Trump May Remove Millions of Americans' Access to Their Bank Accounts

[applegrove]

Trump May Remove Millions of Americans’ Access to Their Bank Accounts

https://open.substack.com/pub/rawstory/p/trump-may-take-away-millions-of-americans?utm_source=share&utm_medium=android&r=3aksq

The Trump administration is moving forward on an executive order that would require banks to collect citizenship documentation from their customers. Treasury Secretary Scott Bessent confirmed it’s already in process.

Republican Senator Tom Cotton is cheering this on, writing to the Treasury Department to push for a review of rules that let undocumented people access the banking system. But here’s the part that doesn’t get said enough: this wouldn’t just affect undocumented immigrants.

Banking experts are warning that this order could strip millions of ordinary Americans of their bank accounts. Think about who doesn’t have a passport. According to American Banker, only about half of the U.S. population does. In West Virginia, it’s about two in ten. And the ten states with the lowest passport rates, all below 37 percent, voted for Trump in the last three elections.

.......

The details of the order still aren’t clear, including exactly what documents will be required, how exceptions would work, and what happens to people with incomplete records. But the direction is clear enough: a lot of Americans, including a lot of Trump voters, could find themselves suddenly without a bank account.

[The Madcap]

1. So would the government steal their money?

Sounds like a government-forced bank run to me....

Very dangerous.

[VMA131Marine]

2. You don't have to be a U.S. citizen to have a U.S. bank account.

What does this mean for permanent residents, international students, and people here on temporary visas?

[LisaL]

10. Exactly.

We have a lot of legal non-citizens in this country. Are they now not allowed to have a bank account?

[mwmisses4289]

26. And what of the foreign businesses who have branches here,

where they have to have american bank accounts to do business?
I can't even shake my head anymore at this admins sheer stupidity.

[Initech]

3. And we've begun the process of removing these psychopaths from their ill gotten positions of power!

[RT Atlanta]

4. diaper donnie really wants 'them' marching in the streets doesnt he?

cant access your money means, effectively, can't live (you know, buy food, pay rent, take care of your children etc.) will be real easy to sweep those 'undesirables' into a debtors prison/ice hotel.

[samplegirl]

5. Insane

[durablend]

6. Surprise surprise

Figured they'd start confiscating bank accounts sooner or later.

[bamagal62]

32. Fu(king handmaids tale.

[no_hypocrisy]

7. Didn't Shrub initiate via The Patriot Act that you had to

give the banks your personal information in order to even have an account?

I'm pretty sure you had to show a drivers license.

[dickthegrouch]

8. DUE PROCESS!

A court case is necessary for every single appropriation of our money.
No E.O can achieve that.
Any judge that says anything different deserves instant incarceration with the Felon in Chief.

[rzemanfl]

9. Fuck these motherfucking idiots.

I am 78 years-old and if the star on my driver's license isn't enough proof, I will do a sit-down strike in the damn bank.

[FalloutShelter]

14. I am 72 and have not had a passport for years.

Last month I went to renew my non driving ID and apply for an enhanced ID and they rejected my state issued birth certificate.
They told me that NJ changed some law a couple of years ago and I have to get a new birth certificate.
NOW… I need a passport to access MY money?

Where am I? Am I voting in Paris? Am I going to the bank on Paris?

Imagine how many SS checks they can steal with this gambit. WTAF?

[rzemanfl]

20. I had to get a new copy of my Birth Certificate in order to get the star on my driver's license.

The one I had I got in order to prove I was eleven, not twelve, on trips when that made a difference in fares back in 1959.

[MerryBlooms]

11. Credit card companies are gonna have a 💩 fit over this!😂😂😂

Proceed... war mongering, economy destroying, pedo!
Can't, pay any bills, trump canceled my auto pay 😂
I probably am one a them last feral check writers in the wild... Plus, never signed up for direct deposit, because I didn't want the state fn with my credit union account. I was an administrator for years and dealt with payroll screw ups from third party paycheck deposits. I get my check by paper 3 days later than my direct deposit union sisters. I'm good.

[Fiendish Thingy]

15. Remember Trump's EO demanding Credit cards lower their interest rates to 10%?

Nobody else does either because it was ignored,

[MerryBlooms]

18. I have had my Capital One card, for 30 years ish

Same account all this time. About 7 years ago, I went through really hard times, missed One payment. They doubled my monthly payment. When I was flush with money, I paid off monthly. But, you need a credit card to do anything. You can't even rent a hotel room for an appointment at OHSU in Portland, without a credit card.

These credit card companies are vultures. How does trump think this is going to work?

[Fiendish Thingy]

13. I predict this will go nowhere

It will be blocked by the courts, just like all his other moronic EO’s.

Unless the EO references a specific law passed by congress, I don’t think banks have any oblito follow them.

[maxrandb]

16. Maybe a "run on the banks" would get the rich bastards attention

We have learned fucking nothing, and we're GOING TO FUCKING LEARN IT AGAIN!

?si=NNkkwULCyT0Jgphh

[cbabe]

17. Why would banks agree to lose half their customers, income, and value?

Also previous post with comments:

https://www.democraticunderground.com/10143650035

[spanone]

19. I've never thought of moving from this country before.

But now...

[anciano]

21. Headline clickbait....

Not going to happen.

[Takket]

22. this would be an utter disaster for the economy

the premise of this is to make it impossible for immigrants without proof of citizenship to hold a job. since no one pays in cash anymore. not to mention without a bank account you can't make large purchases like homes.

The good news: Such an executive order is DOA in the courts.

[LisaL]

23. There are people on various visas who are legally allowed to work and who are not citizens.

Never mind a bunch of foreign students who are here legally.
Having a bank account never required citizenship.

[live love laugh]

24. He wants to create chaos. Period.

[Vinca]

25. Why should you have to be a citizen to use a bank????????????????? That's nuts.

[Lovie777]

27. Banks would fight this................

also another attempted disastrous move by the dumbest greediest group of morons in this current administration ever.

[niyad]

28. daddy vladdy fucking with banks in ruzzia, too.

[taxi]

29. A thought about why the banks would not have a problem with this -

There is reason to believe that the banks would rebel against this and not allow it. That reasoning is based on thinking that the banks do not want to lose customers. To be perfectly honest here, the question may be asked a little bit differently - Would the banks object to losing customers if they didn't lose the money the customers have on deposit? Let's face it, the banks will be fine with that.
We can look a little deeper than the money that is on deposit by undocumented parties. With automated payroll systems and direct deposit of wages the bank not only keeps the deposited money, but the next who-knows-how-many next paychecks for these same customers, whether they are citizens or not depending on the documentation they can provide.
I know what I would do right now. If this grift isn't enough to start a run on the banks then there never will be one.

[Martin68]

30. More likely Trump will just totally fuck up the banking system. That's his only talent. Fucking up.

[liberalla]

31. What could possibly go wrong???

Absolutely ridiculous!