The executive order being prepared by the Donald Trump administration in the United States seeks to require proof of citizenship to open a bank account. Treasury Secretary Scott Bessent confirmed that this measure is in its final stage and will primarily affect undocumented immigrants, limiting their access to basic financial services.
Currently, banks operate under “know your customer” (KYC) rules, which require basic data such as name and address but do not verify immigration status. Large institutions like JPMorgan Chase or Bank of America accept the Individual Taxpayer Identification Number (ITIN), issued by the IRS for those who do not qualify for a Social Security number. However, this executive order would impose stricter demands, possibly requiring passports, something only 183 million of the 342 million counted residents possess.
Impact on Immigrants and the Economy
The proposal, reported by The Wall Street Journal and other media, would apply to new and existing customers, with retroactive review of millions of accounts. Experts warn that it could close access for ITIN users, vital to small Hispanic businesses. It is unclear whether it will force closures or merely data collection, but it would create unease in the banking sector.
Current Requirements vs. the New Executive Order
Documents Accepted Today for a Bank Account
- Primary IDs: Valid passport, consular registration, driver’s license.
- Secondary proofs: IRS CP565 letter, recent utility bill, lease agreement, municipal ID.
To obtain an ITIN, identity and residence proof are required at tax offices. This executive order would raise the threshold, potentially demanding passports from everyone, even though half of Americans lack them.
Historical Context and Reactions
Precedents such as executive order 14247 from October 2025 modernized bank payments, but this executive order would go further, aligned with strict immigration policies. Treasury sources say it seeks greater control, though there is currently no ban on non‑citizens in banks. Organizations warn of risks to the immigrant economy, which contributes trillions annually.
The Dominican diaspora in New York remains vigilant, as many rely on ITIN for daily transactions. This executive order could force a return to cash, increasing vulnerabilities. Banks face compliance challenges, while the debate over financial equity grows.
Ultimately, the executive order redefines bank access,
