Thread: City of Oak Hill Balks on BOA

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Thursday, 02/22/07

Oak Hill reconsidering using Bank of America due to policy

By PAM SHERBORNE / For Davidson A.M

Oak Hill, a satellite city in Davidson County that is not part of Metro government, is reconsidering whether to place its funds in Bank of America accounts due to the bank’s policy of issuing credit cards to persons with no Social Security numbers.

Ray Throckmorton, an Oak Hill City commissioner and former mayor of Oak Hill, made a motion at a Feb. 15 Oak Hill Board of Commissioners meeting to put on hold implementation of transferring Oak Hill City general accounts to the Bank of America until they can obtain additional information on the impact of the bank's policy.

The city had decided last fall to find a new banking institution for their general accounts which includes the checking account and investment portfolio, said City Manager Bill Kraus. They received five proposals and, in December, had narrowed those bids down to Bank of America and Fifth Third Bank. In January, they selected Bank of America. (The city had banked with SunTrust Bank).

But, at the board meeting on Feb. 15, Throckmorton and Vice Mayor Tommy Jacobs both expressed concern over the Bank of America policy after media brought it to their attention. Jacobs seconded the motion to the three-person board.

"I was very concerned with Bank of America giving credit to those people who have come into this country illegally," Throckmorton said. "I think it is counter productive and endangering to all of us. I've got a real problem with a company that rewards lawbreakers."

The city of Oak Hill will revisit the issue at their March 15 Board of Commissioners meeting. Throckmorton said the checking account with operations money is normally $250,000-$300,00, and the investment porfolio is $5 million-$6 million.

Betsy Weinberger, spokesperson, Bank of America, said the Bank of America has been offering credit cards to persons without Social Security numbers for years. This is not a new policy, she said.

"It was a marketing program we did in Los Angeles trying to teach people to develop good credit histories," she said. "This program wasn't specifically designed for illegal immigrants."

In a statement released by the Bank of America, the company stated, "Bank of America has an obligation and responsibility to provide financial products and services to all those who are elegible. We do this in compliance with the laws of the countries in which we do business. This matter reflects the reality of all banks - and many retailers and U.S. businesses."

Betsy Weinberger, spokesperson, Bank of America, said the Bank of America has been offering credit cards to persons without Social Security numbers for years. This is not a new policy, she said.

"It was a marketing program we did in Los Angeles trying to teach people to develop good credit histories," she said. "This program wasn't specifically designed for illegal immigrants."

Then EXCLUDE illegals, why reward them because BOA made a 'new' policy? BUll and BOA knows it's bull! Their pilot program in Los Angeles must have raked in heaps of cash for these wolves. Bank of America? More like Bank of Destruction!