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California: Bank of America to Issue Debit Cards to 1.2 million Collecting Unemployment Insurance

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posted on Sep, 30 2011 @ 01:35 PM
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Bank of America just announced new monthly fees for debit card use, just as they're handing out debit cards to the unemployed in California.
www.ocregister.com...

They claim it's more convenient for those without a checking account, they won't have to go to a check cashing facility and pay fees to get their money. But of course, now those fees simply go direct to BofA:


EDD concedes that BofA “charges $1 per withdrawal” from non-BofA ATMs (the first two withdrawals are free) but EDD believes that “the fee structure negotiated with BofA is probably more favorable than many people have with their own bank accounts.”



And how much money might this practice be raking in? The State’s merchants routinely impose a 3% service fee on the purchase price for every credit card or debit card transaction.




BofA’s three-percent fee on all those purchases would reap $255 million a year.


www.berkeleydailyplanet.com...

I think it's a real shame, a corruption and violation of the public's trust.

What do you all think? Any sympathy for the unemployed, or should they just shut-up and be happy they're getting anything?




posted on Sep, 30 2011 @ 01:37 PM
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I am sure that there will also be a monthly fee for the debit card. A total scam all around.



posted on Sep, 30 2011 @ 01:39 PM
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I think that capitalism strikes again


Dirty dirty inhumane money grabbing overlords. The people doing this are Scum.



posted on Sep, 30 2011 @ 01:42 PM
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reply to post by John_Brown
 


Ah yes, I seem to remember Ron Paul stating the biggest beneficiary of welfare benefits is not the people themselves but the corporate interests. All them people 1.2 million of them at $5 a month. Plus, they all use their money for rent...landlords are happy. Also, the use the money for food...Walmart is happy. And the persons quality of life does little to improve, it is just used to sustain bigger profits for corporations.

I would really like to see welfare programs be used to assist people elevating their lives and circumstances. But these big corporations that probably had this all planned out to make a profit, did so with knowing intent to milk the public coffers under the guise of making it easier for people to cash their welfare checks.



posted on Sep, 30 2011 @ 01:47 PM
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reply to post by ExPostFacto
 


This isn't about welfare, it's about unemployment. These cards are being issued to the UNEMPLOYED by the EMPLOYMENT Development Department, so let's stay on topic.



posted on Sep, 30 2011 @ 01:50 PM
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"Unemployed eh? Well, we are gonne make sure we can make some money off your ass anyways! Welcome to the debit card club..."

Disgusting as hell... The Danish banks pulled the same stunt earlier this year and people just stood by and let them do it.
Hopefully you guys over there will rise up and tell them they it's over..



posted on Sep, 30 2011 @ 01:58 PM
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This is all because people allow it to happen. I stopped paying extra for convenience years ago, and it is possible to remove most convenience charges from your life.

As I understand it, you can get your money off of the card, by using an ATM or an actual bank teller. You only get charged this outrageous fee if you're too lazy and insist on using the card for purchases directly. Once per month users of the state run unemployment benefits program will be allowed to retrieve their money from their state issued BoA debit card.

So, avoid the "Stupid Tax" and use your brain.



posted on Sep, 30 2011 @ 02:00 PM
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And once again, we have government lying in bed with the banks, making the sheets smell like raw sewage.

Smh...this country won't be wake up until we're all hungry and sleeping in tents



posted on Sep, 30 2011 @ 02:02 PM
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i said stupid things.
edit on 30-9-2011 by asperetty because: (no reason given)



posted on Sep, 30 2011 @ 02:03 PM
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Originally posted by reverandrandy
This is all because people allow it to happen. I stopped paying extra for convenience years ago, and it is possible to remove most convenience charges from your life.

As I understand it, you can get your money off of the card, by using an ATM or an actual bank teller. You only get charged this outrageous fee if you're too lazy and insist on using the card for purchases directly. Once per month users of the state run unemployment benefits program will be allowed to retrieve their money from their state issued BoA debit card.

So, avoid the "Stupid Tax" and use your brain.


