Florida-based Banks United announced on Thursday that it has closed down the account of Donald Trump, making it the latest among a number of financial entities that have cut their ties with the former president following the January 6 breach of the Capitol.
Per Trump’s financial disclosures, he had two money-market accounts with Banks United totaling somewhere between $5.1 million and $25.2 million.
“We no longer have any depository relationship with him,” the bank said, without providing a reason for terminating the accounts.
This comes after Professional Bank, also based out of Florida, last week announced it would cut its ties with Trump and his organizations.
Additionally, Signature Bank in New York and Deutsche Bank have said they will no longer do any business with Trump. The former spoke out strongly against President Trump and his allies in Congress, calling for his resignation and saying it would not do business with any lawmakers who objected to the certification of election results from fraud-ridden states.
Deutsche Bank is trying to resolve over $300 million in loans, reportedly seeking to offset them onto another lender. Deutsche Bank’s relationship with the Trump Organization is under a civil investigation by New York attorney general Letitia James.
James is looking at claims made by Trump’s former personal attorney, Michael Cohen, that his old boss had inflated the value of his assets and financial statements. While the investigation is civil, James has said criminal charges may arise if anything suggesting criminality is discovered during her probe.
Another investigation, conducted by Manhattan district attorney Cyrus Vance, aims to determine whether or not the former president misrepresented the value of his assets in order to get bigger tax deductions. Vance recently broadened his investigation to include the Trump family’s Westchester County estate, a historic mansion called Seven Springs, built by former Washington Post publisher Eugene Meyer.
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The targeting of Trump by the banks has occurred alongside an effort to silence the former president by purging him from social media. He has been kicked off Facebook and Twitter, and his YouTube account has been suspended.
Stripe, the popular payment-processing platform, likewise cut off the president, taking away his campaign’s ability to collect donations online.
But the actions by the banks show that the establishment is here to play for keeps in its effort to totally wipe out constitutionalist opposition.
Starting new social-media platforms on which Americans can freely voice their political views is doable for committed patriots; creating a brand new financial infrastructure is more of a challenge.
Starting a bank takes tens of millions of dollars just for a local-sized financial institution, as well as compliance with intricate government regulations. Raising that level of capital is already an uphill battle. Grassroots patriots won’t have that money lying around; if they seek investment, that puts them at the mercy of deep-pocketed establishment financiers who will ultimately only subvert the enterprise for their own ends.
And, of course, the Deep State bureaucrats in charge of regulating banks won’t take too kindly at approving a new financial institution they know is aimed at servicing patriots. Just as the establishment pulled the plug on Parler, they will use every weapon in their arsenal to shut down non-establishment banks.
Many feel that this is a situation where some amount of government oversight by patriot elected officials is warranted; otherwise, it could rapidly escalate to a point where all the major banks and credit unions collude to terminate the accounts of those holding conservative points of view. With the Capitol breach still fresh in the public mind, they could use that as a pretext to crack down on “radical extremists.”
It’s been speculated that, out of office, President Trump will launch any number of initiatives to strengthen the America First movement, from starting a political party to a news network.
Many of those possibilities are laudable, but in many cases those functions are already being filled by patriot-controlled entities. Considering he has at least a few million in cash on hand and could realistically crowdsource a few million more thanks to his large following, the former president would do well to start an alternative financial institution that could serve as the basis for a brand-new ecosystem of conservative businesses and platforms.
Conservative alternatives will never be truly independent so long as they rely on establishment capital.
