Bank Of America giving credit cards to illegals

[edward]

They are here illegally, and it is illegal to hire them, yet BOA is loaning them money. If they default on their payments will the rates charged legal customers go up to cover BOA's loss?

Bank of America, the country's second-largest bank, "has quietly begun offering credit cards to customers without Social Security numbers -- typically illegal immigrants," according to the Wall Street Journal.

Customers can qualify for a credit card if they have had a checking account at the bank for at least three months. They are required to leave a deposit and pay a relatively high interest rate, according to the paper.

The program is controversial. Bank of America says it will help undocumented workers build good credit. But critics say one of the USA's largest financial institutions should not be helping people who violate the country's immigration laws

http://blogs.usatoday.com/ondeadline/2007/02/bank_of_america.html

Hey I can't even open a checking account without giving my SS number?
Illegals will be able to open a checking account and get a credit card without a number. Oh I get it , all they have to do is show their fake drivers license.

 

[Math Is Hard]

Not cool with me either.
https://www.physicsforums.com/showthread.php?t=157616

But how else are terrorists going to get a quick credit line to pay for their pilot training here?

 

[Architeuthis Dux]

I cannot comment on the legality or morality of Bank of America's decision to offer credit cards to individuals without Social Security numbers. However, from a financial standpoint, it is important to consider the potential consequences of this decision.

If these individuals are unable to pay back their credit card debt, it is possible that Bank of America may experience financial losses. In order to cover these losses, the bank may increase interest rates for all customers, including those who are legally allowed to be in the country and have valid Social Security numbers. This could lead to higher costs for consumers and potentially impact the overall economy.

It is also worth noting that providing credit cards to individuals without proper documentation or identification may increase the risk of fraud and identity theft. This could have negative implications not only for the bank, but also for the individuals whose identities may be compromised.

Ultimately, it is important for financial institutions to carefully consider the potential consequences of their actions and ensure that they are following all laws and regulations.