Easier Bank Access with Municipal IDs
This new law aims to simplify opening bank accounts for individuals without traditional identification like driver's licenses. It allows banks to accept municipal and county-issued IDs, helping many residents, including the elderly, youth, homeless, and immigrants, access essential financial services.
Key points
Banks will be able to accept identification cards issued by municipalities and counties for customer verification.
This will improve access to banking services for individuals without other forms of identification, such as driver's licenses.
Federal agencies are required to update their guidelines to clarify the acceptance rules for these documents.
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