What's the big deal? This sounds like the old "secured credit card" deal - you get a credit card as long as you have a checking account, you have a minimum balance to maintain, and if you miss a payment they charge you $$$ and take your account. This sounds more like BoA screwing poor people - ALL poor people. Maybe they're extending more credit than the collateral account is worth, but I bet they're making it up in fees and interest. Snore. Drudge will throw anything/everything at the wall and see what sticks.
And what's so bad about BoA keeping $$$ in America instead of letting it get shipped back to Mexico? Sign 'em up!!!
From the article...
""The new Bank of America card is open to people who lack both a Social Security number and a credit history, as long as they have held a checking account with the bank for three months without an overdraft""
--This does not say anything about secured.
They're explicitly trying to profit from indirect illegal activity. Unless someone enters or remains here illegally, they won't be a customer for the card. It's certainly not as bad as, say, financing a border smuggling operation, but it's getting close.
And, the bank couldn't do this if they knew the government wasn't going to turn a blind eye to it. And, the bank no doubt donates to political candidates, and they will almost certainly only donate to politicians who will help the bank make more money.
In other words, the bank's actions rely on and will lead to political corruption.
A Secured way to send U.S. dollars out of the Country!!!
Ask for more than One Card {for that new account}, send to others abroad!
Buy a Pre-Paid $10,000 card, let your fellow Terrorists spend the money Globally. Then Claim FRAUD!
It's about aiding and abetting criminals,KingKenrod.The
Bank of South America has huge signs in english and spanish
behind their counters in my county.The attorney general
should close them down or get a list of their clients
without SS#'s and prosecute them.Readers of Free Republic
should call their state's attorney general and complain
vociferously about this lousy,unamerican bank.