February 16, 2007

•  

  
  NEWS: BoA Offers Credit to Illegal Immigrants

  Bank of America recently announced that it would offer credit cards to those consumers without social security numbers. The move stands to benefit the banking giant's bottom line in a huge way – but it facing backlash from existing customers, who are irate that illegal immigrants are facing the same benefits as those citizens with good credit. The cards-for-aliens brouhaha is the newest battle in the ongoing American donnybrook over the topic of illegal immigrants' rights, against which many citizens stand firmly.

  
  It is estimated that the number of illegals living in America number from 12 million upwards. That figure represents a potential windfall for BoA. Moreover, it is a policy shift that stands to make a great impression on a segment of the population that has faced little more than persecution, racism, and hatred. Not all of these immigrants are penniless – many have assets that BoA would stand to add to its coffers, which are already the biggest of all financial institutions'.

  
  Existing BoA customers, and complete outsides are both furious at the idea that those here illegally would be offered credit, which "real" citizens must work hard to maintain. The notion has also provoked concern in Washington, where representatives fear that undesirable people –those with terrorist ties, namely- will gain access to credit used in the economy of underground threats.

  
  The card is not without strings attached. The accounts being offered to these customers come with higher interest rates, a $99 upfront fee, and a max limit of $500, which hardly seems like enough of a line on which to do any real damage.
   

  
  
     Back to News Main Page