The production company behind the Ronald Reagan biopic claims Bank of America abruptly canceled its banking services without explanation in December 2020 while the film was actively in production, forcing filmmakers to scramble for alternative banking just weeks before the accounts were restored following an appeal.
Banking Services Terminated Without Warning
RawHide Pictures received a formal letter from Bank of America on December 29, 2020, notifying the company that its accounts and services would be terminated effective January 29, 2021. The letter cited the bank’s right to exit the relationship at any time, stating the bank would not honor withdrawals, fund transfers, checks, or other transactions after the closure date. The company had 30 days to relocate all banking operations and notify any parties conducting electronic transactions with the account.
RawHide spokesman Alfred Hopton confirmed the authenticity of the termination letter and described the disruption as causing irreparable and significant harm during the middle of film production. The company successfully moved its funds to JP Morgan Chase within the required timeframe while simultaneously appealing the closure decision. Bank of America reversed its decision and restored the accounts several months later, though the company says it never received an explanation for either the closure or the reinstatement.
Bank Denies Political Motivation
Bank of America defended its actions and rejected claims of politically motivated debanking. A spokesperson stated the bank does not close accounts for political or religious reasons, pointing out that RawHide Pictures currently maintains multiple active accounts with the institution. The bank declined to provide specific details about why it temporarily severed ties with the filmmakers or what prompted the eventual restoration of services after the appeal process.
Hopton emphasized that RawHide Pictures is not a political entity but simply a film company whose subject happened to be a political figure. The company chose not to publicly disclose the banking disruption until recently, describing it as one of many obstacles faced in bringing the Reagan biopic to theaters.
Film Gets Extended Re-Release Amid Banking Controversy
The Reagan biopic, starring Dennis Quaid as the 40th president, is receiving a limited re-release tied to America’s 250th anniversary celebration. The new version includes 10 additional minutes of footage not included in the original theatrical cut. A wider director’s cut release is scheduled for September 25 in 600 theaters nationwide. The film also features Penelope Ann Miller as Nancy Reagan, Jon Voight as a KGB agent, and Mena Suvari as Jane Wyman.
The banking controversy surfaces as President Trump has ordered federal investigations into alleged debanking practices by major financial institutions. The administration is examining whether banks are discriminating against customers based on political beliefs and reputation risk concerns, with JP Morgan Chase and Bank of America among the institutions under scrutiny.