Bank of America Offers New Credit Card Line Soley For Illegal Immigrants

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BofA aims new credit card at illegal immigrants: report

NEW YORK (Reuters) - Bank of America Corp. has begun offering credit cards to customers without Social Security numbers, typically illegal immigrants, the Wall Street Journal reported on Tuesday.

In recent years, banks across the country have been offering checking accounts and even mortgages to the nation's fast-growing ranks of undocumented immigrants, most of whom are Hispanic, the paper said, adding these immigrants generally have not been able to get major credit cards.

The new Bank of America card is open to people who lack both a Social Security number and a credit history, as long as they have held a checking account with the bank for three months without an overdraft, the Journal said.

Bank of America tested the program last year at five branches in Los Angeles, and last week expanded it to 51 branches in Los Angeles County, home to the largest concentration of illegal immigrants in the U.S., the Journal said.

The bank hopes to roll out the program nationally later this year, the paper said.

A Bank of America spokesman was not immediately available to comment.

© Reuters 2007. All Rights Reserved.

 

[p0ink]

ok, all ethics and obedience to federal and state law aside, this is insanity.

they are offering credit cards to people who have no social security # and no way of being traced, other than they owned a checking account for 3 months.

who do you think is going to end up eating the costs through higher APR's and banking fees when these illegals who have this charge card ring up the bill and then bail? YOU WILL.

this has great potential for a class-action lawsuit, though. i say we all go to bank of america and try to apply for checking account / credit card, but when they ask for our social security, we tell them 'no-no, i don't have one'.

see how fast we get denied.

 

[ole farte']

My greedy side says I hope they know what they're doing , i own quite a bit of BAC stock. btw, their stock did go up today.

 

[samoth]

Isn't this inviting CC abuse and identity theft or whatever? How hard would it be for me to get, say, a CC in AAP's name or vica versa?

 

[p0ink]

exactly...

actually, us law-abiding citizens are more likely to be victims than illegal immigrants. it is us who has to give our social security number, which can be used for sooooo many bad things it isnt even funny.

 

[ole farte']

Well it is a extremely well run bank, the share prices have increased every year and the div is over 4%. I would guess they have the risk to reward ratio figured out. ........I hope

 

[Big Rick Rock]

Pretty cool. Good move by the bank, good way to bring in more customers. Not surprised their stock went up.




-BRR

 

[ole farte']

Don't get me wrong, if they are illegally here then they should be deported but if the gov'ts not gonna do that then an american company might as well make some money off of them.

 

[p0ink]

oh, i have no doubt it will increase their customer base...i just see it as highly discriminatory.

 

[gotmilk]

I'm getting ten cards myself.

Olama bin Saden from Sacramento via Juarez, Mexico