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 ...
What ees es-stoping mee to go into El Banco De America and esking for a credit card?
I agree.
Foreigners have deposited billions of dollars in the US banking system, and they also borrow billions from US banks. None of them have Social Security numbers, since they are not American citizens. Therefore, Bank of America is just doing more business with foreigners, in order to make more profits (it's a free market, thankfully).
It isn't the bank's job to determine whether it's customers are illegal aliens, have commited adultery, have shoplifted, or have multiple speeding tickets.
Anyone have a suggest as to a bank that follows the law? I want to switch and am looking.
that is BS! Try to move (illegally) to Mexico or any other foreign country and open a bank account and get a credit card...
This is not about BOA doing business with Foreign Investors! This is about BOA setting up a program to help individuals who live in the US illegally! Hiding behind the Mexican ID card is nothing more than a smoke screen. If you live and work in the US, even if you have a work permit you have a SS #. The people BOA is targeting with this program are not Foreign Investors, they are foreign invaders! !
that is BS! Try to move (illegally) to Mexico or any other foreign country and open a bank account and get a credit card...
This is not about BOA doing business with Foreign Investors! This is about BOA setting up a program to help individuals who live in the US illegally! Hiding behind the Mexican ID card is nothing more than a smoke screen. If you live and work in the US, even if you have a work permit you have a SS #. The people BOA is targeting with this program are not Foreign Investors, they are foreign invaders! !
I don't even use bank of America, but some people who pay me for computer work do. Next time they begin to pay me with a bank of America check I'm going to make them aware of the bank's program and refuse to accept the check as payment.
Think we could get any newspaper to put that on their front page?
Don't know how accurate this 'illegal counter' is, but it's interesting anyway;
We use a credit repair company for referral for some of our clients. I'm not an expert in the field by a long shot. I passed along the advice I received from them. They say, keep the account open and use it once a year or the minimum required. And better to have 2-4 accounts than 0 or 1.
BofA and all the other banks that give out CC without the same info American citizens are REQUIRED to give, are banking on (pardon the pun) the 30 million and growing, potential new customers becoming legal citizens.
HELLO!
This should be a wake up call if, nothing else has been. America, as We know it, will no longer exist if We don't take action to prevent what's taking place.
I read in the Wall Street Journal two weeks ago that the current credit rating system is likely to be scrapped anyway, since there are so many housing defaults going on by people with "great scores"
And you just pointed out something I completely forgot about in all the talk about illegals, the fact that there are -- I don't know - millions of legals here temporarily who don't get SS#s and who could sure use a credit card. Think of long term tourists, etc.
I remember how it was next to impossible to get a credit card in Taiwan. And it would have been to my advantage, since my US based card kept charging me extra for currency conversion.
Thanks!
Also, any recommendations on which credit cards are ok?
Not with this Administration. Heck, I thought that they would never get around to Ken Lay and his merry band of Enron cheats.
My point was that BoA is doing nothing illegal and is offering a service that can be happily used by lot of "legal people."
Bank of America stands to gain hundreds of millions in cheap deposits (little or no interest paid to depositor), which it can lend out at high rates. Whether they get the deposits from foreigners or American citizens doesn't matter. They are not in the business of turning down foreigners' money. The bank's job is to make a profit. Socialist state controls don't work. Remember the USSR?
Thanks so much for the info. I hadn't seen your question and flyingbear's answer.
Sorry, I thought I made it clear that I was copying and pasting another FReeper's information, since I included his/her screen name. Maybe you want to direct that question to him/her.
I did this for an auto insurance policy last month for the same reason. I knew that a phone call, which should the quick and convenient way to cancel, would probably actually be a hassle.
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