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Come on, folks, who needs those unemployment benefits more -- you or our bank?
- ITEM: Unemployment benefits from the state of California shall no longer be paid to recipients by check, but through a debit card provided by Bank of America.
- ITEM: Bank of America will now begin imposing a $5/month fee on debit card withdrawals.
(n.b. Here are a couple of posts from the California Labor Federation — Bank of America: A Unique Display of Corporate Greed, and Payroll Debit Cards: Less Choice, Lower Wages — that should help people catch up on events if they missed last Friday’s announcement and its aftermath.)
- PRESUMPTION: B of A receives some sort of compensation from the state for providing the debit card service, which saves the state the cost of processing and mailing checks.
- PRESUMPTION: Whatever government officials negotiated this arrangement with B of A did not know that it would begin charging a fee constituting 1% of the benefit of a recipient who receives $125 per week.
- QUESTION: Does, or can, the state ensure that the cards used by unemployment recipients (and perhaps other benefit recipients, for all I know) are exempted from B of A’s new policy?
- QUESTION: If it can, will it? When? If if can’t, does this program continue as is? After all, if B of A can impose a $5 monthly fee on these benefits, from which (to my knowledge) recipients cannot opt out, why not a $50 fee? At some point, this would have to come to a head. What better time than now?
Well, if you didn’t click those links to the Cal Labor Fed pieces, I’ll bring some of what they say here to you:
SB 931 (Evans) would authorize payroll cards, but only when the cardholder agreements meet certain conditions. For example, the card contracts couldn’t charge fees to load a payroll card or participate in the program. Card contracts will also no longer be allowed to charge workers for access to online account information and transaction histories. SB 931 guarantees an employee’s free choice between a paper check, direct deposit, or payroll card, and establishes the right of a payroll card-compensated worker to withdraw all wages once with no fees. Workers under SB 931 are also allowed four free in-network withdrawals, one free out-of-network withdrawal, and two free point of sale transactions. Modest protections, to be sure, but even these minimal standards would mean major help for minimum wage and low-wage workers.
Good news for employees, if the Guv signs it. But — what about for unemployees?
sounds complicated. but thanks for being on top of it.
I’m hoping that the state either has negotiated — or will negotiate to ensure that these cards are exempted from whatever brilliant revenue ideas B of A may have. That shouldn’t be complicated, but it might be, depending on their agreement.
Meanwhile our friend Art is claiming (while attacking the Occupy movement) that BofA’s 5$ fees are a well-justified reaction to the burdensome regulations put on them by Dodd-Frank. Who the hell is he hanging out with – or reading – these days?
I have notice that too which is strange for the neodemocrat.
However, Art is correct.
The BOA can’t raise taxes as you leftist do to coverup for mishandling of funds so they will pass it to consumers.
Reiterating:
Corporations do not pay taxes!!!!!!!!!!
Their costumers do!!!!!!!!!!!!
Put it into you leftist brain!!!!!!!!!!!!!!!!!
In addition, the corporations create jobs the government is killing them.
“I’m trying to be the shepherd.” Mmmf!
Vern, how about 5 comments per day rule for OJB hijacker moron mongoloid from Encino?…… huh?
I do not see anything here except drivel from Encino man.
How about … the moment he bores me, Stan.
That may never happen since he is paid union shill.
Ooh! I guess I’ve really made it — I’m being lied about! Tell me, Stanley, who from the unions is paying me and where can I pick up the checks?
Bore you, Vern? Would you like me to send you my vacation photos?
Oh, forget it, that wouldn’t work — my vacation photos are scintillating!
Now the leftist moron mongoloid from Encino will pollute the bandwidth.
Please save dolphins moron.
Update: The increase in fees for Bank of America’s debit card customers will NOT affect Californians receiving their Unemployment Insurance (UI), Disability Insurance (DI), and Paid Family Leave (PFL) benefits via the new EDD Debit CardsSM. In general, UI, DI, and PFL customers can avoid fees with careful use of their EDD Debit CardSM.
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Still, why doesn’t the EDD just drop the dough into a person account at any bank? Why the exclusive with BofA? (I fired BofA after they took over SPNB years ago, they wanted to charge me. I fired Chase after I got a free checking plus a 100 dollars after they made a change to charge me too.)
What’s the source on that, cook? I’m glad to read it, but I’d want to see the cite. (If avoiding fees is possible, but requires “careful use” of the card, then I think that it will affect Californians, not all of whom are “careful.”)
http://www.edd.ca.gov/About_EDD/The_EDD_Debit_Card.htm
if that doesn’t work try: http://www.edd.ca.gov/
and go to News and Announcements.
Thank you and well-done!