BoA To Give Credit Cards to Illegal Immigrants
Bank Of America is going to start giving out credit cards to illegal immigrants who don’t have social security numbers.
Apparently there will be some checks in place to make sure they’re not financing terrorists. The applicants must maintain a bank account for 6 months and pay an upfront fee.
What I’d like to know is how on earth can they open bank accounts without a social security number?
If you found this post helpful, consider donating to my coffee fund!![[del.icio.us]](http://images.del.icio.us/static/img/delicious.small.gif){kind=small}
-
![[Thanksgiving In Washington]](http://www.naturalnews.com/cartoons/Thanksgiving_in_washington_600.jpg "[Thanksgiving In Washington]")
Happy Thanksgiving! Happy Thanksgiving! Here's an interesting cartoon on the topic. [source: NaturalNews.com] There's certainly one group of people who have a lot to be thankful for this Thanksgiving: The white-collar criminals in Washington who are looting the U.S. Treasury and stealing trillions of dollars from taxpayers. That's what this financial bailout...... -
The End Of Credit? Yesterday I got a call from American Express. I was curtly informed that my True Earnings American Express Cash Rebate Credit Card limit was reduced 90%. It isn't a really big deal because I don't need that sort of limit. I've never used more than 40% of the limit anyway....... -
Real Estate: No Bottom Yet? John Mauldin is an investment adviser and president of Millennium Wave Investments. He sends out an interesting weekly newsletter, which most recently focusedon the current real estate market. It seems like the bottom isn't in sight yet: Analyst contend that much of the bad news in the subprime-loan and housing......
Related Websites
- The Truth about Credit Cards and Debt pt 1 This is part one in a two part series about credit card debt and where we actually stand as a nation when you consider the pure numbers. You have probably heard figures like "The average American carries more than $8,000 in credit card debt on average." But what does this......
- How To Use Credit Cards Without Bankrupting Yourself Credit cards, contrary to popular belief, are not a necessity. It is perfectly feasible to go through life without a credit card – but few are cash rich enough to do so and building credit is difficult without some kind of revolving credit in your history. Not to mention that......
- Credit Card Closed My Account I received a letter from my credit card issuer the other day that indicated they were closing my account due to inactivity. It didn't bother me really, because this is a credit card that I had paid off and never used. However, it was a card I've had since 2000......
[All content is copyright of Living Off Dividends & Passive Income]
February 14th, 2007 at 8:18 am
Interesting. You had to figure someone was going to pull the trigger on this one, and if they’re willing to jump at it this quickly, you have to believe there is a lot of money to be made, either in sheer volume, because the group may have a propensity to pay more interest than other groups, etc.
It would be a pretty sick and twisted move if they’re going for some sort of “payday loan” type lock-in with this offering.
February 14th, 2007 at 8:26 am
If you’ve got a chunk of your population that are illegal immigrants then you knew the banks would eventually want to tap into this potential source of income. You know these immigrants are making money somehow – banks and credit card companies don’t want to miss out on the chance to make some more money.
Though I have to agree with your question – don’t they need to have a social security number to open a bank account?
February 14th, 2007 at 10:12 am
in the article, it says the rate on these sort of cards is around 21.5% which is a lot less than those payday loans, which i’ve heard run 58% and up!!
February 15th, 2007 at 5:31 am
In other cases like this they accept Mexican ID cards. I opened a bank account here when I was a grad student before I got an SSN I beleive using my passport. Just like any foreign investor can.
February 15th, 2007 at 9:49 am
ahh… so its a non-interest bearing account. unless they get a TIN. That makes sense.
February 17th, 2007 at 6:19 pm
They probably borrow a SSN from an unsuspecting citizen.
August 28th, 2007 at 1:59 am
I don’t really see any profit banks could make on such users but a higher percantage rate. it more smells like extra risk for issuers to give credits to people without a SSN