Bank of America Corp., the second-biggest U.S. bank and the fouth-biggest in Monmouth and Ocean counties, has begun selling credit cards to customers who lack a U.S. Social Security number or credit history, opening the business to undocumented immigrants. The bank expanded the program to 51 branches in Los Angeles County last week after testing it at five branches there, spokeswoman Betsy Weinberger said. The plan is utilizing "judgmental lending'' practices employed by MBNA Corp., the credit-card issuer the bank bought in January 2005. MBNA's analysis of creditworthiness goes beyond traditional credit scores and leaves lending decisions up to specialists.
In Monmouth and Ocean counties, Bank of America had 68 branches and $2.55 billion in deposits as of June 30, 2006, according to the Federal Deposit Insurance Corp. Those are the latest figures available.
Banks for the past several years have given checking accounts and mortgages to illegal immigrants based on their individual tax identification numbers, which are granted by the Internal Revenue Service to those who either don't have or aren't eligible for a Social Security number.
So-called ITINs are issued regardless of immigration status because nonresidents, like U.S. citizens, may also have tax responsibilities.
The Wall Street Journal reported the Bank of America credit-card program earlier today.