Not exactly a fitting salute to The Gipper.
The company behind the film “Reagan” says Bank of America shut down its accounts during production of the biographical movie about Ronald Reagan, the 40th president and enduring Republican icon.
RawHide Pictures told The Post that Bank of America ended its banking relationship with the company without providing a reason while the movie was being filmed in 2021, and the production firm shared a letter it says supports its claim.
According to RawHide Pictures, the sudden move forced the company to quickly shift its accounts to JPMorgan Chase while it challenged Bank of America’s decision. The accounts were eventually reinstated months later after an appeal.
Bank of America rejected the suggestion that it engaged in “debanking,” though it did not explain why it temporarily ended the relationship with the filmmakers.
“Bank of America has recently completed a review of your relationship with the bank. As you are aware, your agreement with the bank allows either party to unilaterally exit the relationship at any time upon the required notice,” the Dec. 29, 2020 letter stated. “The bank has determined that it wishes to close your relationship (accounts and services) in accordance with the deadline outlined below.
“On or after that date, we will not honor any withdrawals, fund transfers, checks or other transactions with respect to the account,” the bank added.
“It is your responsibility to contact any company that makes electronic debits or credits to your account … Any checks or other funds transfer requests after the closure will be returned `account closed.’”
The cancellation of services became effective Jan. 29, 2021, coinciding with Democrat Joe Biden’s inauguration as president.
A publicist for RawHide Pictures said the alleged “debanking” caused “irreparable and significant harm” in the middle of film production.
“I can confirm that the film’s account at Bank of America did indeed receive a letter ‘debanking’ us in late 2020 as we were in the middle of production,” RawHide spokesman Alfred Hopton said.
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“There was no recourse offered, so in the middle of our production of the film we were forced to move our funds to Chase within the 30 days prescribed,” he added. “As you can imagine, such a disruption was a major problem for us that caused irreparable and significant harm.”
The RawHide rep added that despite the reinstatement the company has “no idea why it happened.”
“We are not a political entity but merely a film whose main character happened to spend part of his life in politics,” he 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.”
But Bank of America defended its action and insisted it doesn’t engage in “debanking” because of politics.
“We don’t close accounts for political or religious reasons as we have said,” a spokesperson said. “The client has multiple active accounts with us, which doesn’t square with questions of debanking.”
“Reagan,” which stars Dennis Quaid in the title role as the actor-turned-politician, is getting a limited re-release tied to America’s 250th anniversary, which includes 10 extra minutes that didn’t make the original cut.
A wider re-release date, including a director’s cut, is scheduled for Sept. 25 in 600 theaters.
The film features Penelope Ann Miller as first lady Nancy Reagan, Jon Voight as a KGB agent and Mena Suvari as Jane Wyman, Reagan’s first wife.
Meanwhile, President Trump has ordered federal probes of banks “debanking” customers because of their political beliefs and “reputation risk,” claiming discrimination.
The president himself was kicked out of banks after his supporters rioted at US Capitol on Jan. 6, 2021. He has personally sued JP Morgan Chase for allegedly debanking him and Bank of America also is in the crosshairs of federal investigators.
Reagan earned the nickname “the Gipper” for his first big role as an actor portraying gravely ill football player George Gipp in the 1940 film classic “Knute Rockne, All American.” Gipp was in his hospital bed, according to legend, when he asked coach Knute Rockne to have the team, “Win just one for the Gipper.”
“Reagan” was awarded Best Western Film–Drama in 2025 — after the popular film got snubbed by the Academy of Motion Pictures for Best Picture.
The Reagan film, which depicts the life and legacy of the 40th president, was popular with moviegoers but wasn’t up for consideration for Best Picture Oscar from the Academy of Motion Pictures.
Despite its lack of Oscars’ attention, “Reagan” received at one point a glowing 98% audience approval rating on the film-scoring website Rotten Tomatoes, although it also garnered a dismal 18% critics score.
