A post circulating on social media mentions that if you have a bank account opened with a ITIN number will be frozen and seized by the federal government, generating alert and disinformation in the Latino community.
The post, containing FALSE information, is written in English. It begins, verbatim, with a call for "Emergency Action Needed, Now!!!"
It then states that “any undocumented person who has opened a bank account at any type of financial institution (bank, credit union) using an ITIN number MUST IMMEDIATELY withdraw their money!!! Leave only $1 to $5 in it to keep it active.
"Today or tomorrow, Trump will ORDER that these accounts be frozen and/or seized by the federal government. One of the allegations will be that the money is of "dubious origin" or is from "illegal drug sales" or "criminal enterprises."
To this day and after consulting different financial institutions, Enlace Latino NC can confirm that this is false information to further frighten the Latino immigrant community.
Related: How to open a bank account as an undocumented person
There is no order from the government
Enlace Latino NC consulted the Latino Community Credit Union (Cooperativa Latina de Crédito, by its Spanish name) about this post and the impact on its members.
"Up to this moment we have not received such an order from the Government, nor are we preparing anything," he stated to Enlace Latino NC Vicky García, president & CEO of this financial institution.
Garcia mentioned that in the Latino Community Credit Union, the safety of our partners is our top priority.
"Your accounts and funds are legally protected in your name," he stated. "We encourage all our members to keep their money in their accounts, where it is protected and fully insured."
García also noted that money "is always safer in your account than in cash at home or on your person."
Commitment to financial protection
Garcia also indicated to those who have their bank accounts, access to their funds at any time in a safe and convenient way using their debit card, the online services of the mobile application, which gives them easy and safe access from anywhere.
“If you have any questions or concerns, please don't hesitate to contact us. Our team is available through our branches, LatinoConnect, and the Member Service Center to provide assistance and support,” said García. “We remain committed to protecting your financial well-being.”
For more, please visit latinoccu.org , or contact 919-595-1800, or info@latinoccu.org .
Related: IRS will send form 1099 K to those who received more than 5k through digital platforms
What is an ITIN number?
This is a tax processing number intended for people who cannot obtain a social Security numberFor example, for non-resident foreigners. This number is used to file and pay taxes, but it is also recognized for other purposes such as opening a bank account or a credit card.
About Latino Community Credit Union
Latino Community Credit Union was founded in 2000 in response to a wave of robberies against Hispanic immigrants in the city of Durham.
Since then, the financial institution has become a national model for credit unions and community development financial institutions.
This paved the way for offering financial services to immigrant communities and people with limited access to opening bank accounts.
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Any updates? I have heard that Huntington Bank in Michigan has informed people about just this matter. Saying that there is a danger of this bank seizure happening.