Ethics: Us Banks

Jake Munger

Business Ethics Final Paper

US banks ethical choice

12/14/12

Chaos In America

Capitalism can only function with responsibility. US banks need to practice responsibility in regards to identification regulations. Real forms of identification consist of passports, green cards, and driver licenses. A card that’s purpose is to keep tabs on criminals from these countries should never be considered a valid form of ID in the U.S. The real question in this case, in my opinion, is if it is ethical to allow US banks to accept consular cards as a valid form of identification for the use of loans, opening accounts, transferring money, and withdrawing money. My assumption, in this particular case, is the people with these consular cards are illegal immigrants from foreign countries. It is a very broad assumption, however, it is a valid assumption because if these people were legal immigrants they would have a green card and there would be no purpose for this consular card. The remittance business is a big issue in this case because it would take a huge hit if these cards were no longer accepted at US banks. These illegal immigrants have no place to put their money since they are not citizens. Sending money to families back home is crucial for these immigrants and once they are cut off they are forced to hoard this money resulting in robberies and higher crime rate. As a result, this could function as an effective way of border control. If immigrants have nowhere to put money while in the US then maybe they will stay out. Drug smugglers make a lot of cash in the US and bringing it back through the border will be very difficult. Hopefully this could slow the smuggling business along with other crime rates among illegal immigrants.

Wells Fargo made a statement saying they are not in the business of immigration. I believe Wells Fargo is responsible for promoting honest and ethical business. It is a law that banks must know their member or...