Bank Blasted For Offering Credit Cards To Illegals

Charlotte News & Observer ^ | Feb 18, 2007 | Rick Rothacker

[Aeronaut]

Shame I have a mortage with BOA but I can't find a lower % rate or I would change mortage companies.

I'd be inclined to change anyway, but that's me.

[jrcats]

I've already been looking but really would just like to sell my home here in Fl & move out of state. Its just getting too expensive here when you are retired.

[nancyvideo]

Move on up to South Carolina. The people here are great. When they say 'Have a nice day' they actually mean it.
Plus, we have Mark Sanford for Governor. He should be President.

[Alia]

NC *Ping*

Please FRmail Constitution Day OR TaxRelief OR Alia if you want to be added to or removed from this North Carolina ping list.

[ladyjane]

I am also sick and tired with BoA. It's difficult to find a teller who speaks English.

Before Christmas I tried to deposit a large cashier's check at that bank. The date was December 14th. They told me that they would not give me access to the money until December 28th. It was a cashier's check! I have had accounts with them more more than 10 years and have never bounced a check. I even had private banking with them.

I walked out of BoA and around the corner to Wachovia where I opened an account and the money was available the next day. Too bad, they lost a long time customer.

[ladyjane]

That's a good suggestion.

A friend of mine started using Pentagon Federal Credit Union. I thought it was open only to military but you can join the 'Friends & Families of Military' or something like that for $5.00 and join the credit union.

They have very good rates and they have some good policies. For example, if you have an IRA CD and rates go up, they allow older people to withdraw their money with no penalty and put it into another CD with the higher rate. I think their website is www.penfed.org

[gotribe]

Are you saying we should have a law requiring a SSN to get a credit card? Baloney.

[brityank]

Then change the law:

Federal Register / Vol. 68, No. 90 / Friday, May 9, 2003 / Rules and Regulations ^:

(i) Customer information required. 
(A) In general. The CIP must contain 
procedures for opening an account that
specify the identifying information 
that will be obtained from each customer.
Except as permitted by paragraphs 
(b)(2)(i)(B) and (C) of this section, the
bank must obtain, at a minimum, the
following information from the customer
prior to opening an account: 
(1) Name; 
(2) Date of birth, for an individual; 
(3) Address, which shall be: 
(i) For an individual, a residential
 or business street address; 
(ii) For an individual who does not have
 a residential or business street address,
 an Army Post Office (APO) or Fleet Post
 Office (FPO) box number, or the residential
 or business street address of next of kin
 or of another contact individual; or 
(iii) For a person other than an individual
 (such as a corporation, partnership, or
 trust), a principal place of business,
 local office, or other physical location; and 
(4) Identification number, which shall be:
 (i) For a U.S. person, a taxpayer
 identification number; or
 (ii) For a non-U.S. person, one or more
 of the following: a taxpayer identification
 number; passport number and country of
 issuance; alien identification card number;
 or number and country of issuance of any other
 government-issued document evidencing
 nationality or residence and bearing a
 photograph or similar safeguard. 

Note to paragraph (b)(2)(i)(A)(4)(ii): 
When opening an account for a foreign business
or enterprise that does not have an
identification number, the bank must request
alternative government-issued documentation
certifying the existence of the business
or enterprise.

[Moose4]

Branch Banking & Trust -- major Southeastern regional bank that's headquartered somewhere here in North Carolina. (Their operations center is in Wilson, but I can't remember whether their corporate HQ is in Charlotte or Raleigh.)

}:-)4

[Vinnie]

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.

True
But it is their responsibility to determine that the customer is a credit risk, whether the bank can collect the debt.
That is next to impossible if the bank has no SSN, legal name, etc.
Like it or not the SSN has become a national ID number. If a person can use a phony or no SSN they can use a phony name, address, etc.

The legit customers and stock holders will pay the ultimate price for the bad debts.

[pleikumud]

Banks have sophisticated computer models for assessing risk, and they price the products (fees, interest rates)to reflect the risk. They know more about this stuff than either of us, and will make a profit.

[nancyvideo]

Thanks