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?
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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