The Bank of UnAmerican

Until the other day, nothing surprised me when it came to the credit industry. Well, that all changed after reading an article in the Wall Street Journal about the Bank of America's newest credit card.

The article reads:

"The new Bank of America program 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. Most adults in the U.S. who don't have a Social Security number are undocumented immigrants."

This has many thing wrong with it on so many levels. For the record, I am for giving anyone a chance in this country to become an American citizen and lay claim to the American dream. Further, I support a program that deals with the illegal immigrants in this country fairly providing them with the opportunity to become American citizens.

I had so many titles for this article.

"The New Payday Loan from Bank of America."

"The Crime Rewards Card from Bank of America."

If they are giving out credit when no credit report or social security card exists, then there is something in it for them. Just like every other player in the credit industry, they are depending upon human nature to take over. Human nature is to make mistakes when it comes to dealing with your money. As a result, the credit industry makes you pay dearly for it. Just try being one day late, and you will pay the maximum interest rate penalty forever.

It is difficult enough for English speaking Americans to understand the credit system. As far as illegal immigrants, I would imagine it is even tougher to understand. This is a system that is setting up good people to fail. As a result, the bank makes the money on higher rates and fees.

Is this really about helping an "underserved community" or about making money by in a sense issuing payday loans?

I was curious as to the terms and conditions on the account. In an attempt to find out, I called Bank of America. The first lady argued that they would never have a program that gave credit to someone without a social security card. The next lady said she knew what I was talking about and would send me to someone for more details. The next lady said the same and then cut me off.

I finally called a branch in Los Angelas where they are starting the pilot program. In her own words she said, "We don't have terms and conditions for this program. We set them up when we set the account up for each person." She couldn't tell me how high the rates would be or the fees and penalties.

However, she said that the bank was "trying to serve the underserved community." Bless her heart, she really believes that to be true. Of course, they have the perfect person there to set up these accounts. She said she understands the market because she is married to an immigrant.

This is just another aggressive scheme put together by a Bank that is more about excessive interest rates and penalties and the almighty bottom dollar.

Oh and did I mention..... They want to help out those who are breaking the law. The irony is that the common day criminal couldn't walk into the Bank of America and get a credit card. The common day criminal has a social security card that reports a crime. As a result of a crime reported on a credit file, their credit is shot with no options to getting a credit card.

However, if you are an illegal allien living in Las Angelas, it doesn't matter.