Thread: Banking on Illegal Aliens

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Banking on Illegal Aliens
Andrew Swerlick
Posted: 2/23/07
U.S. businesses have started to take notice of the growing immigrant population in the United States, offering products and services catered specifically toward this group. The banking industry especially has been on the offensive, with companies like Washington Mutual offering accounts with free remitting of money to Mexico. But in the latest move in the courtship of the immigrant dollar, some people are saying that Bank of America has gone too far.

Bank of America has started a new credit card program that many say is targeted toward illegal immigrants. This program allows anyone to get a credit card even if they have no credit history and no Social Security Number; all they need is to first hold a checking account with the bank for three months without an overdraft.

Critics like Ira Melhman - spokesperson for the Federation for American Immigration Reform, an advocacy group that pushes for a strict enforcement of immigration law - generally argue that the program is "aiding and abetting" those who entered the country illegally.

Some, like Congressman Tom Tancredo (R. - Colo.), have even gone so far as to say that the program itself is illegal and could potentially be used to finance terrorism. Even the Department of Homeland Security expressed some doubt, with department spokesperson Russ Knocke saying, "At face value the program seems to be problematic. It seems to be lending itself to possibilities of perpetrating identity theft or creating more risk for money laundering."

Still, there seems to be little chance of "Bank of America extending a line of credit to a potential terrorist" as Congressman Tancredo worries they might. The program requires that applicants supply both a taxpayer ID number and some other form of identification, such as ID cards from foreign consulates. Furthermore, as Bank of America points out, the company is complying fully with all banking and anti-terrorism laws regarding customer identification.

What no one has pointed out, though, is the way in which this might decrease identity theft. As Antonio Sanchez, one of the men who has received a card from Bank of America's new program, told The Wall Street Journal, "I always wanted to start building credit to buy a home, but I couldn't. When a señorita at the bank told me about this card, I couldn't miss the opportunity to get it. You need credit in this country." Before those like Sanchez could legally obtain credit, many simply obtained it illegally.

Take for example the story of Steve Millet, reported by MSNBC.com in Jan. 2005. Millet had his identity stolen by an undocumented immigrant who managed to use his Social Security Number for more than ten years before being caught. The impostor was able to open up over ten credit cards, buy a car, take out multiple loans, and purchase a house, using the stolen number under his own name.

The number of stolen Social Security Numbers used by illegal immigrants for various purposes, including obtaining employment and credit, is difficult to estimate. However, in 2004, 8 million people paid taxes with mismatched names and Social Security Numbers.

Not all of these represent cases of stolen identity (some are due to name changes or typographical errors), but it is estimated that somewhere between 50 and 80 percent of these cases are due to illegal immigrants committing identity fraud. Making it simpler for immigrants to obtain they services they want and need without breaking the law will help cut down on the all-too-present problem of identity theft in this country.

In addition, Bank of America's credit card program will encourage immigrants to spend more in this country, bolstering the economy. There seems to be little cause for criticism, if Bank of America can ensure the program's security.

Ultimately, however, the controversy over this credit program is representative of the controversy regarding immigration as a whole. As Bank of America's director of Latin American card operations and architect of the program, Brian Tuite says: "These people are coming here for quality of life, and they deserve somebody to give them a chance to achieve that quality of life." Instead of forcing immigrants to break the law in order to "achieve that quality of life," we need immigration reform that lets them do it legally.

Andrew Swerlick is a College junior from Atlanta. He is treasurer of Emory Free Culture.
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© Copyright 2007 The Emory Wheel

Hi Jimpasz,

Bank of America is unworthy of flying Old Glory from their flag poles. They should, instead, fly the flags of India and Mexico to symbolize their pathetic devotion to foreign nationals and illegals.

And one other thing. They're damn sure not "of America." They're "of Mexico," and "of AZT Land," and they're "of India!"

Jimpasz,

Guess where our tax dollars are going?

https://www.bankofamerica.com/site/government/

Link from the above:
https://www.bankofamerica.com/site/gove ... _eagls.cfm