Executive Order on Banking Services: What Undocumented Immigrants Should Know

President Donald Trump signed a new executive order related to access to financial services for individuals without legal status in the United States. As often happens, the news generated immediate alarm, so it is important to separate what the order actually says from what it does not.

What the Order Establishes

Banking institutions would have approximately 90 days to implement verification and fraud-prevention mechanisms related to loans and services offered to undocumented immigrants. In other words, the main burden falls on banks and their internal controls.

What It Does NOT Mean for Now

At this time, this does NOT mean that people without documents will automatically lose their bank accounts or that they will no longer be able to use credit or debit cards. It also does not imply the immediate closure of existing financial services. Individuals with an ITIN or Social Security number may still have greater access to certain services.

Practical Recommendations

This is a good time to keep your accounts in good standing, keep records of your transactions, use your ITIN correctly on tax filings, and be wary of rumors on social media announcing mass account closures. If you receive any notice from your bank, seek advice before making hasty decisions.

Each immigration case is different. If you have questions about your specific situation, we invite you to schedule a consultation with our office to receive personalized legal guidance.

Frequently Asked Questions