Thread: B OF A WON'T CANCEL CREDIT FOR ILLEGALS

Bank of America Won't Cancel Controversial Credit Card Program

Last Edited: Thursday, 22 Feb 2007, 9:30 PM EST
Created: Thursday, 22 Feb 2007, 12:00 PM EST
By Alexander B. Duncan
02/22/2007 --

Bank of America (BAC) defiantly declared on Thursday that it would not cancel its new credit card program for individuals with no Social Security numbers or credit histories, which critics charge is an attempt to profit from illegal immigrants and a potential threat to national security.

In an opinion piece in the Wall Street Journal, Bank of America CEO Kenneth D. Lewis made clear the bank would not kill the program, which he said was intended only to offer services to customers lacking credit backgrounds, and was not initiated to target illegal immigrants in the U.S.

"Bank of America does not deliberately market financial products and services to illegal immigrants from any country." he wrote. Instead, the bank chief said that the program was created to help consumers who lack certain financial tools.

"We believe we have an obligation to serve all those in our country who are legally eligible to receive services. To do less would be discriminatory and unfair."

Click here to see the editorial in the Wall Street Journal (Password required).

Bank of America introduced the program as a trial in the Los Angeles, Calif., area last year, and expanded it to over 50 branches in mid-February. That expansion sparked outrage amongst some politicians on Capitol Hill, who see the program as a security threat that could give terrorists a financial lifeline in the U.S.

"After September 11, we were told that money was the lifeblood of terrorists, and that we should do everything possible to block their access to financial resources," Rep. Tom Tancredo, R-Colo., said in a statement last week. "Today we are hearing a far different message: Bank of America, it's everywhere terrorists want to be."

Lewis brushed off such charges, and said that the credit card program adheres to all legal requirements.

"As with all our products, the program meets the identification requirements of the USA Patriot Act, U.S. Treasury Department regulations and internal fraud prevention procedures," he wrote.

The CEO also acknowledged that the company's decision to continue the credit card offerings would be met with more criticism.

"We know some will find this unacceptable. Even so, we feel we have a great obligation to live by the laws of the land, to serve our customers, and to do our part to support the security of our nation's financial systems."

Click here to see the editorial in the Wall Street Journal (Password required).

Reuters contributed to this report.

See also:
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Bank of America Won't Cancel Controversial Credit Card Program

http://link.toolbot.com/myfoxwghp.com/66690

There is one CITGO gas station in my area, it use to do a good business. After the Chavass and CITGO stuff hit the news and net this store is doing good to sell to 3 or 4 a day. Lets hope the same happens to BoA every where.

WALL STREET JOURNAL

Not In the Cards

By Kenneth D. Lewis
Word Count: 830 | Companies Featured in This Article: Bank of America

Finding oneself in the middle of a heated national debate is never pleasant. For the 200,000 associates at Bank of America, the harsh reaction by some to our pilot program marketing credit cards in Los Angeles has been deeply concerning. We are feeling the passion that surrounds America's unresolved immigration debate.

Some of our customers have been direct about their feelings: They don't like what we are doing. Why should anyone, they ask, who does not hold a Social Security card have access to credit?

There are two answers. First, the program is not about illegal immigrants, and never was. ...

• THE FULL WSJ.com ARTICLE IS ONLY AVAILABLE TO SUBSCRIBERS.

• IF YOU ARE ALREADY A SUBSCRIBER, PLEASE LOG IN AT THE TOP RIGHT OF THE PAGE.

http://link.toolbot.com/wsj.com/66689

Bank of America wants all media inquiries about the credit cards for illegals program to be directed to Betsy Weinberger at 1-704-387-7376. This is your chance to be a John and Ken Assistant Producer for the day!

http://www.johnandkenshow.com/

Originally Posted by Skip

Bank of America wants all media inquiries about the credit cards for illegals program to be directed to Betsy Weinberger at 1-704-387-7376. This is your chance to be a John and Ken Assistant Producer for the day!

http://www.johnandkenshow.com/

I just called and left my message on voice mail.
I quoted the article in the Wall Street Journal, and pointed out that the only people who do not have Social Security numbers are indeed illegal Aliens, and that I live in San Diego and have just closed my accounts with them.

Press Release News | Home

NLPC Blasts Bank of America Decision to Proceed With Credit Cards for Illegal Aliens

Posted on : Thu, 22 Feb 2007 18:29:01 GMT | Author : National Legal and Policy Center
News Category : PressRelease



FALLS CHURCH, Va., Feb. 22 /PRNewswire-USNewswire/ -- The National Legal and Policy Center (NLPC) today reacted to the decision by the Bank of America to continue its controversial program of marketing credit cards to individuals who do not have a Social Security number. In a guest commentary in today's Wall Street Journal, Bank of America Chairman and CEO Kenneth D. Lewis writes, "After a week of listening to our customers, we have a made a decision. We will continue our card marketing pilot program in the Los Angeles market."

