Using a Bank Account as an Illegal Immigrant
 

A family member just opened a bank account with an ITIN and wants to know what they can or can do with it with their situation. They do not have legal status like us.

He gets paid in cash and wants to deposit his pay and also deposit his saving. He plans to pay and file taxes.

Can anyone provide some advice? Any warnings? Anyone with similar experience?

If it matters, the bank is a Wels Fargo in the New York area.

Thanks in advance.

Re: Using a Bank Account as an Illegal Immigrant
 

I thought Wells Fargo was bad for undocumented. I never banked with them. Everyone I know in that situation has Chase. As far as what you can do with a card, use it just like anyone else would.

Re: Using a Bank Account as an Illegal Immigrant
 

In the NY area, the chase is asking for your green card or EAD expiration date and stuff.

Wells Fargo did not, they don't ask any uncomfortable questions, you give them your ID and SSN or ITIN number and they open an account for you.

Re: Using a Bank Account as an Illegal Immigrant
 

I feel like BofA is the most immigrant friendly bank. Wells Fargo is the complete opposite. I bank with them all but BofA definitely shows the most love when it comes to applying for loans or CC and not being a US citizen.

Re: Using a Bank Account as an Illegal Immigrant
 

There is no problem when it comes to depositing his pay into checking/savings. As long as the amounts being deposited won't be like over $10,000 (in a single transaction). Banks may be doing some sort of reporting to the IRS for amounts over $10,000. However, if you deliberately make very big deposits to avoid that (ex. 9,000 in one day and then 1,000 the next, then possibly the bank can catch on and even then, if its your earned money and you're submitting taxes to the IRS, you shouldn't be fearful of anything. Usually this is something that big business owners should worry about when it comes to paying estimated taxes). I am not entirely sure of the process of banks interaction with IRS but in general, there are no problems with you depositing your own money into banks. If he's planning to pay taxes (as everyone should), then that is a great thing.

Also, Banks absolutely CANNOT discriminate against you just for based on your status (whether its for a checking/savings account or mortgage) end of the damn story. On a personal note, I have had checking/savings accounts and mortgage/auto loan with a variety of different institutions (including Wells Fargo), no problems.

I am a CPA.

Re: Using a Bank Account as an Illegal Immigrant
 

I highly recommend Bank of America. Have had zero problems with them and using them before DACA also. However, do keep in mind that there maybe a new rule that requires Banks to report any deposits $600 or above to the IRS. So may want to avoid making large cash deposits and break them down, unless you will be reporting the income in your taxes.

https://gop-waysandmeans.house.gov/b...g-requirement/

Re: Using a Bank Account as an Illegal Immigrant
 

Thanks for all the advice.

He just got back his 2021 return and paid back taxes on the $13,000 he claimed, and paid a late fee. Can he now deposit the money he claimed on his 2021 return? Is there a form to fill out or a special way to do it?