08/14/2026
“Access to safe and affordable banking services is an important part of economic stability. Bank accounts allow people and families to receive wages, pay bills, and build credit. Access to lending unlocks the stability that comes from home ownership, investing in reliable transportation, and starting a business that can provide a source of income. For many immigrants, access to regular financial institutions means they don’t have to use companies like payday lenders or check-cashing services that charge high costs and have fewer protections. Unfortunately, research shows immigrants are already significantly less likely to have a bank account than U.S.-born households.”
“There is no law that prevents immigrants of any status from opening bank accounts or applying for credit. Under the Bank Secrecy Act, existing regulations do require financial institutions to verify a customer’s identity when opening a new account, but they do not require banks to inquire about a customer’s immigration status. Banks may ask for a Social Security Number to open an account, but many also accept Individual Taxpayer Identification Numbers and other forms of identification to satisfy these requirements for immigrants without a Social Security Number.”
“For now, advocates should continue supporting immigrant communities in understanding their rights while closely monitoring future agency actions. Just as importantly, advocates should engage with financial institutions, making sure they know that the guidance issued to date does not mandate any particular action and does not require banks to restrict immigrants access to their services. In fact, as detailed in the National Consumer Law Center’s review of this executive order, banks could face discrimination claims if they do so.
Advocates can also document and uplift any harmful impacts of banks that chose to use this order to try and exclude immigrants from their services. It is important that the administration’s continued attempts to make immigrants feel unwelcome do not go unchallenged.”
While current banking laws remain in place, new federal guidance aims to make it harder for immigrant families to manage their money.
