Constitutional law professor John Eastman, a former legal advisor to Donald Trump, says his bank accounts with two major U.S. financial institutions were abruptly closed in the course of two months in late 2023. This phenomenon, known as “de-banking,” has targeted conservatives in both the United States and the United Kingdom. In June of 2023, Brexit leader Nigel Farage was informed that several of his UK bank accounts would be closed without explanation.
According to Eastman, Bank of America informed him in September 2023 that it would be closing his banking and other financial accounts. The second-largest banking institution in the U.S. offered the former Trump legal advisor no indication of why his account was being closed.
Following the notice from Bank of America, Eastman says he moved his accounts to USAA, a financial services and banking institution that serves military members, veterans, and their families. After just two months with USAA, the legal scholar received a notice that it would also close his accounts in November 2023. The bank cited its “Depository Agreement” as grounds for severing its business relationship with Eastman. Eastman was found preliminarily culpable on 11 charges related to advice he gave former President Trump on the 2020 election just several weeks prior to his de-banking by both institutions.
Bank of America has received tens of billions of taxpayer dollars through federal bailouts. The financial institution received an initial $15 billion in 2008 after the financial crisis. An additional $20 billion — along with a federal guarantee of $100 billion to help cover potential toxic asset losses from its absorption of Merrill Lynch & Co. — was awarded to Bank of America in early 2009. Both Bank of America and USAA also benefit from federal insurance programs.