Bank of America starts offering credit cards to illegal immigrants

Discussion in 'Politics, Religion, Social Issues' started by floriflee, Feb 21, 2007.

  1. floriflee macrumors 68030

    floriflee

    Joined:
    Dec 21, 2004
    #1
    I did a quick search and couldn't find anything already posted on it, but I found this article rather interesting:

    I am curious to see how this affects interest rates, if at all, and how well the new clientele will handle the debt. Will they do better/worse than the average American?
     
  2. nbs2 macrumors 68030

    nbs2

    Joined:
    Mar 31, 2004
    Location:
    A geographical oddity
    #2
    I thought all this SSN lockdown was to catch terrorists and those who would finance - don't the checking accounts offered provide a huge opening for them?
     
  3. zimv20 macrumors 601

    zimv20

    Joined:
    Jul 18, 2002
    Location:
    toronto
    #3
    yeah, that's what i thought, too. according to the Fidelity notice i've got taped to my wall (in part):
     
  4. BoyBach macrumors 68040

    BoyBach

    Joined:
    Feb 24, 2006
    Location:
    UK
    #4

    Have you forgotten that the Dollar is God?
     
  5. princealfie macrumors 68030

    princealfie

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    Mar 7, 2006
    Location:
    Salt Lake City UT
    #5
    Woohoo! Someone's got the right idea behind all this.
     
  6. obeygiant macrumors 68040

    obeygiant

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    totally cool
    #6
    Is an illegal immigrant higher risk for a $300-$500 credit card than, let say, a college freshman? I'd like to see some numbers on the cards that are never paid back.
     
  7. smueboy macrumors 6502a

    smueboy

    Joined:
    Oct 30, 2006
    Location:
    Oz
    #7
    Having a social doesn't guarantee you a credit card, a legal immigrant with a new SSN can't get a card due to lack of a credit history (which is the ultimate chicken and the egg conundrum, if you consider that without a credit card building a credit history is pretty hard, but i digress). So, allowing people with no SSN to obtain a card seems odd.
     
  8. srf4real macrumors 68030

    srf4real

    Joined:
    Jul 25, 2006
    Location:
    paradise beach FL
    #8
    Money talks and the undesirable illegals are making it. Dealing drugs, guns, grand theft auto, etc... but it's hard to buy a $10 mil mansion with cash - raises alot of eyebrows. Give 'em a credit line so they don't have to report all their income to the IRS. :rolleyes:

    Then, there are the illegal but honest hard workers who are the bedrock of our economy. Do you think they can afford to get a tax id number to bypass immigration officials? Heck no! They're still just as desperate as the day they set foot in America.

    I e-mailed Bank America to complain and they sent me a form letter:

    "Thank you for contacting Bank of America.

    Bank of America prides itself on looking for innovative ways to extend
    credit to individuals who have demonstrated sound financial management,
    but may be challenged with building credit, such as life-long cash
    users, or rebuilding their credit histories.

    Like many of our programs, this credit card initiative is meant to
    educate existing customers about building a solid credit history. We use
    the same criteria to extend credit across our entire customer base.
    Customers who sign up for this particular credit card program must meet
    the following requirements:

    - Have an existing deposit account.
    - Have either a Social Security Number (SSN) or proof of United States
    government federal taxpayer status, such as a federal government
    Taxpayer ID Number (TIN). The USA PATRIOT Act customer ID requirements
    are fulfilled for all Bank of America customers.

    Given we have 5,700 banking centers throughout the country, this is a
    very small pilot that educates and helps existing Hispanic customers
    understand how to develop good credit history in 51 Los Angeles banking
    centers.

    If you have any further questions please feel free to contact us from
    the web via http://www.bankofamerica.com/contact .

    Sincerely,

    Lauren F.
    Bank of America"

    :mad: :rolleyes:
     
  9. floriflee thread starter macrumors 68030

    floriflee

    Joined:
    Dec 21, 2004
    #9
    I would think that illegal immigrants might be a bit more of a higher risk because they could be a lot harder to track as they have less avenues of leaving a paper trail to track them down if they are suddenly unable to pay their bills.
     
  10. GoCubsGo macrumors Nehalem

    GoCubsGo

    Joined:
    Feb 19, 2005
    #10
    Well $500 will buy them a social security number in Los Angeles. Go BofA!!!
     
  11. floriflee thread starter macrumors 68030

    floriflee

    Joined:
    Dec 21, 2004
    #11
    An update on the issue...

     

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