Posted on 02/13/2007 4:55:51 AM PST by Brilliant
In the latest sign of the U.S. banking industry's aggressive pursuit of the Hispanic market, Bank of America Corp. has quietly begun offering credit cards to customers without Social Security numbers -- typically illegal immigrants.
In recent years, banks across the country have begun offering checking accounts and, in some cases, mortgages to the nation's fast-growing ranks of undocumented immigrants, most of whom are Hispanic...
The new Bank of America program 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. Most adults in the U.S. who don't have a Social Security number are undocumented immigrants.
The Charlotte, N.C., banking giant tested the program last year at five branches in Los Angeles, and last week expanded it to 51 branches... The bank hopes to roll out the program nationally later this year.
"We are willing to grant credit to someone with little or no credit history," says Lance Weaver, Bank of America's head of international card services...
The credit cards involved aren't cheap. They come with a high interest rate and an upfront fee. And the idea of catering to illegal immigrants is controversial.
Bank of America defends the program, saying it complies with U.S. banking and antiterrorism laws. Company executives say that the initiative isn't about politics, but rather about meeting the needs of an untapped group of potential customers.
"These people are coming here for quality of life, and they deserve somebody to give them a chance to achieve that quality of life," says Brian Tuite, the bank's director of Latin America card operations...
Critics say Bank of America is knowingly making a product available to people who are violating U.S. immigration law...
(Excerpt) Read more at online.wsj.com ...
It's all about money..........I hope all LEGAL citizens change their accounts to a bank that would never think of doing this! Outrageous!
"Guess who will pay for all the unpaid credit card debts?"
Ah, me the taxpayer?
BofA deserves to go broke with these cards for illegals but we all know 'savings and loan' McCain and 'the flying witch' Pelosi will not let that happen.
You said it before I could. Let's just go and say we are Juan rodriguez and let's go waste some money. They will never catch us because there are millions of those names floating around.
We left B of A about 6 months back for the problem that occurred I believe in Cali. They guy had brought in a check that he had received for payment and he wanted to check the validity of it. It was a fake and they arrested him for it and the last I had heard he was suing them.
I used to think Wells Fargo or Washington Mutual were the worst but I was way off. B of A takes the cake.
"But if an illegal alien defaults, what remedy is there?"
Write off the debt and raise your interest rates.
My BofA Credit Card is issured by the US Government and I MUST use it for travel expenses.
And probably claim it on insurance.
Question for stockholders: Are you nuts?!
I had to present more information than ever before when I opened a new bank account 2 years ago. I had to have an original birth certificate, among other documents. When I questioned it, I was told it was FEDERAL rules since 9-ll.
How can Bank of America openly ignore the rules my bank is following?
Isn't there a site within the Federal Regularoty agency that affects Bank of America's license to do business that someone can post here so we can contact them and protest?
How about state banking laws???
This has to stop, IMO. Why should AMERICAN citizens who are being picked clean by illegal intruders over education, crime, medical costs be picked further clean by this?
BTW- if you are unclear in your area just how many illegals you have, look closely at your local drug stores and grocery stores. They are all working as agents for Western Union to send $$$ back to Mexico where there are illegals, etc.
Being in debt is the "American way". An illegal's willingness to go into debt would be a measure of his assimilation.
At a time when many lenders are already experiencing a growing default rate already due to improvident real estate loans, this seems like economic suicide."
No economic suicide for them: They just pass on the costs to the rest of us. Just like the hospitals. And the schools.
I intend to talk to my bank next time I go there, and ask them about why I have to have so much documentation to open an account and B of A can be so cavalier about it.
How many doors will now open for these folks now? They will be able to tap even more taxpayer freebies...
"Guess who will pay for all the unpaid credit card debts?"
Ah, me the taxpayer?"
Other account holders and the shareholders.
Seems there needs to be an effort to dump B of A stock over this issue.....
My BofA Credit Card is issured by the US Government and I MUST use it for travel expenses."
Contact all your state and local politicians and give them a copy of this thread.
If they are voting on spending in Congress, they need to know B of A is violating lots of rules.
"Seems there needs to be an effort to dump B of A stock over this issue....."
Yes sir! Customers and shareholders must send a very loud message!
What's in your wallet?
NOT BofA.
22% interest will go a long way against the defaults!
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