Wells Fargo to Offer Cards to Undocumented Customers

Posted on BankNet360 By Damien Weaver Feb 26 2007 05:45:08 PST

Wells Fargo and Co. [ticker: WFC] said it may be the next bank to offer credit cards to checking account customers who lack Social Security numbers, according to the South Florida Business Journal.

The plan, which many claim targets a consumer base composed largely of illegal immigrants, comes a week after Bank of America Corp. [ticker: BAC] announced a similar program to start in Los Angeles, home to the country’s largest undocumented Hispanic population. A Wells Fargo spokeswoman said the goal is to give every customer "an equal chance to build credit, establish financial security, and achieve the American Dream."