Bank of America new credit cards program

[Universe Prince]

I apologize if this has been covered elsewhere, but I have given up on reading every discussion thread here.

Bank of America has, in California only as I understand it, decided to try a program whereby people without a credit history or Social Security numbers can qualify for credit cards if they have a checking account with the bank for three months and no overdrafts, a government-issued taxpayer ID number, and an initial deposit of $99. A lot of people seem to be having a fit over this, insisting it is an amnesty program for illegal immigrants and/or a money laundering program for drug dealers and terrorists. So, what is your opinion? Is it a good idea or a bad idea? Should Bank of America be applauded or punished? And please explain your reasons.

[BT]

Sounds like a debit card with fees.

If they want to issue cards, i don't have a problem with it. I don't think banks need to be involved in border security issues nor drug enforcement issues.

I think their forte is financial transactions.

It might even make the underclass a less likely target for muggings, especially around the time SSI checks and other aid come out. I believe direct deposit had a similar effect.

[sirs]

I'm pulling my account     

[Universe Prince]

Why, Sirs?

[sirs]

Why, Sirs?

I have a problem with a Banking institution (Ironically called Bank of America), targeting a program at illegal immigrants.  What's worse, is this is a terrible program for those who get involved.  They have to pony up a deposit pretty much equal to their credit line, and BofA can charge enormous interest rates.  But hey, great for BofA and their shareholders, if it works.  Whatever makes money.....just not with mine

[Universe Prince]

I have a problem with a Banking institution (Ironically called Bank of America), targeting a program at illegal immigrants.  What's worse, is this is a terrible program for those who get involved.  They have to pony up a deposit pretty much equal to their credit line, and BofA can charge enormous interest rates.  But hey, great for BofA and their shareholders, if it works.  Whatever makes money.....just not with mine

Okay. Fair enough.

I have a problem with a Banking institution (Ironically called Bank of America), targeting a program at illegal immigrants.

I don't see what is ironic about it at all.

From "Credit Where Credit Is Due" by Katherine Mangu-Ward:

The Bank of America was born in San Francisco in 1904 as the American Bank of Italy. Its savvy first-generation American owner, Amadeo Giannini, founded the bank in order to tap into a market that other bankers considered too down-market and perhaps even ethically dubious: the working class. Giannini went door-to-door, explaining how banks (and credit) worked to win his first customers, in language they could understand. By 1928, his face was on the cover of Time magazine. He had revolutionized the banking industry.

Whole article at the Reason Online.

Seems completely un-ironic to me.

[sirs]

I have a problem with a Banking institution (Ironically called Bank of America), targeting a program at illegal immigrants.

I don't see what is ironic about it at all.  From "Credit Where Credit Is Due" by Katherine Mangu-Ward:

Actually Prince, I knew how BofA was founded.   Most long standing institutions have immigrant beginnings.  That wasn't the focus of my reference, and I think you knew that.  The reference was specifc to a company called Bank of America, targeting a program to illegal immigrants (read; NOT Americans)  Thus the irony

[BT]

Problem with this thread is that the details of the program are not specific. We do not know BOA's intentions though we know what its critics claim. And until we are provided that information it is hard to judge the program on its merits.

[Religious Dick]

From "Credit Where Credit Is Due" by Katherine Mangu-Ward:[/color]

The Bank of America was born in San Francisco in 1904 as the American Bank of Italy. Its savvy first-generation American owner, Amadeo Giannini, founded the bank in order to tap into a market that other bankers considered too down-market and perhaps even ethically dubious: the working class. Giannini went door-to-door, explaining how banks (and credit) worked to win his first customers, in language they could understand. By 1928, his face was on the cover of Time magazine. He had revolutionized the banking industry.

Whole article at the Reason Online.

Seems completely un-ironic to me.

Katherine Mangu-Ward really ought to do her research. This isn't that Bank of America anymore. It was acquired, IIRC, in 1999 by Nations Bank. The CEO of Nations Bank happened to like the name Bank of America, so the former Nations Bank adopted the name. But other than owning the name and the assets of the former Bank of America, this is an entirely a different institution.

I come by this information by virtue of having been working at the former Bank of America from 1996-1999.

[Universe Prince]

Katherine Mangu-Ward really ought to do her research.

I'm sure she is aware of all that. And her point is valid all the same.

But that isn't the point of this thread. What do you think of the bank's program?