This bill matters because it would change bank accounts from a general service into a privilege strictly tied to immigration status. Currently, while banks have identity-verification rules, they are not always required to verify long-term legal residency for every customer. If this becomes law, it would make it nearly impossible for undocumented people to participate in the formal economy, such as receiving direct deposit paychecks or paying rent through a bank.

Voters should care because it could shift immigration enforcement responsibilities onto local bank tellers and financial institutions. If the bill passes, it could lead to more people keeping large amounts of cash at home rather than in banks, which some argue increases crime risks. If it doesn't pass, the current system remains, where financial institutions have more flexibility in which forms of identification they accept to verify a customer's identity.