Bank of America Goes After the Illegal Alien Market

[vraiblonde]

http://www.miami.com/mld/miamiherald/business/national/12767655.htm

Bank of America Corp. is dropping its fees to transfer money to Mexico, a service that will benefit millions of its Hispanic customers, the bank said Wednesday.

According to the Pew Hispanic Center, about half of all Hispanic immigrants in the U.S. send money regularly to their home country. According to Banco de Mexico, Mexico received $16.6 billion in remittances in 2004. That figure is expected to grow to almost $20 billion in 2005.

And don't you crybabies give me red karma for calling it what it is. I mean, you CAN give me red karma, but I'm not going to care. I think it's pretty obvious that BoA would like to capitalize on Bush's stupid immigration policies. I can think of no other explanation.

 

[PJumper]

http://www.miami.com/mld/miamiherald/business/national/12767655.htm


And don't you crybabies give me red karma for calling it what it is. I mean, you CAN give me red karma, but I'm not going to care. I think it's pretty obvious that BoA would like to capitalize on Bush's stupid immigration policies. I can think of no other explanation.

I don't understand what your problem is. Immigrants always send money back home. As long as they require proof of residency when they open an account with them. Now, if they are accepting money transfers from undocumented aliens, whether from hispanics, asians or europeans, that's a different story.

 

[vraiblonde]

Immigrants always send money back home.

Then why doesn't BoA offer this service to ALL of it's customers instead of just the ones who want to send money to Mexico?

 

[Lenny]

http://www.miami.com/mld/miamiherald/business/national/12767655.htm

And don't you crybabies give me red karma for calling it what it is. I mean, you CAN give me red karma, but I'm not going to care. I think it's pretty obvious that BoA would like to capitalize on Bush's stupid immigration policies. I can think of no other explanation.

As PJ says, this has been going on since Sam Houston ran Texas. It has nothing to do with Bush or his misguided suggestion to grant amnesty to illegals.

 

[vraiblonde]

As PJ says, this has been going on since Sam Houston ran Texas.

My issue is not that Hispanics, illegal or not, send money home to their families. My issue is why BoA has decided not to charge them for this service, as they charge their customers who want to send money to any other country, including within the US.

 

[2ndAmendment]

Time to sign the petition to stop illegal immigration at http://www.grassfire.org/42/petition.asp

 

[PJumper]

My issue is not that Hispanics, illegal or not, send money home to their families. My issue is why BoA has decided not to charge them for this service, as they charge their customers who want to send money to any other country, including within the US.

Vrai,
This may sound a real good deal, but the reality is that BofA is still making money on this money transfers. How, you would ask. Well it has something to do with the peso-dollar exchange rate. The recipients in Mexico will not normally get the current exchange rate when the dollars are converted to Pesos. it could be just a few cents, but that few cents multiply by $16 billion is a lot of cents. How do I know this? I send money regularly overseas.

 

[Steve]

Time to sign the petition to stop illegal immigration at http://www.grassfire.org/42/petition.asp

Did the first time around.

 

[2ndAmendment]

Did the first time around.

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