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  1. #1
    JAK
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    Wells Fargo considers credit cards for illegals

    http://www.numbersusa.com/news?ID=7426


    Wells Fargo considers credit cards for illegals
    The Business Journal (MI) : February 26 , 2007 -- by Chris Casacchia

    "'We are exploring the possibility of offering unsecured credit cards to Wells Fargo checking account customers who do not have Social Security numbers,' said Marge Rice, vice president of regional banking communications for Wells...'"
    Wells Fargo might be the next bank to distribute credit cards to checking account customers who don't have Social Security numbers -- namely, undocumented immigrants.


    The contentious issue captured national headlines last week after Bank of America announced plans to expand its pilot credit card program throughout Latino-heavy Los Angeles County -- prompting outrage and applause from coast to coast.


    Now, Wells Fargo & Co., which operates 250 branches in Arizona, is contemplating a similar program.


    "We are exploring the possibility of offering unsecured credit cards to Wells Fargo checking account customers who do not have Social Security numbers," said Marge Rice, vice president of regional banking communications for Wells.


    "Wells Fargo recognizes a great need for equal access to financial products and services for all customers who want to build credit, establish financial security and achieve the 'American dream,'" she said.


    According to the Pew Hispanic Center, the number of illegal immigrants in Arizona has more than quadrupled since 1996 -- from 115,000 to an estimated 500,000. Pew estimates that as many as 12 million immigrants and roughly 10 percent of Mexico's population live in the U.S.


    The San Francisco-based bank in May 2001 became the first financial services company in the country to accept the Matricula Consular, or Mexican ID card, as valid identification for opening accounts.


    The move was prompted by law enforcement officials in Austin, Texas, who asked financial companies to develop outreach programs encouraging Latinos to use bank services because they were being targeted, robbed and murdered by criminals looking for cash on hand. To date, Wells Fargo has opened more than 1 million accounts using the Matricula card.


    This week, Wells Fargo launched a nationwide Spanish-language version of its financial literacy program aimed at inspiring 10 million Americans to purchase homes.


    "It basically teaches people how to build wealth by investing or purchasing a home," said Milton Dellossier, regional emerging markets director for Wells Fargo Home Mortgage in Arizona and New Mexico.


    Charlotte-based Bank of America rolled out its credit card program last year and expanded it to 51 branches in Los Angeles County.


    "We wanted to reach out to the Hispanic market," said BofA spokeswoman Britney Sheehan from the company's New York offices, but emphasized the bank "has no plans to roll this out nationwide."


    Under the program, which is marketed as a way to build a credit history, participants must have a deposit account for three months and identification documents in compliance with the USA Patriot Act -- either a Social Security card or individual tax number.


    State Rep. Russell Pearce, R-Mesa, is calling for consumers to boycott BofA.


    "The public needs to show their distaste and disapproval by simply removing their money, their accounts from this bank. They're a corporate oligarchy that needs to be held accountable," said Pearce, who chairs the House Appropriations Committee. "It's all about money. They could care less about the destruction of this country. Enough is enough."


    Democratic State Rep. Steve Gallardo disagrees.


    "The fact that banks are offering credit cards to foreign nationals, means only that they are spending money in our local economy. This reflects the important economic impact that immigrants make," said Gallardo, minority whip. "Immigrants have been, and will continue to be, a vital part of our local economy. The free market dictates the products that banks offer."


    JPMorgan Chase & Co. has no plans to offer a similar credit card program, said spokeswoman Mary Jane Rogers. Officials at Compass Bank were not prepared to comment for this story.


    Wells Fargo: www.wellsfargo.com
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    [quote]"We are exploring the possibility of offering unsecured credit cards to Wells Fargo checking account customers who do not have Social Security numbers," said Marge Rice, vice president of regional banking communications for Wells.


    Why don't they have social security numbers in the first place? If I were to walk into a Wells Fargo & try to open a bank account without all of the proper documentation, do you think they would allow it? Absolutely not. I have an account with Wells ( not for long after this) and they wanted everything but a hair sample to open my account. It's unbelievable the lengths businesses will go to in order to make a buck.
    The federal government is our servant, not our master!
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    Administrator Jean's Avatar
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    http://www.banknet360.com/news/NewsAbst ... d=1&bi_id=

    Wells Fargo to Offer Cards to Undocumented Customers

    Posted By Damien Weaver Feb 26 2007 05:45:08 PST

    Wells Fargo and Co. [ticker: WFC] said it may be the next bank to offer credit cards to checking account customers who lack Social Security numbers, according to the South Florida Business Journal.

    The plan, which many claim targets a consumer base composed largely of illegal immigrants, comes a week after Bank of America Corp. [ticker: BAC] announced a similar program to start in Los Angeles, home to the country’s largest undocumented Hispanic population. A Wells Fargo spokeswoman said the goal is to give every customer "an equal chance to build credit, establish financial security, and achieve the American Dream."

    In May 2001, the San Francisco-based bank was the first U.S. financial institution to accept the Matricula Consular, a Mexican ID card, as valid identification for customers opening accounts.
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    Senior Member WhatMattersMost's Avatar
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    They already give them mortgages and they failed to announce those traitorous transactins so why the big announcement now? What a bunch of hypocrits. They should all move their business to Mexico and take their illegal customers with them.
    It's Time to Rescind the 14th Amendment

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