Lewis defended the program by stating, "First, the program is not about illegal immigrants, and never was. It is designed to help Bank of America customers build a credit history. Second, we believe we have an obligation to serve all those in our country who are legally eligible to receive services. To do less would be discriminatory and unfair."


Carl F. Horowitz, director of NLPC's Organized labor Accountability Project, who has written widely on immigration issues, said, "This 'see no evil' rhetoric is highly misleading. Credit is not a right. It is a privilege. By terming 'discriminatory and unfair' a simple step to determine if someone is legally in this country, Lewis is cleverly making concerns over erosion of rule of law and national security look as though they are acts of denial of basic human rights."

Horowitz continued, "By refusing to consider a credit card applicant's immigration status, it is sending a message to future illegal immigrants, especially from across the Mexican border, 'Come and get your credit cards.' The fact that the bank is not explicitly targeting illegal immigrants doesn't mean it isn't aware that many applicants will be illegals."

Some 12 million people now live in this country illegally, nearly 80 percent of whom are from Mexico or Central America, three to four times the number of two decades ago.

Horowitz pointed to Bank of America's latest annual report (2005) for additional evidence that the company markets its products to illegal aliens. The report boasts of a new Bank of America program called SafeSend that allows "any Bank of America customer with a checking account to send cash to anyone in Mexico -- immediately and free of charge." The report continues, "The SafeSend service provides cash in Mexican pesos, at competitive exchange rates, to recipients in Mexico through more than 3,600 locations ... No fees, cards or unfamiliar procedures are required, only proper identification. A patent is pending on this new remittance process." Like the credit card program, a customer may qualify for SafeSend by having a checking account.

Horowitz said, "Ken Lewis tells the public one thing and his shareholders another. It is obvious that the Bank of America is trying to make a buck off the immigration crisis. Just look at these cards being issued to individuals without Social Security numbers. They are a terrible deal, carrying low credit ceilings, high interest rates and a security deposit."

NLPC, a Bank of America shareholder, promotes ethics in public life and sponsors the Corporate Integrity Project.

National Legal and Policy Center

http://www.nlpc.org/view.asp?action=vie ... e&aid=1904

(e-mail from FIRE coalition)


Operation BANKRUPT moves forward...

If you are planning on participating in Operation BANKRUPT on March 10th (our financial protest against Bank of America for offering credit cards to illegal aliens), here are some practical steps you'll need to know to maximize our effectiveness. You can even participate if you don't have a Bank of America Account

1. As soon as possible, you'll need to stop all direct deposits and automatic withdrawals to and from your account.

2. Make sure you do not write any checks that won't clear by March 10th, 2007.

3. Establish an account with a pro-American bank. What does this mean? Ask to make sure the bank does not accept the Matricula Consular card (a card that is used by foreign nationals to open bank accounts). Of course also make sure that the bank requires a Social Security Number in order to apply for credit. A couple of National Banks to check out are: Countrywide Bank, World Savings, and National City Banks. If none of these banks are in your area, call around to local or regional banks.

4. Check at OperationBANKRUPT.com to find an organized location near you to close your account at. Even if you are not a Bank of America customer, we can use your support to give the bank managers a piece of your mind (or you can attempt to open an account without a Social Security Number).

5. If, by March 10th, there is not an organized protest location near you, please do one of two things to assist the effort:
a. Close your account at your nearest Bank of America and complain to the manager about their policies.
b. If you have a Wells Fargo or Washington Mutual Account, close your accounts with them.


As always, please check back at OperationBANKRUPT.com for the latest information.

The FIRE Coalition Team

E-mail received on 2/22

Originally Posted by Skip

WALL STREET JOURNAL

Not In the Cards

By Kenneth D. Lewis
Word Count: 830 | Companies Featured in This Article: Bank of America

Finding oneself in the middle of a heated national debate is never pleasant. For the 200,000 associates at Bank of America, the harsh reaction by some to our pilot program marketing credit cards in Los Angeles has been deeply concerning. We are feeling the passion that surrounds America's unresolved immigration debate.

Some of our customers have been direct about their feelings: They don't like what we are doing. Why should anyone, they ask, who does not hold a Social Security card have access to credit?

There are two answers. First, the program is not about illegal immigrants, and never was. ...

