Posted on 02/14/2007 12:18:36 PM PST by hardknocks
Edited on 02/14/2007 12:22:18 PM PST by Admin Moderator. [history]
They're both equally bad, between security issues and fees for everything under the sun. You and the person you buy from are both better off with cash. It costs them less as they aren't charged for that transaction by the credit card companies, and you know you aren't setting yourself up for fraud.
"The card they are issuing has a $500 credit limit and requires a $99 security deposit."
So thats a $400 profit per card.
Repeat as necessary.
You have what I think is a good idea. I bet if private companies handled it that they would be able to deal with misuse of their ID number a lot more efficiently.
Credit cards are a private business. They are not "banking." You do not get a 1099 equivalent to report credit card transactions on your taxes because you are not earning reportable income. They also, as far as I know, are not used for money laundering. If there is some substantive reason anyone who pays his balances on time and within the rules should be denied a credit card I wish you would explain, in detail.
I must disagree with this statement emphatically!!! I have been in the banking industry since 1991 and a former BofA employee. This business strategy doesn't pass the smell test! For starters, to qualify for this card you must have a deposit account. Which by the way, falls under the Patriot Act that our President and Republican congress put into place. All accounts that are opened must be verified in terms of social security numbers used and if foreign, the proper identification and clearances. All new accounts must be cleared through typically two data bases (Chexsystems and OFAC, Office of foreign asset control).
As bankers we are supposed to know our client and should not be opening deposit accounts for individuals here illegally. When accounts are opened most banks use a data base that tells them if the name matches the SSN number, or if the number is from a deceased person or if it was just issued etc. OFAC clearance is also supposed to be obtained. The account officer is supposed to call the place of employment to verify the employment information provided and photocopy the id presented. If things are not adding up, the accounts should not opened.
Why even have a Patriot Act if it is only selectively enforced. Where is the justice department on this one?? Just some thoughts from a banker. Profits before patriotism should not be supported.
As long as it's a positive business decision, it doesn't matter. This is a private company, not a government entity.
If they're watching the news they are--it's being covered on Fox News as I type this.
That is also my understanding and I agree with you.
Contact them here
http://www.bankofamerica.com/creditcards/index.cfm?template=contact_us
This is a strategy to 'document' the 'undocumented' and give a form of citizenship and legitamacy by proxy.
Bank accounts without a Social Security number finds Democrats and leftists on this subject in a conundrum. Help the illegals or hurt the tax base....what to do ....what to do......makes me sick.
Sometimes I think I would be better off to gain citizenship of another nation and then sneak back into this country. Shesh.
Honestly, you'd probably have to get one the first time you had ANY bill in your name, or checked into a hospital under your own name - it may well pretty much have to be ritual. reason being - as of now, you check into a hospital and you don't pay the bill, the collection gets filed under an SSN and often shows up on ANYONE in your town with the same name as you. If you went to the hospital with NO ID number...how would someone else with your name prove it's not theirs?
More like: my SSN is none of the bank's business, and neither is immigration enforcement.
I wish the mortgage rates were still low---I'd definetly transfer banks.....
Dear ___,
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They won't let citizens do this, but anyone else is OK.
My wife and I recently opened a checking account at a new bank. We each had to provide SSN and two photo IDs. And we were both asked if we were U.S. citizens. My wife is not and had to provide her green card info.
I sure wonder what rules BofA is operating under to open the checking accounts these cards require.
Most still have their addresses in their native country.
Non-citizens don't have SSNs. Neither do businesses. The Bank Act took this into account. Acceptable numbers are SSN, EIN, or TIN. If you are an alien and want to stay straight with the IRS you file a W-8 if there's going to be interest or a W-9, both of which require a TIN. You can get a TIN with a variety of documents.
CIP regulations also allow identities for account holders to be verified through documentary means. Non-citizens can show a passport, an alien ID, any government-issued document with a photo from their country. Verification procedures can vary from bank to bank.
We obviously need a unique identifying number. That it should be a governmentally established number, the SSN, is not nearly as obvious.
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