The issue is close to home for Trump, whose son Barron was reportedly debanked, according to Melania Trump’s memoir. Upon allegedly discovering that her bank account would be closed and Barron was unable to open an account at the same bank, Melania wrote that “this decision appeared to be rooted in political discrimination, raising serious concerns about civil rights violations. It is troubling to see financial services withheld based on political affiliation.”
But as Trump 2.0 culture wars are just beginning, the history of debanking is well-trodden in Britain.
In late June, 2023, Farage started a political storm after his account with Coutts, an offshoot of U.K. bank NatWest reserved for the wealthiest clients, was closed.
Internal bank documents revealed his political views were a factor.
The bank cited Farage’s comments on Brexit, as well as his friendships with Trump and controversial tennis star Novak Djokovic, as issues that could affect the bank’s reputation, and also flagged his views on the COVID vaccine and un-evidenced links to Russia. The internal briefing said Farage is considered by many to be a “disingenuous grifter” with “xenophobic, chauvinistic and racist views.” The scandal led to the resignation of Alison Rose, NatWest’s chief executive.
The U.K.’s City watchdog later found in two reports no evidence of accounts being shut due to political beliefs or other lawfully expressed views, while an independent review found that Coutts had acted lawfully, but identified shortcomings in how its decision was communicated to Farage.