Posted on 02/13/2007 6:22:38 AM PST by Calpernia
Bank of America Corp. has begun offering credit cards to undocumented customers, many of whom are illegal immigrants, according to the Wall Street Journal.
The only requirement to get a card with the new program is to have had a BofA checking account for three months without an overdraft – those without a Social Security number or a credit history are still eligible. BofA executives said the program aims to tap into the growing market of illegal immigrants, which is largely Hispanic, and has not violated any U.S. banking or antiterrorism laws.
Cards are already being offered at 51 branches in Los Angeles County, an area with the country’s largest undocumented population. The Charlotte, N.C.-based company said it plans to make it a national program by the end of this year.
Bank of America launches credit card for illegal immigrants by Mike Carney http://www.carneysblog.blogspot.com/
Bank of America, the country's second-largest bank, "has quietly begun offering credit cards to customers without Social Security numbers -- typically illegal immigrants," according to the Wall Street Journal.
Customers can qualify for a credit card if they have had a checking account at the bank for at least three months. They are required to leave a deposit and pay a relatively high interest rate, according to the paper.
The program is controversial. Bank of America says it will help undocumented workers build good credit. But critics say one of the USA's largest financial institutions should not be helping people who violate the country's immigration laws.
"They are clearly crossing the line; they are actually aiding and abetting people who broke the law," says the spokesman for the Federation for American Immigration Reform.
Make no mistake about it: millions of dollars are at stake.
"If we don't disproportionately grow in the Hispanic [market]...we aren't going to grow" as a bank, a company official told the Journal.
USA TODAY reported last year about the buying power of immigrant customers, including undocumented workers. Bank of America says nearly half of the nation's Hispanic households have one of its credit cards.
sounds like ol jiggyboy is gonna help himself to some credit card fraud three or four months from now.
NO Fair! I want one of those cards! Why should I have to hold a traditional card with social security # and DOB behind it, ripe for identity theft, while illegals are able to bank risk-free!
Millions of dollars? Try tens of billions.
We have one Credit card with BOA..guess we will move that account somewhere else.
Wouldn't want to be in with that class of customers.
Just think of all those BoA cardholders whos interest rates and fees etc will balloon when they start sharing the expense of uncollected debts from the illegals who decide not to pay their bill.
According to one story, they are offering secured cards, which means that the credit limit is established by the amount of a certificate of deposit that the cardholder may not touch. Thus, default of the card and the bank just takes the money from the CD under Right of Offset.
What does the Patriot Act say about opening a bank account?
"While we are undermining the nations' immigration laws, it's okay, because we'll be making money."
How does this work with credit reports? I can't even order a new cell phone without having one run.
"While we are undermining the nations' anti-terrorism efforts, it's okay, because we'll be making money."
I though a SS was a requirement indeed.
But, this may just add to the thought that the Gov does want illegals here (as if there was a doubt).
The excerpt below says BofA accepts matriculas.
http://www.freerepublic.com/focus/f-backroom/1472612/posts?page=38#38
illegal alien labor:
- Immigrants send home on average $1,400 to $1,500 per year through money transfers (also called Remittances).
- As per the World Bank in 2002, people sent $133 billion worldwide. Developing countries accounted for $88 billion of that.
- Remittances from the United States to Mexico have tripled to $13 billion between 1995 and 2003.
- As per the Pew Hispanic Center, 39% of surveyed Latino immigrants listed themselves as having legal status to opening bank accounts. This enables cash transfers through private money centers such as Western Union and Money Gram.
- HOWEVER, banks including Citibank, Bank of America, and Wells Fargo Bank began accepting matriculas, which are photographed identity cards for Mexicans living in the US.
- Matriculas are obtainable by any legal or illegal Mexican. Matriculas are widely obtainable through Mexican consulates across the USA.
- To date, around 2.5 million matriculas have been issued, and the number is growing.
Matriculas
Screw that let them give credit to people they can't track, they'll lose billions. Then they will try to make up for those losses by charging us higher interest. It's all marketing, and they are going to take a bath on this one, because I don't have a BofA card, and the card I do have has a very low balance.
I have an idea: Lets all apply for a BofA credit card and refuse to give our SSN- and when they complain we file a law suit saying they are discriminating against ACTUAL AMERICAN CITIZENS
Yeah, I get it.
Still, while not surprising, this is plain weird.
Even if a secure 'credit' card doesn't need an SS number, doesn't the qualifying checking acct require one?
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