Bank of America is now offering credit cards to illegal immigrants.
Fox News is all over the story , and that's wonderful ,but they are reporting the story as though this problem just sprung out of thin air this morning! [Report: Bank of America's New Credit Card Targets Illegal Immigrants , Fox News, February 14, 2007] Maybe it's just this particular issue but aiding and abeting illegal immigrants has been a problem in this country for a long time.
In-state tuition for illegal immigrants, home loans, welfare, free public education...all aiding and abeting!
Bank of America is just one in a long line of pathetic, greedy financial institutions. Not only are they (in my opinion) breaking the law, they are hardly doing these people a favor. There is no way around it: THEY ARE RIPPING THESE PEOPLE OFF!! TAKING ADVANTAGE OF (WHAT ARE MORE OFTEN THAN NOT) POOR PEOPLE! Yeah, and B of A claims to be helping them...it's sickening.
First or all, they interest rate for these ards is roughly 21% AND that is in addition to a high annual fee. The applicants must also have had a bank account—either savings or checking.
The bank claims to be helping what they call people without social security numbers (illegal immigrants) by showing them how to establish credit. Hmm...how (and to whom) do they report payments etc. without social security numbers? I do not know of any credit reporting agency that does not maintain files via social security number.
Bottom line: Nobody benefits from this deal except for Bank of America.
Personally, I wouldn't use Bank of America to make change at this point. I hope Americans say "ENOUGH!!" and avoid B of A like the plague!
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Contact info for the B of A piggies: EMAIL