• THE FULL WSJ.com ARTICLE IS ONLY AVAILABLE TO SUBSCRIBERS.

• IF YOU ARE ALREADY A SUBSCRIBER, PLEASE LOG IN AT THE TOP RIGHT OF THE PAGE.

http://link.toolbot.com/wsj.com/66689

Anyone out there has a subscription to the wall Street Journal.

I would like to read this article.

It will come out eventually.



R/ Skip

Thanks for all the hard work there Skip.

Sorry, can't help out on the WSJ article.
But, the NPLC article was a real nice find....

This column originally appeared in the Wall Street Journal.

HOME > Opinion > Perspective

Bank of America program isn't about illegal immigrants

Posted Saturday, February 24, 2007
PERSPECTIVE

Finding oneself in the middle of a heated national debate is never pleasant. For the 200,000 associates at Bank of America, the harsh reaction by some to our pilot program marketing credit cards in Los Angeles has been deeply concerning. We are feeling the passion that surrounds America's unresolved immigration debate.

Some of our customers have been direct about their feelings: They don't like what we are doing. Why should anyone, they ask, who does not hold a Social Security card have access to credit?

There are two answers. First, the program is not about illegal immigrants, and never was. It is designed to help Bank of America customers build credit history. Second, we believe we have an obligation to serve all those in our country who are legally eligible to receive services. To do less would be discriminatory and unfair.

This debate arises out of the identification laws and regulations in the financial services industry, and the facts may surprise some who have criticized this pilot.

Many of the laws the financial services industry follows today were put in place to help protect America. Shortly after 9/11, Congress, in near unanimous agreement, passed, and the president signed into law, the USA Patriot Act. This law has one provision that troubles many of its critics. It allows financial institutions to accept some official identification sources issued by foreign governments, including the matricula consular, an ID issued by Mexican consulate offices to its nationals living outside Mexico, as valid.

Former Treasury Secretary John Snow wrote to Congressional leaders in 2004, "Americans are better protected if consumers of all nationalities are invited into the financial mainstream." To do otherwise, the secretary warned, would "drive large sections of the U.S. population to underground financial services, [and] weaken the government's ability to enforce money laundering and terrorist financing laws."

I agree with Secretary Snow's comments. And I observe no shortage of irony in the efforts of those whose first concern is national security, but who seek to undermine a regulatory structure that was designed in large part to thwart terrorism.

The matricula consular card has received its share of criticism, much of it because it allows for the possibility that illegal immigrants may use it to participate in our financial systems. But it also is a key tool in our efforts to ensure our financial systems are not used for illegal purposes.

Specifically, in regard to Bank of America's marketing program, I would like to clarify some facts. Some have suggested that we directly target illegal immigrants, or that our program could undermine law enforcement. Let me be clear: Bank of America does not deliberately market financial products and services to illegal immigrants from any country. And our program complies with all our company's efforts to work with law enforcement agencies to prevent misuse of our nation's financial systems.

Even so, reports have stated that in some cases illegal immigrants are able to sign up for the bank's products and services. These reports are true. They also are true for many financial institutions and businesses in our country today.

We created this pilot program in Los Angeles to help Bank of America customers with little or no credit history build a solid credit history with a leading bank, and to strengthen our relationships with individuals and families we hope will become loyal Bank of America customers in the future as their financial needs grow. As with all our products, the program meets the identification requirements of the USA Patriot Act, U.S. Treasury Department regulations and internal fraud prevention procedures.

The bank requires that all applicants provide us approved forms of ID, including an unexpired, U.S. government-issued or foreign government-issued identification card. In fact, while many people legally in our country do not possess Social Security numbers, 84% of the participants in our pilot do. The remaining 16% meet the requirements for government-issued ID as set forth above.

Secured credit cards are nothing new. They are offered at Bank of America and many other financial institutions as a way for customers to build their credit history. The L.A. pilot is simply a new promotion of a secured credit card product that has been available for years.

After a week of listening to our customers, we have made a decision. We will continue our card marketing pilot program in the Los Angeles market.

We know some will find this unacceptable. Even so, we feel we have a great obligation to live by the laws of the land, to serve our customers, and to do our part to support the security of our nation's financial systems. Congress may choose to revisit this important issue. And as they do so, we will do what we have always done: abide by the letter and spirit of all this nation's laws and regulations, and continue to meet the needs of all our customers and the communities we serve.

Kenneth D. Lewis is chairman and CEO of Bank of America. This column originally appeared in the Wall Street Journal.

http://www.delawareonline.com/apps/pbcs ... 10/OPINION