Many thanks foldspace for this information!
Questions on 2 points in this part:
“3. Identity Verification Crackdown and Account Freezes
Banks and benefit systems have been instructed to freeze accounts where identity or lawful presence cannot be verified.
This covers:
• Government benefit cards
• Wire transfer accounts
• App-based financial platforms
• High-risk money corridors
“
If I want to wire money from one bank account to another bank account, I go into the source bank’s branch, show my ID, and fill out the wire transfer request.
What is an example of an app-based financial platform, PayPal?
How are they going to verify my identity?
| Your Question | Clear Answer |
|---|---|
| If I go into my bank branch in person, show my ID, and do a wire transfer, am I safe? | Yes. In-person with government ID is considered strong verification of identity and lawful presence. Your account will NOT be frozen under the new rules. |
| What is an example of an "app-based financial platform"? | Yes – PayPal is a perfect example. Others include: Venmo, Cash App, Zelle, Wise, Revolut, Chime, etc. |
| How will apps like PayPal verify my identity now? | They must now require: • Government-issued photo ID (driver’s license, passport, etc.) • Live selfie for facial matching • Sometimes full SSN or ITIN • Proof of lawful presence in the U.S. (citizenship or valid visa/residency documents) If you don’t complete this, the app will freeze or limit your account (no sending, receiving, or withdrawing). |
| Bottom line | In-person banking = safe and easy. Purely online/app accounts = you never verified in person = high chance of freeze until you upload strong ID proof. |