Pace Paw Print

Issue date: 3/7/07 Section: Opinion

Media Credit: http://www.top-city-photos.com The Bank of America building in Los Angeles who recently began offering lines of credit to illegal immigrants

In and around the Los Angeles area, 51 Bank of America locations are now accepting credit card applications from illegal immigrants. Applicants do not need a social security number or any credit history to be approved for this new credit card. Recently it has become more common for banks to approve illegal immigrants for checking accounts or even mortgage loans in some situations, but establishing a credit line for them is unprecedented. The only requirement for the new BOA credit card is that the applicant must hold a checking account for at least three months without bouncing any checks.

Instead of inputting an applicant's annual income and credit score to determine if they are a credit risk, BOA is using their own discretion based on personal interviews to approve or decline each applicant. According a study done by AOL.com, to obtain a Bank of America Visa card with a $500 limit, cardholders must pay a $99 security deposit at the time of sign up. If credit balances are paid off without accumulating interest, cardholders will get back their security deposit in a few months and their credit limit may even be increased. The new Visa card also sports an unusually high 21 percent interest rate, further highlighting the fact that cardholders are a credit risk.

This new Visa card raises numerous legal issues and has already created controversy among groups who oppose illegal immigration. It seems extremely scandalous that a bank can create a line of credit specifically designed to benefit illegal immigrants. Mexicans who were once apprehensive to cross the border into the United States now have the Bank of America's reassurance that they will be easily absorbed into the American economy.

Illegal Mexican immigrants already leech off the American economy by obtaining jobs in the U.S. and relaying money back to their families in Mexico. Illegal immigrants are paid under the table, so not only do they take American money out of circulation, they don't pay any income taxes in the process. A stable credit line will allow illegal immigrants to remain in the United States for long periods of time and drain the economy even more. Once illegal immigrants have created a large line of credit for themselves, what is stopping them from going on a huge spending spree and fleeing back to Mexico with merchandise they will never pay for? Furthermore, what is stopping Americans from exploiting this system by using Spanish aliases and fake addresses for the purpose of credit fraud?

If the Bank of America is creative enough to invent a line of credit for illegal immigrants, they should focus that brainstorming power towards a more noble cause like helping out impoverished U.S. citizens. After all, if banks are enticing them to cross the border illegally what reason do they have to remain in Mexico?

Page 1 of 1

Article Tools