Bank of America Won't Cancel Controversial Credit Card Program

Cat Herder · Understander of unimportant things

Bank of America Won't Cancel Controversial Credit Card Program

Mahonri · Senior Bucketkeeper

I'm thinking about cancelling my Bof A credit card. I don't have any other accounts with them... I just used their card for the "Dividend Sky Miles" and I only use it for business purchases. We use our Southwest Airlines card for home and family.

salesortonscom · Wise and Revered Master

Are they really going to pickup that much business? Most Hispanics (legal or otherwise) that I know deal with cash only. They will carry around thousands of dollars in rolls. I don't see them running out to get on the BofA bandwagon. But I do see a lot of folks cutting ties with BofA because of this policy. I think someone in marketing goofed big time.

Cat Herder · Understander of unimportant things

New update per Fox News on the whole financial stuff of illegal immigrants and sending money out of country and associated risks and what have ya...

http://www.foxnews.com/story/0,2933,255460,00.html

rayb · Hot Air Balloon

Illegal immigrants are the only reason that Social Security is still solvent. It's only logical that Banks want a piece of the action.

--Ray

Mahonri · Senior Bucketkeeper

o Ray, you are probably right, but don't get me started.

They are also the reason health care costs so much here, why crime has gone up, why schools are poor preforming etc.............................................................................

rayb · Hot Air Balloon

They're also why you can afford to eat out, don't have to mow your lawn, can afford your house, can get cheap goods and US populations continue to grow, despite huge percentages of citizens abandoning marriage and family...

They are people of faith who, due to their hope and simple faith, keep our cities from being decimated in well-deserved judgement from the Almighty.

--Ray

Cat Herder · Understander of unimportant things

Attempting a redirect here...

Let's keep this thread centered on the security risk involved with this program, not on the pros and cons of illegal immigrants.

For example, yesterday, the Feds announced a major enforcement blow to perhaps the major Mexican drug running organization in the U.S. Anyone catch that? Okay, cool, but until other problems get taken care of, cutting off this head will only result in two more heads growing to replace it. This crime organization had been able to operate very well and efficiently for who knows how long under our noses (or our law enforcement and security groups' noses as it were).

Say some of these sort of crime groups decide to start using a program like this credit program offered by Bank of America fraudulantly. They have folks go in and open up all kinds of accounts, over time, the people take out cash advances up to the max on these accounts, and then disappear. Who is going to pay for that bad debt? Everyone else in the form of higher fees and interest rates. The bank certainly ain't gonna eat it. No way no how. Say some of these crime groups that do this decide to go into league with groups that are terrorists... shoot, why wouldn't they, the drug cartels launder money already... If it is to there advantage, they will. They could end up sharing that stolen money (that probably got wired legally out of the country in the first place) with the terrorists and provide them with not only profits from drugs but easy cash to fund there activities... Not good, and this is why I can't see how Bank of America thinks this is a good idea. Short term profit / commission / executive bonus thinking clearly at play here.