Thread: Bank Of America's Policy Gains and Loses Customers

Bank Of America's Policy Gains and Loses Customers

http://www.newschannel5.com/Global/story.asp?S=6096871

Feb 16, 2007 12:06 AM

As NewsChannel 5 reported earlier, the Bank of America now allows people to open all kinds of accounts, even if they don't have social security numbers like undocumented immigrants. However, the fallout began soon after when customers started withdrawing their money.

There have been reports of people across the country who said they're no longer banking at the Bank of America because they disagree with the new policy.

It's even hit some local cities who now want to do business somewhere else.

Since Bank of America's take on the immigration debate hit the news, talk show hosts took on the topic.

Conservative radio talk show host Phil Valentine is at the head of this spiraling fallout, urging listeners to cut up their Bank of America credit cards and close accounts.

"I'm sorry folks at Bank of America but this is war. I'm getting my account, get it down to $50, and I'm gonna send in the last 50 in pesos," Valentine said on his show. "I'm just not going to patronize people who do not have the best interest of our country at heart."

The backlash has even trickled down to small government meetings. The City of Oak Hill has millions of city funding set to be transferred to Bank of America accounts, but now some commissioners want to hold off.

"It's a security risk. It's a homeland security risk," Oak Hill Commissioner Ray Throckmorton said.

Many governments, businesses and individuals are now considering the bank's police when deciding where to put their money.

Oak Hill is just one tiny community now thrown into the center of the latest facet of the immigration debate, forced to decide next month on how to vote with their checkbook.

"I think it is unfair for a bank to reward illegal behavior or conduct," Throckmorton said.

Bank of America continued to defend its policy saying it's a helpful way to allow people to establish credit. Right now, this Bank of America pilot program is only running in 51 branches across the US.

Events like this are waking up American right and left. Hope to God this will be a wake up call to other corporations. I'll be watching very carefully to see how this proceeds (Miller....). Congress, are you hearing our rage at this issue?! It seems together the American public can make a difference and be heard.

This is going to be gooooooood! Here comes a run on these money grubbers.

Stock closed at $54.05 on 2/16/07. Let's see what it is next week.