PNC Financial Services Group Inc. made a sudden account closure for the bank account of the MxM news app that Donald Trump Jr. and Taylor Budowich founded.
The MxM News app called out that the move was not made by a financial corporation but by a woke corporation and was aimed at silencing conservatives.
Trump Jr appeared on a live news show with one of the app’s news hosts, John Bachman, and accused PNC Financial Services Group Inc with cancel culture.
Trump Jr, the son of Donald Trump, the former President of the United States of America, blamed that, a cancel culture was going on in the nation currently and that the corporates have taken a position that he called the weaponization of corporate America.
MxM News App was launched in the March of 2022 and functions under its parent company, ROCDIGITAL, LLC. The company with notable growth was planning to introduce localized news services on its platform and had just closed a Series A funding round.
Trump Jr had advertised his app as mainstream news without mainstream bias and had held the number one position in the App Store within 24 hours of launching.
Trump Jr said that he had founded the MxM news app in order to provide curated stories that were being silenced and or suppressed by giant tech and the mainstream media.
He continued that the new action of the account closure was itself an example to serve that the media was not only that had become plagued by the woke agenda but it was also the banks and entire corporate America.
He pressed that what America currently lacks is a patriot economy and that the nation needed a parallel economy to fight back.
Budowich said that he was appalled to know that the account had been closed as he could only find out that when he visited a branch of the bank in Florida to conduct some transactions.
He said that his need was to pay vendor invoices, which he could not do as the bank had closed the account for reasons that he views as abrupt.
He got surprised when the teller told him that the latter was unable to complete transfers as the account had been closed and the balance had been zeroed out.
Budowich continued that he was advised by the teller to call a generic helpline for further details, and upon doing so his call was received by a PNC representative.
From the representative, he was able to learn that the bank reserves the right to re-evaluate its business relationships at any time and could terminate the accounts without cause or any other prior notifications and that this was according to the terms and conditions of the bank.
Trump Jr who was talking in a press exchange seemed to be disappointed with the action and said that the account closure was just a minor setback for the news app and that his team could quickly resolve the issue by finding another alternative.
The question he raised was what would have been done if the same thing had happened to other small businesses or start-ups in their early stages, and what would those small business owners who vision pursuing values-based companies have done.
The primary question was what if this had happened to other businesses, and also what if they could not resolve the issue as he had done?
Therefore, he opined that this particular action on the part of the bank should be investigated and that it should be illegal to discriminate against businesses based on political affiliation.
The bank account closure notification document by PNC bank said that the bank account had been closed. It further said that the recipient would be able to find an enclosed cashier’s check that represents the balance of the remaining funds in the account.
The document instructed the recipient to destroy all unused checks, withdrawal or deposit tickets, and any other debit card that was previously used to access the amount from the account.
The document also read that further ahead, any transactions made to the account would be returned. Budowich and Trump Jr were notified using this document.
PNC in a press release stated that the firm would not be providing any comments on the closure of any particular accounts as that could take place due to a variety of reasons.
The firm acknowledged its position as a national bank and said it recognizes and respects the fact that its customers and employees hold a wide range of political beliefs.
PNC guaranteed that the bank would never undergo any decisions and actions on its part for which the driving force could be said as politics and there would be political biases towards its customers.
Previously, other banks had made sudden and abrupt closures of bank accounts by or associated with conservative platforms by Donald Trump.
Both Trump Jr. and Budowich used the term woke corporation to criticize the action.
Woke corporation was a term coined by Ross Douthat, an American political analyst, and New York Times columnist, in 2015 to define the position taken by companies and corporate to show that they are in support of progressive causes and has resulted in multi-billion corporations making changes in public policy issues.
At the time itself, it was noted that the woke corporation always lands on the extreme left or left side in all situations.