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The records were demanded from the banks last month by the Intelligence Committee and the Finance Committee, which are investigating the president's financial affairs including any connections with Russia.
But lawyers for Trump and his children Donald Jr, Eric and Ivanka said in a legal action filed in New York on Monday that no grounds for the subpoenas existed "to establish any purpose other than a political one," according to broadcaster CNN.
"The subpoenas were issued to harass President Donald J Trump, to rummage through every aspect of his personal finances, his businesses, and the private information of the president and his family, and to ferret about for any material that might be used to cause him political damage," the suit said.
Deutsche Bank has said it will comply with the subpoenas.
Adam Schiff and Maxine Waters, the chairs of the intelligence and finance committees respectively, dismissed the lawsuit as "meritless" in a statement quoted by CNN.
"This lawsuit is not designed to succeed; it is only designed to put off meaningful accountability as long as possible," the Democratic lawmakers said.
"Trump has already said publicly that he is fighting all of the subpoenas from Congress, and that he does not respect Congress' role as a coequal branch of government. This unprecedented stonewalling will not work, and the American people deserve better."
But lawyers for Trump and his children Donald Jr, Eric and Ivanka said in a legal action filed in New York on Monday that no grounds for the subpoenas existed "to establish any purpose other than a political one," according to broadcaster CNN.
"The subpoenas were issued to harass President Donald J Trump, to rummage through every aspect of his personal finances, his businesses, and the private information of the president and his family, and to ferret about for any material that might be used to cause him political damage," the suit said.
Deutsche Bank has said it will comply with the subpoenas.
Adam Schiff and Maxine Waters, the chairs of the intelligence and finance committees respectively, dismissed the lawsuit as "meritless" in a statement quoted by CNN.
"This lawsuit is not designed to succeed; it is only designed to put off meaningful accountability as long as possible," the Democratic lawmakers said.
"Trump has already said publicly that he is fighting all of the subpoenas from Congress, and that he does not respect Congress' role as a coequal branch of government. This unprecedented stonewalling will not work, and the American people deserve better."
