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Editorials

Financial services shouldn't reward illegal immigration


Monday, February 19, 2007 9:24 AM EST

Monday, Feb. 19, 2007

The Bank of America identified a segment of the U.S. population that deals exclusively on the cash economy, pursued it and is in position to profit off illegal entry into the United States.

For identification, Bank of America accepts a taxpayer identification number that illegal aliens commonly use instead of a Social Security number.

It is allowed, along with name, address and date of birth, to open a bank account.

The bank then has to verify the information with another government-issued, photo-ID document.

But that document can be issued by any government, including Mexico's, and it can easily be forged or is available on the black market.

No passport or visa is required.

Once a bank account is open, IDs do not have to be rechecked for a credit card.

As Sen. Richard Shelby of Alabama, ranking member of the Banking Committee, pointed out, we need to "insure the financial services industry is not offering products or services that facilitate, encourage or even reward illegal immigration."

Fifty-one Bank of America branches in Los Angeles County launched this controversial promotion.

The Bank of America apparently doesn't care about U.S. immigration laws when there's a niche market to be exploited for profit.

Bank of America says it's simply going after an existing customer base in the Los Angeles area.

The regulator of banks has no position on whether banks should allow illegal aliens to open checking accounts or have credit cards.

It's conveniently an "immigration issue."

It's also a national security issue when there is no requirement that a passport or visa be presented by a citizen of another nation to open credit card and checking accounts.

That's mind-boggling.