Bank of America giving illegals credit cards?

Question

What do you think about Bank of America givng credit cards to illigeal alians? What about taxes and no SSN?

Answer 1

I know a lot of people say "illegals pay taxes" because they buy stuff. But that does not compare to the income taxes, property taxes, and other taxes US citizens pay in addition to sales tax. What I want to know is, when these illegals refuse to pay for the stuff they buy, what does Bank of America plan to do? Raise the interest and/or finance charges for honest people?

Why can't these people (illegals) go through the same process (and learn English) that many, many others have done and still do?

Answer 2

Um, they are a BANK. So what they are thinking about is money, bucks, nothing other than the dough. The cards are secured with a savings account and a big interest rate. I think the good ole' Bank of America will make much, much, much more money off the illegals then they could possibly lose from the people who close their accounts. I'm sure a bank would have made the calculations far in advance of the decision. They knew people would get pissed off and figured exactly what percentage of their customers would leave and how much $ would leave with them. They figured it was a great deal all around. Just think, these are people who probably have never had a credit card before and don't know how they work, will probably max out the thing as soon as they get a chance and keep it maxed out, so BOA will make millions, no---billions off them. If they default, the bank will just keep the deposit.

Answer 3

Although Bank of America is the first bank to offer credit cards to people without ssn, they are not the first to offer products. There are many other banks including Citibank and Wells Fargo who offer not only checking accounts but home loans to them as well. If I remember correctly, because of the patriot act, people without a ssn CAN open accounts (checking/saving.. not sure about credit tho) however they must show proof of residency or provide a valid ssn or the account will automatically be closed.

Answer 4

Sure they don't have a SSN, but neither do residents of other countries and they have credit cards. Besides, illegal aliens normally do pay taxes.

I haven't read enough on the issue to have a really well formulated opinion of it yet. I think if I wanted to argue against it, I wouldn't do it on the terms of taxes/SSN, but on the fact that at any time they could be forced to leave the country, making them a bad risk for a card issuer because they may not be able to make their payments in that situation.

Answer 5

Boohooo. One less customer out of 53million BofA has. Get a life. Business is business. Every bank, mortgage company, construction company, etc.... does this. So stop doing business with everyone. Oh look Best Buy sold a tv to an illegal, lets stop shopping there!! HAHA. I'm loving this. Get a life dude, stop whining and get a good job and focus on your life. You act as if Millions of Taliban, Al Queda are comming from across the border to use Bank of America's service. I know of Chase, 53rd Bank, and practically every bank in the Chicago land area has been doing it for years. Not 1 terrorist has been found using those services illegaly. Terrorist that come from the Middle East, and Asia are here legally and can do it without your lame @ss whining about it. Latin America has nothing to do with Muslim terrorism. Latin America is like 98% Catholic.

Answer 6

All banks have to follow laws from the US Patriot act as far as lending and even opening up bank accounts. They have to have proper identification required by the act and Know Your Customer (KYC) procedures. Even if somebody doesn't have a social security card they have to have other identification a secure reliable form of ID issued by a Consulate.

Answer 7

I quess they do I don,t knowI never of the bank doing that

Answer 8

It is illegal. I am a U.S. citizen and I have to pay my taxes. So, I do hope that they don't issue them at all.