Bank of America (BAC) defiantly declared on Thursday that it would not cancel its new credit card program for individuals with no social security numbers or credit histories, which critics charge is an attempt to profit from illegal immigrants and a potential threat to national security.
We originally reported on BOA here.
In an opinion piece in the Wall Street Journal, Bank of America CEO Kenneth D. Lewis made clear the bank would not kill the program, which he said was intended only to offer services to customers lacking credit backgrounds, and was not initiated to target illegal immigrants in the U.S.
“Bank of America does not deliberately market financial products and services to illegal immigrants from any country.” he wrote. Instead, the bank chief said that the program was created to help consumers who lack certain financial tools.
“We believe we have an obligation to serve all those in our country who are legally eligible to receive services. To do less would be discriminatory and unfair.”
Let’s digest this without getting ill. There is an obligation at Bank of America to serve all those in our country legally eligible to receive services. However, these people are in the United States illegally, without a social security card or any other proof of legality. They are criminals breaking the law of the land.
Bank of America is relying on a clause in the Patriot Act, which allows financial institutions to accept some official identification sources issued by foreign governments, including the matricula consular, an ID issued by Mexican consulate offices to its nationals living outside Mexico, as valid.
After a week of listening to our customers, we have made a decision. We will continue our card marketing pilot program in the Los Angeles market.
Bank of America, it’s everywhere terrorists want to be.