BofA Targets Credit Cards Towards Illegal Immigrants
Bank of America Corp. is reportedly offering credit cards to customers who do not have Social Security numbers.
The Wall Street Journal reported Tuesday that the Charlotte-based BofA (NYSE: BAC) program simply requires that customers have a checking account with the bank for three months without an overdraft.
It doesn’t require a Social Security number or a credit history.
Most adults in the United States without Social Security numbers are undocumented immigrants.
The paper said that U.S. banks in recent years have begun targeting the fast-growing number of undocumented immigrants with checking accounts and mortgages.
BofA reportedly tested the credit card program last year at five branches in Los Angeles and hopes to roll the program out nationally later this year.
Los Angeles County has the largest concentration of illegal immigrants in the United States.
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