Around 1980 the Bank of America was the number one bank in the world. They loaned money to Mexico (Mexico defaulted on its payments), and built millions of square feet of R/D and Office space in Silicon Valley, that they could not lease or rent. They almost went out of business. This should be interesting. Another business decision.

The television news had a B of A statement that was double talk.

1. No social security number required for a credit card.

2. An existing account must be in effect.

3. Homeland Security requires a social security number to create a bank account.

4. B of A is in compliance with Homeland Security rules.


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>Bank of America is reported to have piloted a program aimed at giving credit cards to illegal aliens.
>
>Their "logic" apparently goes along the line that these people need credit services, are currently shut out and represent a huge market.
>
>So, anyone who has maintained an account for at least 3 months without ever overdrafting will now be able to apply for a credit card that:
>a) has a higher than normal interest rate;
>b) requires a deposit upon approval.
>There is no need for a Social Security Number.
>
>I thought that credit card companies were just about ready to implode from bad debts (far too easy to get a card these days with big limits) but they've gone and found themselves a new frontier. That should hold off reality for them for a few more years yet.
>
>I wonder when credit card CUSTOMERS who handle their credit carefully will DEMAND that companies take FAR MORE CARE in issuing cards so that interest rates and penalties can be brought down to sensible levels??????