Bank / Credit Union

Trump signs executive order targeting banks that allegedly support illegal immigration

Photo: Koshiro K - stock.adobe.com

June 3, 2026

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President Donald Trump has signed an executive order targeting banks that allegedly support illegal immigration.

In a Truth Social post, Trump said, "Bank Accounts being used to enable Illegal Immigration, or to store the Welfare received by Illegal Aliens, will be shut down," according to a report by Yahoo! Finance.

Trump claims the measure will stop money from moving out of the U.S. through cartels and other criminal organizations. He also argues the order cuts off illicit funds that move through the banking system.

This executive order would impact all financial institutions including credit card companies. AForbes article points out that the order doesn't require banks to verify citizenship but does demand. "Risk-based reviews of customers whose documentation, employment status or cross-border financial activity may signal elevated fraud or illicit-finance concerns," stated the report.