’s spokeswoman, Susan Turkell, issued a criticism of Trump, asking him to step down. „Signature Bank assures that it will not do business with any member of Congress who has voted to disregard the Electoral College,“ Turkell told NBC News.

The Professional Bank also announced last week that it had closed Trump’s accounts.

He had at least $25 million in a financial market account at the bank, paying up to $1 million in interest per year. Trump’s relationship with the bank began in 2018, when the bank provided him with a mortgage to buy his sister’s house in Palm Beach.

Attack on the Capitol
Democrats and the media accuse Trump of inciting an attack on the Capitol by referring to excerpts from a speech he gave the same day in Washington.

New York Mayor Bill de Blasio announced earlier this month that the city will close commercial contracts with Trump.

„I am here to announce that New York City is terminating all contracts with the Trump Organization,“ he told MSNBC.

Blasio said that the Trump Organization has profits of about $17 million per year on contracts to manage two ice rinks and a carousel in Central Park, as well as a golf course in the Bronx.

A Trump Organization spokesman said the city cannot cancel the contracts.

„New York City does not have the legal right to terminate the contracts and, if it decides to proceed, it owes Trump Organization more than $30 million,“ the spokesman said in a statement. „This is nothing more than political discrimination, an attempt to infringe the First Amendment, and we plan to fight vigorously.

Eric Trump, Trump’s son told the Associated Press that severing ties is part of a „culture of cancellation.

„We live in the age of the culture of cancellation, but that’s not something that started this week. It’s something they’ve been doing to us and to others for years. If you disagree with them, if they don’t agree with you, they try to cancel you“.

Comments are closed.