B of A offers cc to people without SSN's

[gackle]

Re: B of A offers cc to people without SSN's

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

I would agree with you BTC, but they mentioned in the article about the banks offering checking accounts to undocumented immigrants. While the illegal immigrant reference in the article may have been irreseponsible speculation on their part, the above quote is a historical reference and could be an easily disputable fact. If what you say is true, then they're violating the Patriot Act here as well.

[Gemini9981]

Re: B of A offers cc to people without SSN's

Banks are allowed to offer loans and credit cards to illegal immigrants. However, the immigrant needs to have applied for and received and ITIN number. It is a federally issued identification number that allows them to file taxes, etc. There is legislation pending as to take away the right of banks to issue loans to illegal immigrants (see articles at http://www.10news.com/money/6377080/detail.html and http://www.realestatejournal.com/buy...11-jordan.html

[usnavy_233]

Re: B of A offers cc to people without SSN's

Banks are allowed to offer loans and credit cards to illegal immigrants. However, the immigrant needs to have applied for and received and ITIN number. It is a federally issued identification number that allows them to file taxes, etc.

Anyone else feel sick to their stomach after reading that??

[gackle]

Re: B of A offers cc to people without SSN's

Thanks for the good info and cites, Gemini. My stomach is turning.

[buzz]

Re: B of A offers cc to people without SSN's

It is just plain wrong for BoA to do this.

[trillium]

Re: B of A offers cc to people without SSN's

BoA is offering cards to already established Customers (those that have deposit accounts). In order for those accounts to be opened required ID that was acceptable according to the US Patriot Act...

What I don't see from the article is where they are targeting illegal immigrants directly...

From the article:
The new Bank of America card is open to people who lack both a Social Security number and a credit history, as long as they have held a checking account with the bank for three months without an overdraft, the Journal said.


Section 326 of the Patriot Act Reads:
Section 326 is titled "Verification of Identification." It involves collecting and maintaining identity data on any customer opening a new financial account at participating institutions, "including name, address, and other identifying information". Since everything the government touches must have an acronym, this is called the "Customer Identification Program", or "CIP."


Unfortunately this makes the assumption that the organization issuing the forms of identication have done ITS due dilegence in order to verify the identity of the party receiving the identification.

Also from the article:
Bank of America tested the program last year at five branches in Los Angeles, and last week expanded it to 51 branches in Los Angeles County, home to the largest concentration of illegal immigrants in the U.S., the Journal said.

What you're not being given is what is the concentration of LEGAL immigrants in that area....


One last note...has anyone checked how easy it IS to get a credit card?
I've personally have gotten applications sent to me using my husbands last name (funny that, I never registered a name change), just as he has gotten applications sent to him using my last night instead of his...

I know of one case, my boss got a cc application for her cat

And if I could only find the link (it hit the news maybe a year ago) of a gentleman who went so far as tearing up the application, taping it back together, providing the information, sending in the app, and STILL getting a credit card
Link
Talk about safe and secure there!


My honest guess is that banks have been doing this already ANYWAY. The only reason BoA is getting alot of flack from it is that they are making it public that they are taking steps to include a Customer base that is being spicifially targeted for a credit card product...

just my two cents