Banks Likely to Expand Services for Immigrants Whether They’re Documented or Not

By Brian Orsak

Financial institutions will likely expand their services for immigrants--regardless of their legal status-despite backlash from anti-immigrant groups and lawmakers, banking professionals say. Bank of America said in February that it is issuing credit cards to immigrants in Los Angeles who may not have Social Security numbers as long as they can provide other identification, such as documentation issued by the Mexican consulate. In response, anti-immigrant groups called for a boycott of the bank and lawmakers, noting the possibility for money laundering and terrorist financing, proposed a measure requiring that individuals present a photo identification card for banking services. Banks are...