Florida-based bank announces it is closing Trump's accounts
Source: Washington Post
David A. Fahrenthold
Another one of former president Donald Trumps banks said Thursday that it is closing his accounts, as Trump returns to a business hammered by covid-19 and the backlash to Trumps role in the deadly attack on the Capitol.
We no longer have any depository relationship with him," Bank United said Thursday. The bank declined to give a reason for its decision.
The Florida-based bank had held some of Trumps money since at least 2015, according to the former presidents financial disclosures. At the end of 2020, Trump said he had two money market accounts at Bank United, containing between $5.1 million and $25.2 million combined. The financial disclosure forms allowed Trump to list his assets in ranges, rather than exact dollar amounts.
Since the Jan. 6 attack, a number of key partners, vendors and customers have cut ties with Trumps company. That list now includes three of the four banks that held Trumps largest deposits: Signature Bank and Professional Bank announced their decisions earlier this month. The fourth, Capital One Bank, has declined comment, saying it does not discuss current or former customer relationships.
Read more: https://www.washingtonpost.com/politics/2021/01/21/joe-biden-live-updates/
Sorry Donald, you can't get cash from the ATM
mahatmakanejeeves
(57,425 posts)The know your customer or know your client (KYC) guidelines in financial services requires that professionals make an effort to verify the identity, suitability, and risks involved with maintaining a business relationship. The procedures fit within the broader scope of a bank's Anti-Money Laundering (AML) policy. KYC processes are also employed by companies of all sizes for the purpose of ensuring their proposed customers, agents, consultants, or distributors are anti-bribery compliant, and are actually who they claim to be. Banks, insurers, export creditors and other financial institutions are increasingly demanding that customers provide detailed due diligence information. Initially, these regulations were imposed only on the financial institutions but now the non-financial industry, fintech, virtual assets dealers, and even the non-profit organizations are liable to oblige.
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soothsayer
(38,601 posts)soldierant
(6,857 posts)the commercial property policy on Mar-a-Lago (or any other of his properties) I'd be cancelling it (if I hadn't already)
Budi
(15,325 posts)Please preserve all past financial records, cuz you never know ! 😬
winstars
(4,220 posts)Response to winstars (Reply #4)
njhoneybadger This message was self-deleted by its author.
Corgigal
(9,291 posts)I had a bank close my account. I had under ten bucks in the account.
Maybe something similar occurred here.
lastlib
(23,224 posts)Try the Bank of Moscow--you can get a good reference from your pal Vladdy, I'm sure!
Escurumbele
(3,389 posts)I don't think Vladimir is a friend of the trumps anymore...Poor buffoon, all his "loyal" friends seems to be deserting him.
sandensea
(21,627 posts)Cheeto's gone from useful idiot, to useless idiot.
martalcd
(42 posts)in his pajamas and slippers, to buy money orders.
progree
(10,904 posts)MyOwnPeace
(16,926 posts)questioning the true value of his holdings. For loans he claimed one number - for taxes it seems as though "he forgot" how high the other number had been......
Grasswire2
(13,569 posts)Why don't the entities who hold those debts call for payment?
I don't get these massive floats.
ScratchCat
(1,988 posts)There are payments and then balloons, and the lump sums are not due yet. Its really no different than you or I having a mortgage and a checking account.
He's just going to end up declaring bankruptcy again and will end up giving-up/selling off buildings and golf courses to settle the debt. His cash flow has been significantly harmed by both Covid-19 and his stupidity in destroying his own brand. His kids will end up with half a decade of financial and legal issues revolving around all his failed businesses.
Grasswire2
(13,569 posts)Plus penalties.
And maybe criminal indictments.
liberalmuse
(18,672 posts)Even though many of his administration officials are banned from China, Trump's name was conspicuously absent from that list.
KS Toronado
(17,220 posts)He's afraid of any paper trail
OldManTarHeel
(435 posts)liberalmuse
(18,672 posts)but no fear. Lindsay Graham will come over to Mar a Largo and fluff it for him.
Wicked Blue
(5,832 posts)OldManTarHeel
(435 posts)rurallib
(62,411 posts)bringthePaine
(1,728 posts)keithbvadu2
(36,788 posts)Eric Trump in 2014: 'We have all the funding we need out of Russia ...
https://www.google.com/search?client=firefox-b-1-d&q=erik+trump+money+from+russia
And now?
Pluvious
(4,310 posts)DENVERPOPS
(8,817 posts)you can't use the U.S. Government as your personal ATM any longer.....
FakeNoose
(32,634 posts)Wicked Blue
(5,832 posts)Totally Tunsie
(10,885 posts)Wawannabe
(5,657 posts)Theyve always known it is/was cleaned money....but now that there is actually a sheriff in town...they needed to get that dirty money outta their bank.
Just sayin