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[quote=Anonymous]We will all be paying for this with extra fees.  I wonder what they will name it.

https://www.cnbc.com/amp/2026/04/15/banks-citizenship-data-collection-customer-accounts.html

“In addition to legal questions, some policy experts and banks have warned about damage to the economy if people are denied access to the banking system and deposit accounts, as well as potentially big increases in administrative costs for banks.

Allowing noncitizens, including undocumented immigrants, to legally open bank accounts using documentation, such as an ITIN, means they can pay taxes and avoid being part of the "unbanked" existing in a purely cash economy. Being unbanked is often associated with less ability to move up the social ladder and contribute to economic growth.

[b]For banks, center-right think tank American Action Forum estimated a citizenship verification requirement could add anywhere from 30 million to 70 million paperwork hours and $2.6 billion–$5.6 billion in costs. "Verifying new accounts is the tip of the iceberg; the lack of details makes it difficult to estimate the costs of verifying existing accountholders," it wrote in a March analysis.”[/b][/quote]

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