New Executive Order Could Affect Banking Transactions for Undocumented Immigrants

President Donald Trump signed a new Executive Order related to access to financial services for individuals without legal status in the United States.

According to the information mentioned, banking institutions would have approximately 90 days to implement verification and fraud-prevention mechanisms related to loans and services offered to undocumented immigrants.

However, at this time this does NOT mean that undocumented individuals will automatically lose their bank accounts or be unable to use credit or debit cards, or apply for certain financial services. It was also explained that individuals with an ITIN or Social Security number could continue to have greater access to some banking services.

If you have questions about immigration or would like guidance on your immigration case, we invite you to contact our office for proper guidance.