This BofA's latest ploy to tap this market. They already spent tens of millions trying to bank the immigrant population, who statistically (warning, generalization based on statistics ahead) do not trust or like the American banking system. Especially the illegals.
The credit issued will be cash secured, and the fees & interest will be tremendous.
Not only will BofA not lose money, they stand to make a staggering sum that will have some people up in arms. If it is popular among their target market, that is. Their past efforts have been total failures and they've wasted tons of money on it.
The dilemna is beautiful though because it pits the true free-ep'ers against the anti-immigration set. A lot of conflicted minds in that group.