Yes, but isn't unemployment paid weekly or bi-weekly instead of monthly? If so then they'd still be hit with fees.



posted on Sep, 30 2011 @ 02:07 PM
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Originally posted by John_Brown
What do you all think? Any sympathy for the unemployed, or should they just shut-up and be happy they're getting anything?


I think someone is going to come to your thread and bash unemployed people as leeches who are sucking off the government teat and draining tax dollars for being lazy.
That same poster will completely miss the fact that BoA is not giving them money back but taking it for themselves. So you have an unemployed person wanting the money and needing the money whereas the banks screw you coming and going and someone will come in here to defend the rich taking even more advantage of the poor.



posted on Sep, 30 2011 @ 02:09 PM
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reply to post by reverandrandy
 

I agree, you can get your cash (in whatever increments they allow at a time) at the ATM and take it to your own bank and deposit it. What if you don't have a BofA branch nearby, or it's way out of the way and you have no car, or can't afford gas? What if you bank with an online bank? How do you transfer funds when they won't do it on the phone, or in person at a branch, or at the atm, and only online at their website that is currently DOWN and has been for some time? Who do you complain to, the California EDD or BofA? Who's accountable when service is denied?



posted on Sep, 30 2011 @ 02:09 PM
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reply to post by Jessicamsa
 

Unemployment benefits are payed bi-weekly in California.

edit on 30-9-2011 by John_Brown because: Clarity



posted on Sep, 30 2011 @ 02:11 PM
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Texas has the same scam with Chase bank. They can't withdraw more than a small amount of cash (couple hundred) and can only withdraw ONCE per payperiod without paying a huge fee. Who got paid to make this deal? Perry?

They also EAT the second year of unemployment ... the supposed 2 year's payments get gobbled up in some weird mess - so that the state can keep the funds for themselves.

Employers pay the money in ... and pay even more when a laid off worker draws ... and then the "R" politicians treat the laid off people like trash to be stomped on - while pocketing the money themselves.



posted on Sep, 30 2011 @ 02:12 PM
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SURELY This will make the people wake up. If they can't put 2 & 2 together here they don't deserve to be saved from the smoldering ashes of society. BofA stands to make MILLIONS from this "deal".

You know awhile back I was conned into HSBC's 12.95 a month account because it would be more "beneficial" for ME. So after paying it for 7 months turns out I NEVER had it on my account... Face it ALL banks are corrupt and something NEEDS to be done.



posted on Sep, 30 2011 @ 02:13 PM
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reply to post by Trexter Ziam
 

Wow! Sounds like California isn't getting screwed as bad as you guys. I had no idea this was a bigger issue outside of California.



posted on Sep, 30 2011 @ 02:14 PM
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reply to post by R3N3G4D3
 

Care to lay a wager on whether or not people wake up? I bet NO.



posted on Sep, 30 2011 @ 02:15 PM
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In case you missed it, in order for BoA to issue these cards and transfer funds to them, all of the unemployment money must first be deposited into a BoA account. BoA is then able to leverage that money in addition to skimming off the transaction fees and monthly debit card account fees.

Once again, if anyone here on ATS is doing business with BoA or any of the mega-banks after what they did to us and after the bailouts, shame on you. And now this? Come one. What will it take? Move your banking to a local credit union or community bank. Screw these pirates. And when things completely unravel (and you know they will) remember that bankers are good eating. Just sayin'



posted on Sep, 30 2011 @ 02:15 PM
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I don't have any facts about the California situation, all I know for sure, is the Indiana situation and in Indiana you are allowed to withdraw one time for every deposit by the state, so the fee isn't manditory, it only effects the people who use the card for purchases, or multiple withdraws within the alloted time.
I am absolutely not defending the bank, but, I personally don't have a problem with the fee unless it were impossible to avoid.



posted on Sep, 30 2011 @ 02:16 PM
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reply to post by John_Brown
 


It's been YEARS of it here ... back to 2009 for sure and I have no idea how much longer back than that ... but, as far back as 2009 for sure.

They have NO choices ... they cannot choose to have a direct deposit, nor a check to their home.

Chase and only Chase.



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