PNC Bank reverses account closure of Donald Trump Jr.'s news business, blaming 'good faith error'

March 4, 2023

PNC Bank on Friday reversed an earlier decision it had made to cut business ties with Donald Trump Jr.'s MxM News, after it told Trump that the business's account had been closed, and a cashier's check for the 750,000 in the account was in the mail to him.

Trump had announced on Thursday that the bank had closed his joint business account with partner Taylor Budowich "without any explanation" and without even telling him that it had been closed.

"Woke @PNCBank just shut down the bank account for my app @mxmnews without any explanation," Trump reacted on Twitter. "The Left doesn't think you should be able to exist, much less thrive, in society. It should be illegal to discriminate based on political affiliation!!!"

“PNC reserves the right to re-evaluate their business relationships at any time and terminate accounts without cause," a PNC spokesperson told him regarding the closure, but later said that it did not make any account-closure decisions based on political affiliation.

Lawmakers on the right including House Speaker Kevin McCarthy (R-CA) and Rep. Elise Stefanik (R-NY) were outraged at the action. McCarthy tweeted, "This is outrageous! @PNCBank"

The bank later said the account had been closed in error -- a "good faith error" -- and reopened the account.