Banking On Illegal Immigrants
The financial services industry is fiercely competitive.
And it appears that in order to keep up with Wells Fargo, rival Bank of America is upping the ante to cater to it’s valued customers: illegal immigrants.
Viva los dineros!
Michelle Malkin is actively covering the story.
Dennis Miller is moving his money…
RELATED:
Wells Fargo: Banking Illegals Since 2001
Nuestro Banco, Opening In Our Country
Wachovia Bank Offering Statements In Spanish-Only
February 16th, 2007 at 11:50 am
Offering a statement in another language is customer service, however there should be a default position and that, I feel, should be English. However, offering credit on the basis of a tax ID other than a EIN for companies or a SSAN for companies is probably a bad enough business decision that it will probably be its own punishment.
And I don’t think that “Press 1 for English” is the correct way to do it either. Again there should be a default, then press whatever to get a list of other languages.
May 28th, 2007 at 6:33 pm
[...] And we know the banks don’t care about immigration status. No green card? No problemo. Only “green back,” even if it’s wet. Thirty-five percent of the Unbanked population is Hispanic. Hispanic consumers are nearly three times as likely as the average adult to be Unbanked. There are several possible explanations as to why Hispanic consumers are more likely to be Unbanked*. They tend to be younger than the average adult. The median age of the general market is 45, while the median age of the Hispanic market is 35. More than half of U.S. Hispanics (52%) are foreign-born. Unbanked Hispanics are even younger and newer to the U.S. than the average Hispanic consumer. This suggests that Hispanics’ Unbanked status may be driven by temporary circumstances – youth and recent U.S. arrival. As Hispanics grow older, accumulate more wealth, and become more acculturated, the opportunity to begin using banks for a wide variety of services will also increase. [...]