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 ...
Credit cards? A drop in the ocean.
Savings & Loans and Banks have been granting HOME LOANS to illegals in CA for years.
Just watching Dennis Miller on O'Reilly. He said he just closed out his BA account. I am going to cancel my credit cards with them. He said something to the effect that at some point you need to make a stand and do the right thing.
Try not to get mad, sir.
Priceless!
BADGES??? WE DON'T NEED NO....STINKIN BADGES!!!!!
A Classic "Blazing Saddles" Line
That will give Dave Ramsey PLENTY of discussion material.......
I am sure we are not alone, Please let Bank of America know that you are not going to foot the bill for billions of dollars in bad credit card debt because they want to give credit cards to ILLEGAL aliens.
Boycott the Bank of America!
That is why we are CANCELING our credit cards and BOA accounts. We refuse to be held accountable for the billions of dollars in fraud that will be perpetrated by ILLEGAL aliens because BOA cares more about illegal aliens than they do law abiding American citizens.
From Center for Immigration Studies' Attrition Through Enforcement
"In 1996 the Internal Revenue Service created the Individual Tax Identification Number (ITIN) to enable it to collect taxes from non-resident foreign investors who earned taxable income in the United States, but who were not legal permanent residents or citizens, and thus did not qualify for a Social Security number. In an apparent attempt to increase tax revenue through increased tax compliance, the agency decided also to allow illegal immigrants to obtain ITINs, and has actively promoted their use in cooperation with immigrant advocacy groups. Although the agency maintains the numbers are to be used only for the purpose of filing an income tax return, other entities, including some state motor vehicle agencies, banks, and mortgage lenders, began accepting the ITIN in lieu of customary forms of identification, for the explicit purpose of providing services to illegal aliens, who often lack conventional identification.
"Since 1996 the IRS has issued more than 7.3 million ITINs, of which only two to three million have ever been used on a tax return.20 A number of experts, including the Treasury Department’s internal auditors, have raised concerns over the years about the ITIN, suggesting that the liberal ITIN issuance policy may be increasing the potential for fraud, enabling illegal immigrants to receive benefits to which they are not entitled, and creating law enforcement problems.
"The IRS has resisted pressure to cease issuing ITINs to illegal aliens, arguing that its top priority is to encourage tax compliance. This may be a result, but the practice apparently has not increased tax revenue, and so is of questionable value – in fact the IRS has issued more in tax refunds and credits than it has collected in taxes from illegal aliens.
"The Treasury Department’s auditors studied the use of ITINs in the tax year 2001.22 About 530,000 Form 1040s were filed that year by aliens not authorized to work and using ITINs. The total tax liability of these returns was $184 million, after deductions and credits on total taxes due of $495 million. More than half of the returns reported no tax liability, and $522 million in tax refunds were claimed on these returns. Typically, most of the tax collection from illegal aliens (and all taxpayers) occurs as a result of withholding by employers, not in voluntary tax filings. As one Arizona tax preparer put it, when ITIN-bearing tax filers learn that their bottom line will not be a refund, "they walk."
"More than half of the ITIN returns included W-2 forms listing someone else’s Social Security number, and one in four of the individuals failed to report other wages and compensation for which they should have paid taxes.,/i>
Let's make it happen.
Did you mean that for me? If so, I am baffled as to why.
They're going to see about $50,000 of my green leave tomorrow.
"WHY can't we then enforce laws on the books NOW?"
I hate to tell you this, but there are no laws. There is only what our Elite Rulers in Washington want. Everything else is simply window dressing to keep the masses arguing amongst themselves and voting to put their sorry asses back in office (Divide and Conquer)
As a stockholder and account holder, I'm extremely disappointed in BofA. I'll have to see about moving my account and dumping my stock. I'll see what can be done about it until then by filing a stockholder protest.
Someone ought to sue BofA's pants off for this. It has to be illegal. If nothing else, they're suborning the illegality of the people being here.
I'd intended (but failed) to preface my response with your comment:
"The cards have a limit of $500. To have a billion in losses, BOA would have to have two hundred thousand cardholders max out the card, then default. Somehow, I just don't see it. "
My response is that it's already been done with the ITIN.
Why wouldn't "abuse" (a laughable term at this juncture) not occur to the degree you mention?
Actually, it's two million defaults at the maximum of five hundred each. That's unlikely. Beyond that, I'm not astute enough to get your point.
"I'll never get over Macho Grande."
Fascinating.
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