Bank Of America Might Be Exploiting Your Ass, Latino Immigrant
1 July 2009, 4:15 PM. By Alex Alvarez
Nine former Bank of America employees are speaking out about how the bank encouraged them to get Spanish-speaking Latino immigrants, all wide-eyed and nervous and clutching at their newfound Real American Money, to sign up for various unnecessary services that carried high interest rates and fees.
One such former employee, Gabby Omelas, says she was urged to speak Spanish and play up her Latino heritage in order to get Spanish-speakers to sign up for multiple cards and accounts, even if they didn’t understand how to use them.
Bank of America maintains that all their practices and employee training tips are perfectly legal and above board. Spokesperson Anne Bank says these practices are also in the interest of the customers:
We believe a checking account is the cornerstone to establishing financial security in this country. We offer innovative financial services to meet the needs of all of our customers, including Hispanic customers.
At our own bank (which isn’t Bank of America), we’re asked if we’d like to set up a new account or sign up for a new service nearly each and every time we visit. We don’t understand what any of these do, we just know we probably don’t need them and say, “No, thanks,” with a smile.
We understand that it must be terribly difficult to try and navigate through deals and paperwork and confusing offers in a place where you may not understand the language, but we’re not sure - if these mostly fired employees’ allegations are true - whether the blame lies entirely with Bank of America. Yeah, this would be a shitty thing to for them to do, but if you don’t understand an offer and aren’t getting a straight explanation of it from an obviously biased person, it’s up to you to say, “No” or “I’ll look into it” before signing on the dotted line.
We guess we just find it irksome to constantly read about Latino immigrants being exploited as if they were unintelligent or children unable to think for and defend themselves. We don’t think they need to be hand-fed advice on how to deal with being an adult or handling quotidian bullshit and bureaucracy.
That’s just our opinion, of course. What do you guys think of these allegations - and are they at all surprising to you?
Bank of America is accused of exploiting Latino immigrant customers [LA Times]
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Were the employees blatantly lying to the Latino customers about their need for multiple accounts? I mean, how does one go about playing up their Latino heritage to get someone to do something they normally wouldn’t do? If I was a customer at BoA (which I’m not — word up to Wachovia on Bird and 57th), I wouldn’t blindly trust a Latino employee simply because we share the same heritage. Granted, I am not an immigrant and I don’t handle my financial matters in Spanish. But I find it hard to believe that Latino immigrants are just a naturally gullible bunch who can be easily duped into paying for services they don’t need. That’s what those allegations seem to imply. Erroneous, I say.
I’m not an immigrant either but it seems pretty obvious to me that someone who is an immigrant would feel much more comfortable with someone who “knows where they are coming from” so to speak. Regardless, if BofA was telling their employees to basically rip off or mislead latino immigrants because they aren’t as knowledegable on financial matters then thats terrible, but I’m sure that type of thing happens all the time to all kinds of people, not just immigrants.
I completely agree with you… and it’s not just immigrants they do this to. it’s everyone.
All banks do it, regardless of your heritage. I bank with Wells Fargo, and as a customer, I received various offers in person, through the mail and phone, and via e-mail to get x, y, and z. I got tired of it, so I had to threathen them. They now know better :)
There does have to be a change in mindset amongst immigrants however. Many times they equate credit with free money - get stuff now and pay later, not understanding the risks and costs involved. BofA probably knows this. Most of the time it’s not an official policy though, usually, there are tough quotas to be met, and the local branches come up with creative (if not sinister) ways to meet them.
Credit cards in general are the last legal scam. They charge loan shark rates to the buyer, and extortion rates to the seller. They in essence, give it to the public at both ends.
I agree that the media’s tendency to paint immigrants like little children who need their hands held is frustrating. If a FOB latino lets a banker’s language skills dupe him, then he needs to learn to be more savvy. At the same time, when I imagine myself in that same position of being a stranger in a strange land, I wonder if I wouldn’t be looking for a friend in the wrong place, too.
Banks will do this to anyone.. it’s not just Latino’s. They’re greedy bastards. They only care about taking your money… I used to work in the banking industry, I know how they can be.