“We confirmed that the news reports [that] the special counsel had subpoenaed financial records related to the president are completely false,” said White House Press Secretary Sarah Huckabee Sanders in a briefing.
“No subpoena has been issued or received,” she added. “We have confirmed this with the bank and other sources.”
It was reported that as part of his probe into possible collusion between Russia and the Trump campaign, Mr Mueller asked Deutsche Bank to share data and documents on accounts related to Mr Trump and his dealings.
Mr Trump's relationship with the lender spans decades. Since 1998, Deutsche Bank has led or participated in loans of at least $2.5bn that the real estate tycoon used to finance some of his most high-profile projects, the Wall Street Journal reports.
The subpoena was earlier reported by German newspaper Handelsblatt and other outlets, such as Reuters and the Journal - both of which cited unnamed sources.
“I think this is another example of the media going too far and too fast and we don't see it going in that direction,” Ms Sanders said.
Ms Sanders declined to say whether banks should comply with subpoenas for records if they receive them.
“I'm not going to get into hypothetical situations and try to determine everything that could happen,” she said. “We know it hasn't happened up until this point and that the reports out were totally false and again the media got ahead of their skis a little bit pushing and driving that story that wasn't true.”
Mr Mueller's investigation has heated up in recent months. On Friday, the President's ex-national security adviser, Michael Flynn, pleaded guilty to lying to the FBI about his contacts with a senior Russian diplomat.