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How Do You Feel About This?
#1
Bank of America credit card - no SSN required

By Miriam Jordan and Valerie Bauerlein
The Wall Street Journal


LOS ANGELES - In the latest sign of the U.S. banking industry's aggressive pursuit of the Hispanic market, Bank of America Corp. has quietly begun offering credit cards to customers without Social Security numbers - typically illegal immigrants.

In recent years, banks across the country have begun offering checking accounts and, in some cases, mortgages to the nation's fast-growing ranks of undocumented immigrants, most of whom are Hispanic. But these immigrants generally haven't been able to get major credit cards, making it hard for them to develop a credit history and expand their purchasing power.

The new Bank of America program 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 Charlotte, N.C., banking giant 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 bank hopes to roll out the program nationally later this year.

"We are willing to grant credit to someone with little or no credit history," says Lance Weaver, Bank of America's head of international card services, whose team designed the program based in part on the bank's experience in markets like Spain, which lack conventional credit bureaus to rate a client's credit-worthiness.

The credit cards involved aren't cheap. They come with a high interest rate and an upfront fee. And the idea of catering to illegal immigrants is controversial.

Bank of America defends the program. Company executives say the initiative isn't about politics, but rather about meeting the needs of an untapped group of potential customers.

"These people are coming here for quality of life, and they deserve somebody to give them a chance to achieve that quality of life," says Brian Tuite, the bank's director of Latin America card operations and one of the architects of the program.

Typical of the new card's customers is Antonio Sanchez, a Mexican immigrant whose only major asset is a white 1996 Ford Thunderbird, which he drives to the two restaurants where he works each day on opposite sides of Los Angeles. Sanchez, who says he snuck across the border a decade ago, has been a customer of Bank of America's East Hollywood branch for nine years. He has no borrowing history and no Social Security number.

To obtain a Bank of America Visa card with a $500 line of credit, Sanchez had to put down $99.

If he stays within his $500 limit and pays his balances in a timely fashion, he will receive his $99 security payment back in three to six months, and his credit limit might be increased.

"When a senorita at the bank told me about this card, I couldn't miss the opportunity to get it. You need credit to succeed in this country," he said.
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This is something I found on another site, but found the topic and the responses very interesting, so I couldn't resist bringing it here to see what you all thought.
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#2
you know, to be quite honest, this pisses me off. i am a young male, with a good credit history. i've never overdrafted my bank account. i pay my credit cards on time. i have a student loan i've never missed a payment on. AND I CAN'T GET A FREAKING BANK OF AMERICA CREDIT CARD! i guess i'll just stick with my capital one no hassle card.
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#3
The only thing that I think about it is that I'm sure their accountants have run the numbers, and that they expect to make money at it.  Why would a bank care about anything else?
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#4
hmmmm giving credit cards to illegal immigrants who are applying under fake names and not asking for their fake social security numbers?  wonderful.  what's next? no id? no problem.  as long as you're a customer for three months. 

here's a clue:  credit is not in the bill of rights as a god given entitlement.  it has to be earned and maintained. 

but what do the banks care?  this is nothing new.  right up there with those no credit? bad credit? all you need is a pen commercials.  sad state of affairs.  if 1 out of 5 bails on them they're covered by the up front fees and the high finance charges. 

and uhm catering to the illegal populace to expand their buying power?  wtf?  they're illegal.  the ins should run a similar offer and then deport any illegal who shows up.  but hey they won't wait in line and follow the rules to get in legally so why make them adhere to any rules right? 

and on the flip side this is just pure banking greed preying on this group.  i'm sure these finance rates must be stellar and i'm wondering if there's a loophole to circumvent the maximum finance rate laws.  indentured servitude here we go. 
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#5
Funny... You can lend money to anyone, but you cannot take in deposits without knowing everything about them (anti money laundering).

 

 
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#6
"Bank of America defends the program. Company executives say the initiative isn't about politics, but rather about meeting the needs of an untapped group of potential customers.

"These people are coming here for quality of life, and they deserve somebody to give them a chance to achieve that quality of life," says Brian Tuite, the bank's director of Latin America card operations and one of the architects of the program.""

ummm then this before it.

"The credit cards involved aren't cheap. They come with a high interest rate and an upfront fee. "

I guess thats not a big deal if you pay it off..  But of course they arent looking to help anyone.  They only want to offer them an "oportunity" then watch them struggle with making payments while the bank reaps the benifits.

Other then that, Im not sure how I feel about this issue.  :?
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#7
It's great!! 

Give them the card & accounts....Wait 1 - 2 years & then have Homeland Security seize the records, addresses & accounts. Anyone legal is safe.
If Sonny had EZ-Pass, he'd have survived that hit...
Never apologize mister, it's a sign of weakness. - Capt. Nathan Cutting Brittles
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