Mike Lindell says Minnesota Bank & Trust and Heartland Financial closed MyPillow and personal accounts citing 'reputation risk'
In January and February 2022, MyPillow CEO Mike Lindell publicly stated that Heartland Financial USA and its subsidiary Minnesota Bank & Trust had asked him to close nine bank accounts — including accounts for three nonprofits — and ultimately terminated MyPillow's banking relationship. Lindell, a prominent promoter of 2020 election-fraud allegations who had been subpoenaed by the House January 6 Select Committee weeks earlier, said the bank cited 'reputation risk.' The bank did not publicly detail its reasons.
Dates: Lindell received subpoena from House January 6 Select Committee January 2022; account-closure requests reported January 17, 2022; Minnesota Bank & Trust termination confirmed February 15, 2022. Parties: Mike Lindell; MyPillow Inc.; Heartland Financial USA; Minnesota Bank & Trust; U.S. House Select Committee to Investigate the January 6th Attack. What happened: Lindell told Business Insider that Heartland Financial requested closure of nine accounts, including three 501(c)(3) nonprofit accounts; the cited reason was 'reputation risk.' Minnesota Bank & Trust subsequently confirmed it was ending its banking relationship with MyPillow. Lindell's allegations: That the closures were tied to his public speech promoting election-fraud claims and to his January 6 Committee subpoena, and reflected ideological discrimination by the banks. Lindell suggested the subpoena timing was not coincidental. Bank's stated reason: 'Reputation risk' per Heartland Financial. The bank did not respond in detail to press inquiries. Outcome: Lindell moved banking to other institutions. No litigation against the banks was publicly filed. Lindell later testified at the U.S. Senate Banking Committee's February 2025 'Investigating the Real Impacts of Debanking in America' hearing. No federal investigation specifically into the closures has been publicly announced.