Bank Of America giving credit cards to illegals

In summary, Bank of America has started offering credit cards to customers without Social Security numbers, including undocumented immigrants. These customers must have had a checking account at the bank for at least three months and are required to leave a deposit and pay a high interest rate. While the bank claims this will help undocumented workers build credit, critics argue that a large financial institution should not be aiding those who violate immigration laws. Some also express concerns about potential security risks, such as terrorists using the credit cards to fund their activities.
  • #1
edward
62
166
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.:rolleyes:
 
Last edited by a moderator:
Physics news on Phys.org
  • #3


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.
 

Related to Bank Of America giving credit cards to illegals

1. What is Bank of America's policy on giving credit cards to undocumented immigrants?

Bank of America does not have a specific policy regarding issuing credit cards to undocumented immigrants. However, they do require applicants to have a valid Social Security Number or an Individual Taxpayer Identification Number (ITIN) in order to apply for a credit card.

2. Can undocumented immigrants apply for a credit card with Bank of America?

Yes, undocumented immigrants can apply for a credit card with Bank of America as long as they have a valid Social Security Number or an ITIN. They will also need to meet the credit requirements set by the bank.

3. Will Bank of America report credit card activity to the government for undocumented immigrants?

Bank of America is required by law to report credit card activity to the government, regardless of the cardholder's immigration status. This information is used for tax and regulatory purposes and is kept confidential.

4. Are there any limitations for undocumented immigrants who have a credit card with Bank of America?

No, undocumented immigrants who have a credit card with Bank of America have the same rights and responsibilities as any other cardholder. They can use the card to make purchases, build credit, and make payments, just like any other customer.

5. Can an undocumented immigrant with a credit card from Bank of America apply for a loan or mortgage?

Yes, having a credit card with Bank of America can help an undocumented immigrant build a credit history, which can then be used to apply for other financial products such as loans or mortgages. However, the final decision will depend on the individual's credit score and other factors.

Similar threads

Replies
19
Views
964
  • General Discussion
Replies
5
Views
1K
  • General Discussion
Replies
9
Views
4K
Replies
3
Views
4K
Replies
27
Views
5K
  • General Discussion
Replies
9
Views
2K
Replies
2
Views
5K
  • Math Proof Training and Practice
2
Replies
67
Views
11K
Replies
60
Views
10K
  • General Discussion
Replies
25
Views
4K
Back
Top