Here's an interesting story about the banking industry's attempts to attract the Hispanic market. It seems Bank of America, in particular, is offering credit cards to people without Social Security numbers or an established credit history. Most of those customers will be illegal immigrants.

Charlotte-based Bank of America is testing the program at five branches in Los Angeles, a hub of illegal immigrants. With the Hispanic population growing quickly in the South, it will be interesting to see how long it takes for Bank of America -- and other banks -- to launch this service in South Carolina.

Holly Fisher
Electronic Media Editor

Comments (4) >>

testing the bazillion
written by kim on February 16, 2007

how fun is this??? we have a friday night conundrum

queen
written by Ann on February 16, 2007

test test test test test test test testing here we go test my email

Banking
written by Anthony Ross on February 15, 2007

Well, as long as BoA complies with U.S. banking and antiterrorism laws, they're in the clear. I seriously doubt their intent, though, when they say the initiative is about meeting the needs of an untapped group of potential customers. What they really mean is "Hey, look, another revenue stream!"

I'm sure their shareholders don't care what they do as long as it positively effects their stock price.

Sleazy...but thats business.

...
written by Tiny Biz on February 15, 2007

I think BofA is going to lose its shirt on this one. How can the bank take to court those who default? And don't get me wrong: I'm not saying Hispanics -- or illegal aliens, for that matter -- should be pigeon-holed as defaulters. I'm just posing the question of how they'll even find them. No SSN means you're "off the grid."

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