Posted on 02/14/2007 12:14:12 PM PST by Sub-Driver
GOP Lawmakers Peeved at New Bank of America Credit Card Program
Wednesday, February 14, 2007
WASHINGTON — Lawmakers are lashing out at Bank of America Corp. over its new program to offer credit cards to customers without Social Security numbers, saying it creates a dangerous loophole for terrorists and illegal immigrants.
Rep. Tom Tancredo, R-Colo., called for a federal investigation of the program on Wednesday, sending Attorney General Alberto Gonzales and Homeland Security Secretary Michael Chertoff a letter requesting a review of the program.
"After September 11, we were told that money was the lifeblood of terrorists, and that we should do everything possible to block their access to financial resources," Tancredo said in a statement. "Today we are hearing a far different message: Bank of America, it's everywhere terrorists want to be."
The program welcomes applicants without a Social Security number and credit history if they have held a checking account with the bank for three months without an overdraft, The Wall Street Journal first reported in Tuesday editions.
Another Republican lawmaker criticized the program, saying it should be stopped to avoid security risks with illegal immigrant members of the program.
"If an individual wants to get a credit card, they can get that in their home country," Rep. Marsha Blackburn, R-Tenn., told FOX News.
(Excerpt) Read more at foxnews.com ...
Rep. Tom Tancredo, R-Colo., called for a federal investigation of the program on Wednesday, sending Attorney General Alberto Gonzales and Homeland Security Secretary Michael Chertoff a letter requesting a review of the program.
Like that is gonna happen.
I just told the teller at my local BOA that they're getting bad press.
They need to pass legislation AGAINST THIS.
This is a lovely loophole for terrorists too ... as well as ILLEGAL aliens. We shouldn't want either one.
Hmmmm bad press vs. all that money coming into the bank from illegals.
Which do you think BofA cares more about?
I don't understand the big deal? BOA will have about a billion dollars in bad debts because of this in a couple of years. That's the worst that will happen.
nope, the worst that will happen is BOA will raise rates, apply penalties etc., to make up for the loss..all future BOA customers will pay for this, one way or another..
AFter all the whining, moaning and buying, err begging of congress to reform bankruptcy, Bank Of America does this.
I guess if someone gets in over their head with this card, all they have to do is steal another identity. No bankruptcy needed for a fresh start if you are a criminal immigrant.
Set this off against the multiple billions in confiscatory fees they hope to charge against those same accounts for such services as late payments, overdrafts, etc., and it begins to look like a net win for them.
Banks write off bad debts all the time.
There already is. It's called "aiding and abetting".
But if you're a big bank, you can just relabel it, wink and nudge, and you're home free.
LOL......BofA is smarter than that....those cards come with upfront fees and high interest rates.....they will rake in the bucks and already account for a certain % of defaults and delinquinces.....plus they can always raise other fees....they have thought long and hard about this...and only see GREEN.......
How does one get a bank account with no SS#?
Bank of Amexico, where you don't need a green card to get a gold card.
Isn't this bank also in the business of donating to abortion clinics, too?
That's why I won't bank with them or use any of thier products. They just don't deal straight and don't extend any courtesy to long standing customers. It's all about bringing in new customers with cheap gimmicks and raising current customer fees and rates to cover thier PR campaign.
They will simply keep the credit limit low and require a minimum balance in their checking account.
Illegal aliens can then send a card to their family back home in Mexico.
This could cost Western Union and other wire services a fortune in lost revenues. I foresee a fight over who gets to earn money from illegal aliens sending money to Mexico.
The other issue is that since a SSN isn't required, it makes it much easier for terrorist cells to set up accounts to move money around and to buy items without having it tracked back to the terrorists.
So would these by cards that tie into a secure savings account or something in which the credit limit never exceeds the account balance?
That's the only thing I can see protecting them from just getting taken by illegals with false identities, no social and no credit trail or desire to establish an honest credit rating.
What recourse do they have when some little guy empties his account, maxes out the card and skips on home to El Salvador?
They're almost mad enough to threaten an non-binding resolution.
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