According to reports, the order would require banks to request various
identification documents from customers who wish to maintain their accounts
(which could be anything from passports to birth certificates) in order to check
citizenship.

Reports state that this will apply to both new and existing customers, although
the details of the order are not yet clear, such as exactly what documents will
be needed, how banks will handle individuals with unclear or missing records,
and whether exceptions would be allowed for vulnerable populations.

If implemented, the order could affect millions of Americans, such as those
without passports or birth certificates, those missing documentation, elderly
Americans born before standardized record-keeping, low-income individuals
who rely on basic checking accounts, and people living in states with slow or
costly document replacement processes.

The outlet American Banker has said that, as a result, Americans (even Trump's
own supporters) could be "debanked."

The Trump administration is considering requiring banks to collect proof of citizenship, like passports, from its customers, people familiar with the talks told Semafor.

The policy would be retroactive, which means banks would have to solicit documentation from current customers as well as future ones, the people said. REAL IDs, which do not prove citizenship, would not be considered eligible.