Major Banks Closed MAGA Accounts Over 'Reputation Risk', Federal Report Finds

Nine of America’s largest banks closed accounts or restricted services for MAGA merchants, religious groups and conservative organisations because of ‘reputation risk’ (Credit: Wikimedia Commons/Alex Proimos)

Nine of America's biggest banks used internal 'reputation risk' rules to close accounts or restrict services for MAGA merchants, religious groups and conservative organisations, a federal watchdog has found. The Office of the Comptroller of the Currency (OCC) said the practices affected customers between 2020 and September 2025.

The report, 'Guaranteeing Fair Banking for All Americans', examined JPMorgan Chase, Bank of America, Citibank, Wells Fargo, U.S. Bank, Capital One, PNC, TD Bank and BMO Bank. It found that all nine had policies that could deny or limit access to financial services based on political or religious beliefs, or lawful business activity.