After thinking about it a bit, it's not really BofA's responsibility to prevent illegal immigrants from entering the country. I guess if the government isn't going to do anything serious about it, then why shouldn't they embrace the opportunity?
Wow, did credit card fraud for everyone just get much, much easier. Does this mean it will never go on your credit report too?
One the one hand, it will hopefully help stop the rampant identity theft by illegals. This is a HUGE problem that has been all but ignored by the Media and idiot politicians. Illegals use stolen identities to have a SSN for work, they then use forged documents and the stolen personal information to take out drivers licenses, open bank accounts, get credit cards, etc. Doesn't seem too harmless until you wake up one morning and find you are being investigated for Social Security fraud, by the IRS for unreported income, your credit is ruined and you have criminal warrants from states you've never visited because some illegal with a license in your name got a speeding ticket that he failed to pay.
On the other, if we get in the habit of ignoring "We are a Nation of Laws" and instead allow folks to decide what laws they like to follow and what laws they find inconvenient, regardless of the price the victims must pay, we have a truly bleak future.
On the other, if we get in the habit of ignoring "We are a Nation of Laws" and instead allow folks to decide what laws they like to follow and what laws they find inconvenient, regardless of the price the victims must pay, we have a truly bleak future.
GTaudiophile
Lifer
- Oct 24, 2000
- 29,767
- 33
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Credit reports are linked to your SS #. This new process is specifically designed for those without SS #'s. Therefore, it is not possible that it will get reported to your credit report if you don't have a SS #.
There are SIGNIFICANT fees associated with this card as well as the need for a checking account to stay active for three months. Oh, did I mention the SIGNIFICANT fees associated?
I would imagine that it's more like a "secured" credit card where the credit line is determined by an average of your average daily balance, i.e. if you have $1000 in your checking account daily for three months and you apply for such a card, then your credit line will be set at say $800 - $1000 or something like that.
A lot of people with little or no credit history (who are legal US citizens) have credit cards like this.
Also, those of you worrying about BoA losing tons of money on this, I believe you're worrying way too much...also on the issue of identity theft note that there are prerequisite and probably numerous other requirements associated to this, and you'll have to be in the realm of organized crime to actually take advantage of this exploit...imagine the amount of funds you need to tie up for three months in order to get ONE credit card...
Banks are in the business of making money. How often do you hear banks go bankrupt?
Banks are in the business of making money. How often do you hear banks go bankrupt?
Name one bank that's gotten bankrupt in the past month.
Then imagine how many more businesses go bankrupt within that same period of time.
edit: the point is that in relative terms banks are a lot more stable businesses than others.
::sigh::
Apples and oranges my friend. Just because banks don't go bankrupt at the rate other business do doesn't mean it doesn't happen, and looking at the huge banking scares we've had in US history is evidence enough that it does happen. While it's improbable for a bank as large as BoA (especially with the whole "too big to fail" policy), it does occur, especially with smaller local banks.
Metropolitan Savings in PA (technically was not bankrupt yet but they probably would have been soon)
Good news for B of A.
"In recent years, banks across the country have been offering checking accounts and even mortgages to the nation?s fast-growing ranks of undocumented immigrants, most of whom are Hispanic, the paper said, adding these immigrants generally have not been able to get major credit cards."
So B.F.D. More purchasing power, FTW.
:wine:
"In recent years, banks across the country have been offering checking accounts and even mortgages to the nation?s fast-growing ranks of undocumented immigrants, most of whom are Hispanic, the paper said, adding these immigrants generally have not been able to get major credit cards."
So B.F.D. More purchasing power, FTW.
:wine:
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