July 31, 2018 – We are hearing concerns that Bank of America and other financial institutions have taken steps to close bank accounts belonging to non-citizens, as well as requesting information about customers resulting in the closure of accounts belonging to immigrants.
Our Here to Stay campaign has focused on building financial security and economic opportunity for immigrant families. Part of this crucial work involves working with banks to make sure that they are providing the products and services that immigrants need to attain financial security.
This includes providing affordable checking and savings accounts to customers that don’t have social security numbers but have Individual Taxpayer Identification Numbers (ITINs), matricula cards, or other forms of identification.
CRC has conducted in-depth research in this area, is working directly with immigrant communities on this issue through our Here to Stay initiative, and is concerned that banks are taking steps that are unnecessary and not required by federal law. Such actions discourage immigrant customers, who have the same banking rights as anyone else.
In order to protect immigrant communities, we need to hear from you. If you have clients or community members who have had their accounts closed or been denied an account due to citizenship status, immigration status, race, or ethnicity, please let us know with as much information as you are able to share.
Stay tuned for the release of our guide for banks, an important tool to help financial institutions better meet the needs of immigrant families. Please also click here to join our Here to Stay Initiative.