FACT FOCUS: Trump claims US banks cannot operate in Canada. That's not true

Trump incorrectly said U.S. banks are banned from Canada — in reality about 15 U.S.-based banks operate there.
Big names like J.P. Morgan Chase, Citibank, Bank of America, Capital One and Wells Fargo have Canadian operations, mostly serving corporate, investment and cross‑border customers rather than everyday retail banking.
Canadian rules (e.g., foreign branches face high deposit minimums — roughly CA$150,000/US$72,500) and dominant domestic banks make broad U.S. retail expansion costly, so few U.S. banks chase Canadian consumers.