Speaking to the World Economic Forum in Davos, Switzerland, President Trump blasted Bank of America CEO Brian Moynihan and JP Morgan Chase CEO Jamie Dimon for cancelling the accounts of conservatives and Christian activists.

Bank of America (BoA)’s Moynihan has denied the president’s allegations of de-banking and says that they “welcome conservatives” and “have no political litmus test” for their customers.

However, JP Morgan Chase CEO Jamie Dimon offered a more convoluted defense of the practice maintaining that “we’re not allowed to tell you why we de-banked you” but that if they don’t do it, the bank could face big trouble in the event of actual fraud or money laundering.

Dimon also posed the possibility that a person who might be innocent today might be convicted five years later, potentially costing the bank hundreds of millions of dollars.

The JP Morgan Chase CEO added, “We have to comply with the law, but it’s ambiguous and we’re punished.”

Whatever excuses the banks may be offering, there’s clear evidence that big banks have drawn a line against conservative customers.

The New York Post reports that BoA turned over consumer information to the FBI and Treasury Dept. when investigating the Jan 6, 2021 riots at the Capitol.

Also, Trump’s youngest son Barron experienced bias from an unnamed U.S. lender who refused to open an account for him at the end of his father’s first term.

Bank of America has faced scrutiny from governors of several Republican states who have looked into accusations of “religious” and “political” debanking of its customers.

If nothing else, conservatives are learning to choose their banking institutions with care.