What’s in Your Wallet?…

Every year, we hear more and more about how the world–and Americans in particular–are racking up more and more revolving debt. While it’s true that every economy…personal, municipal, federal…must incur some debt to grow, the average amount of credit card debt that most Americans carry goes up every year.
That average is about to go even higher.
From Reuters:

Bank of America Corp. has begun offering credit cards to customers without Social Security numbers, typically illegal immigrants, the Wall Street Journal reported on Tuesday.

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.

The new Bank of America card is open to people who lack both a Social Security number and a credit history, as long as they have held a checking account with the bank for three months without an overdraft, the Journal said.

“Undocumented immigrants,” huh? That’s PC-speak for illegal aliens which in ConBlog terms means criminal trespassers.
Yessiree, they truly will be living the American dream then, won’t they? Not only have they come here to work and raise their families, but now they too can get a mortgage and credit cards at their local branch of Bank of Amerexico! What better anchor to this country than to rack up an insane amount of debt. Hell, then they’ll probably be able to declare bankruptcy just like every other person in this country that can’t make their bills.
Forget the fact that this seems like a discriminatory lending practice. Bank of America would require me, as an American, to provide my SSN, income details and they’d need a copy of my credit report to even consider giving me a credit card. All bets are off if I’ve jumped the border. That hardly seems like a fair business practice.
I get the argument that says that the illegal aliens have come here “in search of a better life.” I really do. However, they’ve chosen to do that in violation of the law of our land.
So, let’s see…you don’t have to have a social security number…no credit history…and you need to have a checking account with no overdrafts for at least three months… I can see this type of deal appealing to two different types of customers in particular:

1. Criminals engaging in bank fraud

2. Terrorists

From a business perspective, this idea is dreadful simply from the losses that Bank of Amerexico could incur. I worked in banking for long enough to know that the folks in Corporate Security must hate this idea. However, the idea that really bothers me is the fact that this would be a great advantage for terrorists.
I don’t think that’s a stretch, honestly. Let’s say that Mr. Terrorist needs some funding. He doesn’t have a Social Security number or credit history. Through some degree of resourcefulness (identity theft) he’s managed to get a driver’s license and a checking account. Now he’s got access to everything he needs to get a credit card and access to…let’s say…$1,000.00. In fact, so does everyone in his sleeper cell.
In fact, let’s say that they have access to a few IDs each. That means that terrorists could now have access to a whole new line of funding, accepted everywhere you see the Visa or MasterCard logos. Terrorists with access to money are terrorists with plans, folks.
Yeah, Bank of Amerexico. This is a smashing idea.
Lawmakers have caught wind of the BofA plan, too, and they’re none too happy about it. Among them, is Rep. Ed Royce (R-CA).

Bank of America stands by its program, saying that it complies with all U.S. banking and anti-terrorism laws. Rep. Ed Royce, R-Calif., said a loophole in a Treasury regulation allows Bank of America to act within the law.

“It’s risking our security and it’s happening because the administration and Democrats in Congress won’t close this loophole,” Royce told FOX News.

In 2004, Royce unsuccessfully tried to close the loophole, a provision in the Patriot Act that allows banks to use unsecured forms of identification — like the easily obtained matricula consular cards issued by the Mexican government — to open bank accounts, transfer funds and do other transactions.

“The American public should demand that this loophole be closed,” Royce said, calling it a controversial flaw that allows banks to take advantage of U.S. law.

Sen. Evan Bayh, D-Ind., said the program should be reviewed but he’s a “little skeptical” that the program will threaten U.S. security.

“I think it bears looking into and obviously if there’s something being done to make it easier for terrorists to strike America, we need to close that down,” Bayh said. “I think we ought to not be hysterical about it until we get the facts.”

That right there, friends, is precisely why Evan Bayh isn’t running for President. Yet, I digress…
This is a loop hole that needs to be closed for the preservation of our national security and the stability of our economy. The fact that Congress and the Administration have dragged their feet on this is absolutely deplorable.
If any of you are Bank of Amerexico customers, perhaps the best message you can send is the one that Dennis Miller chose to send.
I don’t bank with Bank of Amerexico, and you can rest assured now that I never will.
Bank of Amerexico: Higher Standards…that is, if you’re an American. If you’re an illegal alien, you can aparently get whatever the hell you want.
William Smith
ConservativeBlogger.com