Is what Bank of America doing.. legal ?

Question

By offering credit cards to illegal aliens ?

Though Bank of America asserts that they are in compliance with anti-terrorism laws, they must have forgotten about a couple of other ones like:

“… under U.S. Criminal Code 274, “It is a crime punishable by 10 years in jail for aiding and abetting someone in this country illegally for commercial gain.”

And...

The Bank Secrecy Act of 1972 which provides that “Banks must know their customers and any illegal activity must be reported to the government.”

What do you think about this ?
Do you support BOA or not in this action ?

If you are a legal American you have a have a social security card. That proves a lot right there dont you think ?

Answer 1

I am definitely anti-illegal! However, unless the Bank knows for sure that a person is illegal, then it is not criminally (beyond a reasonable doubt) not doing anything illegal.

Plus they are charging them high interest and fees.

The reason the banks are giving mortgages to illegals (non-residents and non-citizens can legally own property in the US) is that they pay large down payments and if the illegal is caught, the bank gets the property back and makes a tidy profit.

If the illegal does not get caught and makes the payments, the bank makes a tidy profit.

If the illegal defaults on the loan the bank makes a tidy profit.

Do you think that loan managers will have any problem with reporting the illegals (and hopefully getting them deported) when the property value exceeds the loan value?

In fact, the Treasury has a database (routinely accessed by ICE) entitled Suspicious Activity Reports (SAR) where bank employees can report suspicious activity of any type!

I like it when illegals own property. It makes them easier for ICE to catch since they can not just up and run away like apartment dwellers do!

Plus there is the economically punishment (loss of everything they have worked for and dashed dreams) when they are deported!

Answer 2

What are the EXACT details of the promotion when you opened the account, and what are the fees they are now charging for? Without knowing the details of the promotion or what these fees are for, I can't say if they are legal or not. But because their legal department signed off on it, I would be more inclined to say it is legal.

Answer 3

This is very interesting. Relying on an ITIN demonstrates that the bank does not understand what it is. Almost no-one in the USA for any length of time needs an ITIN. It is mostly of value to non-residents who, for whatever reason, have to file a US income tax return. It is now illegal to apply for an ITIN for the purpose of working in the USA, ie, you cannot pass it off as a social security number.

Now, if the bank opened accounts for people in blissful ignorance, that is one thing, but if they are actually encouraging illegals with ITINs (who demonstrably are not eligible for a SSC) to build a credit history they are morally bankrupt. Bankrupt is not a word that should ever be associated with a bank!

Yes, it is technically illegal, but we all know this administration is going to do nothing about it.

I spoke with my immigration attorney this week (legal immigrants tend to have one of those) and I fully expect to be a citizen in time to vote in the next Presidential election. My vote is up for grabs. Is there a candidate out there who is going to deliver this country and its economy from the illegal immigrants and 21st century Robber Barons? In the meantime, I am in the process of switching banks (from BoA in case anyone is still in any doubt). When I go in to close my account I will make it abundantly clear why I am switching.

EDIT: Just to clarify the point on Social Security Cards, I was a legal immigrant from the moment I stepped off the plane but I did not get my SSC for about six weeks. People who immigrate on Fiance Visas sometimes have to wait about four months. There are other proofs of identification that the bank can accept, such as a passport WITH A VALID IMMIGRATION STAMP. No stamp, no legal, no credit card. How difficult is that for a bank employee to remember?

Answer 4

I do not support BOA in this action.
As a lender, it would seem that this is a VERY risky move.
Lending to people that are unable to confirm their immigration status or their eligibility for employment, sounds like a recipe for a whole lot of bad debt.
Without a social security # on file, it will be darn near impossible to confirm employment or identity, making these customers who prefer to go ssn # less basically anonymous.
I can't imagine which corporate head came up with this "anonymous lending" plan but I have a feeling that this is going to burn their a*** and a company this stupid deserves to get singed.

Answer 5

I work for a bank and its crazy how banks go out of their way to help illegals stay in this country. I think BofA is probably the worst in catering to illegals by giving free wire transfers to mexico and offering credit cards to illegals. Walk into a BofA branch and you feel like you are IN mexico with spanish signs everywhere and the television with spanish closed captioning on. It is ridiculous.

Answer 6

Probably it's not legal, but neither it is to hire undocumented workers and they are hired by the millions, without nobody saying anything, so... how importants are those laws that are not really enforced?

What we need is a comprehensive immigration reform that promotes laws that are logical and fair.

Answer 7

No, what they are doing is NOT legal, but they seem to think they are above the law and will make more money by helping illegal aliens launder it than they might pay in fines. I think the Bank of America is being treasonous and all decent Americans should stop doing any business with them.

Answer 8

Is what the government doing legal when it puts all these requisites in order to become a citizen of the u.s. but it eagerly gives illegal aliens a TIN so that they can put more money into a system that doesn't give them anything?

Answer 9

It is legal but a very, VERY bad situation.
I understand wanting to come to America for the American dream.But there are other legal ways.

What this does is funds terrorism and other anti-American movements.It may not be the intention but that is what is going to happen.

Answer 10

It is legal, but I do not approve. Unfortunately there are only three major banks in the U. S sho even if you boycotted B of A you don't have a lot of options