What do you do when market share becomes too competitive? You source other untapped markets that may be as feasible or more so that the bottom line continues to increase.

This seems the logical explanation for Bank of America's latest insurgence into a possible market, illegal immigrants, obviously identified by other banks - but never courted. This untapped audience could be as large as 8.7 million persons according to one source and may even be as large as 20 million people.

That's a fairly sizable portion of the population who have absolutely no banking opportunities. It presents itself much like finding a nation of people who don't wear shoes but have been trying everything to keep their feet covered.

The Bank of America is offering clients a $500 credit card if they have a checking account with the bank. The only stipulation is that they have a relevant Individual Taxpayer Identification Number (ITIN) issued by the IRS. Critics, however, complain that these ITIN's are too easy to secure for undocumented immigrants.

Possibly, this could lead to many problems by allowing identity theft to occur via a legitimate avenue.

A Department for Homeland Security spokesman, Russ Knocke stated,

"At face value the program seems to be problematic. It seems to be lending itself to possibilities of perpetrating identity theft or creating more risk for money laundering."

Very scary when you consider how easy it might be for a person bent on terrorist activities to legitimately use banking facilities in the US.

The plan is still in its pilot stage but by all reports it appears that it will be rolled out throughout all Bank of America branches in the very near future.

Source: The South Florida Business Journal