Bank of America Offering Credit Cards to Undocumented Immigrants (aka Illegal Aliens)

Consumer Affairs ^ | February 13, 2007

[2ndDivisionVet]

Bank of America has begun quietly offering credit cards to customers in the Los Angeles are who don't have a Social Security number, The Wall Street Journal reports. Such persons are usually undocumented immigrants.

The newspaper said that Bank of America, the country's second-largest bank, is offering credit cards to consumers who have had an account at the bank for three months or more, even if they do not have a credit history or Social Security number.

It's the latest indication that American financial institutions are serious about doing business with the millions of undocumented immigrants who until recently have had no access to such routine services as checking accounts, credit cards, home mortgages and personal loans.

The newspaper said that Bank of America tested the program at five branches in Los Angeles last year and has now expanded it to 51 additonal branches in Los Angeles County, thought to have the largest concentration of undocumented workers and illegal immigrants in the U.S.

It said the bank hopes to roll the program out nationally later this year.

The credit cards won't be cheap. They carry a high interest rate, typically about 21 percent, and an annual fee, but they do offer a way for non-citizens to build a credit history so that they can purchase cars, homes and other big ticket items on credit.

There is nothing illegal about the practice, Bank of America said. But critics say a major bank should not be helping people who violate immigration laws.

"They are clearly crossing the line; they are actually aiding and abetting people who broke the law," said a spokesman for the Federation for American Immigration Reform.

To review applicants, Bank of America is using a procedure called "judgmental lending," pioneered by MBNA Corp., the credit card giant acquired by the Charlotte-based Bank of America last year. Instead of using credit reports, bank employees make subjective judgments based on their personal observation of the customer

[stevie_d_64]

I wish I could actually get a BofA CC without a SSN, so I could rack up the balance and dissappear, to get another one...

I could live high on the hog then...No job, just go buy more Playstation games, and tacos from my favorite taqueria across town via public transportation, I probably wouldn’t have to pay for...

Sure does beat workin’...Odele! Woo Hoo!!!

[EVO X]

I do, and I’m about to cancel it.

See post 12..

[2ndDivisionVet]

Ah, but you need to work and pay taxes so that our “undocumented Americans” (as Senate Majority Leader Harry Reid so fondly calls them) can have: free hospital visits, RX, food stamps, Section 8 housing, WIC, TANF, free laptops w/Internet access, gas cards, childcare, training, and all the other goodies that encompass our welfare state. So, you see, this is not a deal that you can take advantage of, I’m afraid.

[2ndDivisionVet]

Just say NO to Amnesty!! Keep calling!! It’s NOT OVER!!

U.S. Senate switchboard: (202) 224-3121

U.S. House switchboard: (202) 225-3121

White House comments: (202) 456-1111

Find your House Rep.: http://www.house.gov/writerep

Find your US Senators: http://www.senate.gov/general/contact_information/senators_cfm.cfm

[rovenstinez]

Don’t throw out the baby with the bath water! Christmas in the USA, i went with a Mexican businessman who got into the country legally, visa, and wanted to open up a bank account. Because he didn’t have a S.S number, they sent us to BANK OF AMERICA. Bank of America needs to be commendd for their willingnes to do business with foreigners, there just needs to be legal code about giving bank accounts to people who are in the counry legally.

[BigAlPro]

The "Bank of Amnesty" is just doing their part to give the illegals a stronger foothold in America. If you think giving them credit cards is bad, you should look into how many illegals buy a home in the U.S. for use as their primary residence. HUGE problem!

Any bank dealing with illegals which are utilizing false identies is participating in FRAUD and should be dealt with accordingly.

[raybbr]

Someone brought up a good point. Since the illegals don’t have to pay taxes they get tax free interest on their savings.

[Bernard]

Bank of America, the country's second-largest bank, is offering credit cards to consumers who have had an account at the bank for three months or more, even if they do not have a credit history or Social Security number

If a 5-year-old needs an SSN so the parents can deduct the child on a federal tax return, how and why does BOA open a checking or savings accounts without one?

[wtc911]

did you hear Reid call them ‘undocumented Americans’? Even my normally placid wife blew a gasket over that one.

[Ladysmith]

“I wish I had a BofA account so that I could cancel it!!”

I do, and I’m about to cancel it.

I did, and I cancelled it.

[Doohickey]

Gosh, I’m in a bit of a conundrum here. On one hand, I’m unhappy when a company singles out a group of lawbreakers as a potential underserved market.

On the other, I’m sick and tired of a Social Security number being proof of citizenship when in fact it proves nothing. If the government wants employers and places of business to validate the legal status of it’s employees and/or customers, then it ought to provide the means to do so.

[2ndDivisionVet]

Words matter, and the democrats especially know that. Which sounds better: undocumented American or illegal alien?

“Mr. George Orwell, pick up the courtesy phone.”

[2ndDivisionVet]

This saves our “undocumented Americans” the expense of buying a bogus social security card on a street corner in Van Nuys. That’s $150 more they can send home through Western Union back to Mexico. Win/win, as they say in the Bank of America boardroom!!

[freekitty]

Or stealing one like they did mine.

[BlackbirdSST]

Maybe the credit issued could be used for OTHER illegal activities? Drug importation comes to mind. It seems the Minutemen are always finding bales of MJ. I understand they no longer worry about shipments of LESS THAN 500 pounds!

You can bet your bottom dollar if this "gringo" was spotted carrying ANY amount of MJ back across the border, they would expend enormous resources taking me down. 499 lbs would be front page news. That's not a theory I want to put to the test. Blackbird.

[RSmithOpt]

One word: RICO

[RGSpincich]

B of A is offering services to legal residents with no social security number. That includes toothless backwood constitutionalists who refuse to be documented by the government.

[2ndDivisionVet]

Huh? Please test that theory for me by traipsing down to the local branch office of Bank of America and signing up for one of these “undocumented American” credit cards, will you? I want to hear back on your success.

[2ndDivisionVet]

It isn’t RICO when you’ve got Congress on your payroll. It’s just “good business practices” and to hell with those “racist bigot nativists” who disagree!!

[MarkL]

There is nothing illegal about the practice, Bank of America said. But critics say a major bank should not be helping people who violate immigration laws.

Maybe someone can help me out here... I was under the assumption that when you opened an account at a bank, you had to give a SSN by LAW. I know that when I opened an account, I had to present both a drivers license AND a second form of ID, along with my SSN. I was told that it was part of anti-money laundering laws AND "Homeland Security." So, how does that square with BoA allowing illegal immigrants to open accounts?

And isn't what BoA doing known as "money laundering?" I was under the impression that's what you call a financial institution taking money that's known to be earned illegally.

Mark