Trump says JPMorgan Chase, Bank of America rejected him as a customer

In this articleJPM your favorite stocksCREATE FREE ACCOUNTwatch now6:2406:24President Trump says JPMorgan Chase and Bank of America rejected him as a customerSquawk BoxPresident Donald Trump said Tuesday that the two largest American banks previously rejected him as a customer, reviving claims that conservative clients were being unfairly denied accounts.Trump told CNBC's "Squawk Box" in a wide-ranging interview that JPMorgan Chase informed him he had 20 days to move "hundreds of millions of dollars in cash" to another bank

He didn't say when this happened.The president said he then apached Bank of America to "deposit a billion dollars-plus" and was told the bank couldn't vide him an account, Trump said."[Bank of America CEO Brian Moynihan] said, 'We can't do it,'" Trump said. "So I went to another one, another one, another one

I up going to small banks all over the place

I mean, I was putting $10 million here, $10 million there."s of the two banks dipped roughly 1% in morning trading.Read more from CNBC's interview with President Donald TrumpTreasury Secretary Bessent 'does not want' to be Fed chair, but 4 others in running, Trump saysTrump says new semiconductor tariff plan coming as soon as next weekPharma tariffs could eventually reach up to 250%, Trump saysTrump says JPMorgan Chase and Bank of America rejected him as a customerWatch the full wide-ranging interviewSome conservatives, crypto executives and religious organizations have claimed to be unfairly "de-banked" by large U.S. financial institutions

At the same time, banks have been a major beneficiary of the Trump administration's efforts to roll back Biden-era regulatory rules across a wide swath of financial activities.The Trump administration is preparing an executive order that threatens the industry with fines if they drop customers on political grounds, the Wall Street Journal reported on Monday

A draft version of the order asks regulators to investigate whether banks violated laws, according to the Journal.A trade group for big banks said that "regulatory overreach" was the root cause of the de-banking blem."Banking agencies have already taken steps to address issues reputational risk, and we're hopeful that any forthcoming executive order will reinforce this gress by directing regulators to confront the flawed regulatory framework that gave rise to these concerns in the first place," a spokesman for the Bank Policy Institute told CNBC.While Trump on Tuesday mentioned his , ly referring to his real estate and hospitality conglomerate, it wasn't if the events he described were in reference to personal or accounts, or both."The banks discriminated against me very badly, and I was very good to the banks," Trump said.Trump said that he believes banks rejected him and his supporters because regulators during the Biden administration applied pressure to the companies.In a March lawsuit filed against Capital One, the president's company alleged that the bank imperly closed more than 300 accounts a few months after the Jan. 6, 2021 assault on the U.S

The bank denied the accusations.JPMorgan denied targeting conservatives or Trump supporters for de-banking."We don't close accounts for political reasons, and we agree with President Trump that regulatory change is desperately needed," a JPMorgan spokeswoman said Tuesday. "We commend the White House for addressing this issue and look forward to working with them to get this right."A Bank of America spokesman declined to .