Posted on 02/22/2007 9:15:16 AM PST by Sub-Driver
Bank of America Won't Cancel Controversial Credit Card Program
Thursday , February 22, 2007 By Alexander B. Duncan
Bank of America (BAC) defiantly declared on Thursday that it would not cancel its new credit card program for individuals with no social security numbers or credit histories, which critics charge is an attempt to profit from illegal immigrants and a potential threat to national security.
In an opinion piece in the Wall Street Journal, Bank of America CEO Kenneth D. Lewis made clear the bank would not kill the program, which he said was intended only to offer services to customers lacking credit backgrounds, and was not initiated to target illegal immigrants in the U.S.
"Bank of America does not deliberately market financial products and services to illegal immigrants from any country." he wrote. Instead, the bank chief said that the program was created to help consumers who lack certain financial tools.
"We believe we have an obligation to serve all those in our country who are legally eligible to receive services. To do less would be discriminatory and unfair."
Click here to see the editorial in the Wall Street Journal (Password required).
Bank of America introduced the program as a trial in the Los Angeles, Calif., area last year, and expanded it to over 50 branches in mid-February. That expansion sparked outrage amongst some politicians on Capitol Hill, who see the program as a security threat that could give terrorists a financial lifeline in the U.S.
"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," Rep. Tom Tancredo, R-Colo., said in a statement last week. "Today we are hearing a far different message: Bank of America, it's everywhere terrorists want to be."
(Excerpt) Read more at foxnews.com ...
Well, they have lost me as a customer.
My husband has said he wants to go in there and try to apply for a credit card with no social security number, just to test their claims that it is for everyone. How much you want a bet they will laugh him out of the branch.
"Bank of America does not deliberately market financial products and services to illegal immigrants from any country."
B.S.!
I'm not a big fan of government regulation, but this is a place where it's needed. And won't happen.
That's what I've been waiting to hear -- Commence cancelling BOA accounts immediately
There are thousands of inner-city and low-income folks who get turned down by the major credit card companies, including I bet BofA, because they have poor or no credit. Bank of America Mexico's argument is a strawman.
I have a MasterCard with them I rarely use. Guess I should get rid of it now, though experts tell you not to close accounts because it could hurt your credit rating. Mine is pretty high so hopefully this would not have an impact. The problem is calling and trying to reach a human being who will just do as you ask and not keep you on the phone for a half hour trying to offer incentives to stay with them.
I, on the other hand, have cancelled my BoA credit card.
Glad I don't have one.
What's the deal here? Don't they ask for any identification? Why can't I just get a card in Ronald McDonald's name, run it up and walk?
I highly recommend Commerce Bank, if they are in your area (NE and Florida).
Unlike Bank of "America" Commerce Bank does require a SS#.
Dr. Laura is upset about this and mentioned on her show yesterday that she sent back her BOA card.
Why would self canceling a credit card rarely used affect your credit score? Don't make sense to me.
They just lost me. And they will cringe whne they read my email.
I would like to turn the whole Bank of America in to the IRS Fraud Unit. Obviously, their program is used by people intent on not paying federal taxes.
Do I get to keep my 15% IRS bounty?
That was his question, as well. We have had our checking account with them for 2 years, and when he applied for a credit card with them last year, they declined him. So now he is really curious as to why, when they seem to have no real guidelines by the own insinuation with their new program.
Closed my business checking, personal checking and BoA credit card yesterday. Told them why....I suggest anyone else who is unhappy with their actions do the same.
Only thing their customers can do is close their accounts, and fast. Becuase they'll soon find themselves with higher rates and fees, as BOA tries to spread out the costs of purchases by people who use the cards and never pay the bills.
>>>Why would self canceling a credit card rarely used affect your credit score? Don't make sense to me.<<<
Actually, closing an unused account should help the credit score, as one of the factors in a score is the limit on open accounts.
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