Time to Change Banks
Posted on February 13th, 2007 in Money
Bank of America’s New Credit Card Targets Illegal Immigrants
In recent years, banks across the country have been offering checking accounts and even mortgages to the nation’s fast-growing ranks of undocumented immigrants, most of whom are Hispanic, the paper said, adding these immigrants generally have not been able to get major credit cards.
()()What happens when these illegals go back to Mexico and the Bank of America can’t get them to pay up? The cost of credit for the rest of us goes up and the rate of return on our savings goes down. Banks shouldn’t be in the business of helping law-breakers.
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"The powers not delegated to the United States by the Constitution, nor prohibited by it to the States, are reserved to the States respectively, or to the people."
This post has one comment
February 13th, 2007
I agree this is wrong from the standpoint that I don’t think we (meaning Americans or American companies in general) should be going out of our way to make it easier for illegals to stay illegal in our country.
I don’t agree with your argument though. Just as insurers make a lot of money insuring bad drivers by charging them exorbitant premiums(deservedly so), BofA I’m sure believes they will be making money, probably by charging the maximum interest allowable on these cards. Certainly enough to cover defaults.