RawHide Pictures, the production company behind the Ronald Reagan biopic "Reagan," alleges that Bank of America closed its banking accounts without explanation in 2021, disrupting the film's production. The company stated it received a letter from the bank on December 29, 2020, indicating the termination of their banking relationship, with the closure effective January 29, 2021.

This timing coincided with the inauguration of President Joe Biden. A spokesperson for RawHide Pictures confirmed the incident, stating that the alleged "debanking" caused "irreparable and significant harm" to the production. The company was compelled to move its funds to JP Morgan Chase within the 30-day notice period provided by the bank.

Despite an eventual reinstatement of its accounts months later following an appeal, RawHide Pictures stated it has no understanding of the specific reasons for the account closure. "We are not a political entity but merely a film whose main character happened to spend part of his life in politics," a representative for RawHide Pictures said. "We have not gone public with this matter until your inquiry, but this was one of many obstacles we faced in releasing our film."

Bank of America has refuted the claim of "debanking" due to political or religious reasons. A spokesperson for the bank stated, "We don’t close accounts for political or religious reasons as we have said." The bank also noted that the client maintains multiple active accounts, which it suggested contradicts the notion of being "debanked."

The film "Reagan," starring Dennis Quaid as the former president, has recently been re-released with additional footage. A wider release is scheduled for September 25 in 600 theaters. The movie also features Penelope Ann Miller as Nancy Reagan, Jon Voight as a KGB agent, and Mena Suvari as Reagan's first wife, Jane Wyman. The film received a Best Western Film–Drama award in 2025 and garnered significant audience approval on Rotten Tomatoes, though critics' scores were lower.

This incident occurs amidst broader concerns about financial institutions terminating customer relationships based on political beliefs. Former President Donald Trump has previously called for federal probes into banks accused of "debanking" customers due to their political views or perceived "reputation risk."