February 16, 2007
This week Bank of America joined the federal government in rolling out the red carpet to illegal aliens. In a new initiative introduced by Bank of America, people can now obtain credit cards without producing a social security number. Issuing credit cards to people without social security cards is absurd. This policy leaves the door wide open for money laundering, fraud and identity theft. Matter of fact, they are blatantly sending a message to illegals, drug cartels and terrorists around the world that they are open for business to anyone with the Almighty buck.
But the problem goes far beyond this highly criticized new plan. The banking industry and the federal government have been turning a blind eye to illegal immigration for years. According to the Central Bank of Mexico, remittances from the United States were up 15% over last year reaching an all time high of $23 billion making remittances the second largest money maker for their country behind oil and gas revenues. Of course their research assumes that this is from legal workers in the United States, but legal status was not asked.
It doesnt take an economic expert to understand that if you take out $23 billion from the economy, you are going to have problems. Money earned in the United States must be spent in the United States in order to continue a growing and healthy economy. Unfortunately, our government and banking industry dont see it that way and are continuing to prop up the Mexican economy on the back of the American people.
Supporters of illegal immigration talk about the contributions they are making to our country, the money they spend here, all the good they do for us. Sending $23 billion south of border doesnt sound like they are contributing to our economy to me. They are however, keeping the Mexican economy afloat and thanks to American banks it just got a little easier.
The banking industry is one step ahead of the wire transfer businesses and has gone after their piece of the pie. Lets pick on Bank of America, since they so boldly put this credit card nonsense out there. Check out their website, they promote over 4,500 locations and 16,000 ATMs throughout Mexico. Just bring in your matricula card and Mexican Voter ID, open an account and send an ATM card home. There is no need to wire money, you just need a checking account and an ATM. If you dont want to do that, no problem. Use their plan and you can send $3000.00 a month to Mexico for free - with a Bank of America checking account of course.
Money is said to be the root of all evil. Bank of Americas new plan comes across as saying they are more concerned with making a buck than knowing who their customers really are. Drug cartels and terrorists pose a constant threat to our country and are always looking for new avenues to launder their money. We cannot afford to make it any easier. Furthermore, how do we expect to hold employers who knowingly hire illegals responsible when American banks are rolling out the welcome mats? The banking industry has all kinds of excuses for doing business with illegals its all nonsense. It is about banks cashing in on the underground illegal cash economy, pure and simple.