Well again thats all in theory. BofA may learn it was a mistake and simply revoke this policy if they start to write off too many bad accounts. And in the future, they may only create higher interest rates/stricter terms for those who apply for the card with no social security card or proper ID.
And personally I see this as a way for BofA to directly fund terrorism...again in theory.
You have to have a checking account in good status for 3 months, proof of paying federal taxes and proof of paid bills; which while it doesn't negate easy fraud, minimizes it.
I heard something interesting on the radio on my way home. 50% of all Hispanic people currently present in the US do not have any form of bank account. And with an estimated 700-900 billion dollars of spending power, that's around 400 billion untapped dollars. That's a fair chunk of capital to sit around stagnant.
If you're honestly complaining about funding terrorism, buy less gas.