President Donald Trump signed a new executive order related to access to financial services for people without legal status in the United States. As often happens, the news caused immediate alarm, so it is important to separate what the order says from what it does not say.
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
So far, this does NOT mean that people without documents will automatically lose their bank accounts or stop being able to use credit or debit cards. Nor does it imply the immediate closure of existing financial services. People with an ITIN or Social Security number may continue to have better 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 returns, and be wary of social media rumors announcing mass account closures. If you receive any notice from your bank, seek advice before making hasty decisions.
Every 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
Not automatically. The order requires banks to implement verifications within about 90 days, but does not order closing existing accounts or canceling cards.
People with an ITIN or Social Security number may continue to have better access to certain banking services.
Keep accounts in good standing, keep transaction records, use your ITIN correctly on taxes, and verify any rumor before making decisions.
