BofA Chairman Defends Controversy
Bank of America Corp. Chairman Ken Lewis today defended a controversial credit card being tested by his bank, saying the program was designed to help customers build credit, not serve illegal immigrants.
The bank has found itself in the center of the nation’s fiery immigration debate since news surfaced last week of a new credit card that could be used by illegal immigrants. It requires little or no credit history and customers don’t necessarily need a Social Security number to sign up.
Writing in The Wall Street Journal’s opinion section, Lewis said criticism of the program has been “deeply concerning,” but said the pilot will continue in Los Angeles. He said the card follows the USA Patriot Act and Treasury Department rules that allow financial institutions to accept identification issued by foreign governments, including matricula consular IDs provided by Mexican consulates.
In the editorial, Lewis said the bank “does not deliberately market financial products and services to illegal immigrants from any country” but acknowledged illegal immigrants could sign up for his bank’s offerings as well as those of competitors. He said denying service to people who can legally use his bank’s products would only encourage customers to resort to underground financial services.
The credit card issued by the bank requires a checking account in good standing and is partially secured by a $99 deposit. The credit line starts at $500. Lewis said 84 percent of the customers in the pilot have provided Social Security numbers.
A coalition of groups that advocate for tighter borders last week called for a boycott against Bank of America, saying it’s “aiding and abetting” illegal immigration. According to the Web site bankofamericaboycott.com, more than 11,000 people have signed a petition opposing the card. The site also has started a list of banks that accept matricula consular IDs.