For most people, a bank account is a safe place for their life savings. Now, that safety depends on proving you belong in the country.
WHAT HAPPENED
President Trump signed a new rule for banks. They must now look closely at who their customers are.
The goal is to find people living in the U.S. without legal papers. This is part of a larger plan to find and remove people who are in the country illegally.
The Treasury Department will lead the effort. They will tell banks what to look for when checking their customers.
What the evidence shows
- The Treasury Department will issue "red flag" lists to help banks.
- Banks must now check if their customers are U.S. citizens.
- The order aims to fulfill a major campaign promise on immigration.
- Financial experts warn this could lead to many closed accounts.
- The move is designed to increase financial transparency.
THE BIGGER QUESTION
If banks become part of the border patrol, who can we trust with our money? This move turns local tellers into federal agents.
We should ask if this will push people to hide cash under their beds. When people fear the bank, the whole economy can get weaker.
THE OTHER SIDE
The White House says this is about following the law. They argue that the financial system should not be used by people who are not supposed to be here.
Based on the evidence, this argument is strong with his voters but creates a huge task for banks to manage.
WHAT HAPPENS NOW
Millions of people might get letters from their banks soon. These letters will ask for proof of citizenship or legal status.
If people cannot show the right papers, they could lose access to their money. This could make it hard for families to pay rent or buy food.
WHAT WE STILL DON'T KNOW
How much time will people have to prove their status?
- Will banks be fined if they make a mistake?
- What happens to the money in a closed account?
SOURCE NOTE
Information for this story came from The Hill. All charges are allegations - Donald Trump is presumed innocent until proven guilty.