BANK OF AMERICA -- and then some...

[TigerLily]

I don’t usually post a link here, but this really fried me this morning when I heard it.

It’s just plain wrong.

Maybe we should boycott all Bank of America cards and accounts.

What do you think???

http://www.foxnews.com/story/0,2933,251672,00.html

[MassillonMom]

Yeah, you have American citizens:usflag: who can't get a credit card even though the have had a checking account for years (without overdrafts too) and Bank of America is just handing out these cards it seems.

Not fair!!

[CarlE]

If you can't get a credit card today you obviously have a past, very public history of not being able to handle money and being severely in debt. I probably get five freaking credit card offers a week, and I know that most people also get them. Hell, college kids with no credit history whatsoever have credit cards these days. Even the ones that have run them through the roof and need to make some type of temporary restitution.

And if you read the article, they are not "just giving them out". There is a criteria around it. Quit complaining. This doesn't affect you whatsoever. And it will help my lawn and pool guys.

[MTown]

I really don't see what the uproar is here. A bank is in the business of making money. If Bank of America is going to issue a credit card to somebody without a social security number, all they care about is will the borrower pay the money back with interest. If they have current checking account customer that they won't issue a credit card to, it's probably because they don't pay their bills on time and are a bad credit risk. That's not the bank's fault, it's the customers fault.

If I owned stock in Bank of America I would love this because they are going to access a marketshare that no one else has right now.

[TigerLily]

Just a couple of questions…

What happens if your lawn and pool guys run them through the roof, then head back across the border? How are we going to find them to make restitution???

Then, what?? Do we get stuck with the bill by having higher interest rates passed along to us?

And, if no social security number is needed, then why do I have to give it out all the time? I pay on time too…

[MTown]

If they rack up debt and hit the road the Bank of America takes a loss. But that can be the case with anybody, and not just illegals.

You get higher rates now from the millions of Americans (and the number is growing) who charge off on bad credit debt now. Bank of America is trying to increase profits...if this program does not make them money, they aren't going to do it anymore..

As for you giving out your SSN...

I would assume that because these new customer do not have a social, their accounts will be riskier than the typical American and will probably carry a higher interest rate than what you pay now.

[TigerLily]

I guess I really don’t like the idea of the mindset of making money by whatever means it takes -- in this case from “illegal” immigrants. They seem to be able to just do just about anything they want in this country, even though they are here without entering the country correctly.

Isn’t this in some way contributing to the illegal problem??

[CarlE]

Just a couple of questions…

What happens if your lawn and pool guys run them through the roof, then head back across the border? How are we going to find them to make restitution???

Then, what?? Do we get stuck with the bill by having higher interest rates passed along to us?

And, if no social security number is needed, then why do I have to give it out all the time? I pay on time too…

You need to take a financial course TigerLily. Credit card companies insure themselves for BILLIONS of dollars for situations like that. You're interest rate has NOTHING to do with that. Anyway, if my lawn and pool guys head out, I hope they left a couple of kids behind for me to hire!! LOL

[CarlE]

I guess I really don’t like the idea of the mindset of making money by whatever means it takes -- in this case from “illegal” immigrants. They seem to be able to just do just about anything they want in this country, even though they are here without entering the country correctly.

Isn’t this in some way contributing to the illegal problem??

:ohplease:

[TigerLily]

Thanks for your input guys… it was very interesting. I still don’t really think it’s a good thing, but you have been very informative, as usual.

And, as far as that financial course, well I think I’m just too busy right now…. http://www.wdisneyw.com/forums/images/smilies05/puter.gif and besides, that’s what I have all of you on here for…. http://www.wdisneyw.com/forums/images/smilies/Thanx.gif

[MTown]

It's all about perspective...

If the banks can expand by increasing credit card volume, perhaps they can increase the amount of white collar jobs for Americans.

[Kamd50]

Thanks for your input guys… it was very interesting. I still don’t really think it’s a good thing, but you have been very informative, as usual.

And, as far as that financial course, well I think I’m just too busy right now…. [and besides, that’s what I have all of you on here for…. ]

LOL TigerLily:thumbsup: I don't like it either. But more from the standpoint that it seems we (the U.S. society) are freaking rewarding and encouraging them to break the laws of this land that so many have died for in the past and ARE dying for as we speak. Send them all off for a tour of duty or two before they can enjoy the fruits of others' labor:bomb:

[xtiger]

LOL TigerLily:thumbsup: I don't like it either. But more from the standpoint that it seems we (the U.S. society) are freaking rewarding and encouraging them to break the laws of this land that so many have died for in the past and ARE dying for as we speak. Send them all off for a tour of duty or two before they can enjoy the fruits of others' labor:bomb:

I agree........And what most people don't understand is all the defaults
effect the interest rate that we pay. The more defaults that a company experiences, the higher our rate and fees. Someone is paying for the re-insurance!

[longtimefirsttime]

"Financial institutions, immigrants face quandries"
http://www.azcentral.com/arizonarepublic/business/articles/0213biz-talton0213.html