Late last month, a national backlash forced Bank of America to abandon its plan to charge customers $5 a month to use their debit cards. But Huffington Post reports that the corporation has quietly been mining other sources of fees, preying on its most vulnerable customers to rake in millions in revenue…Forty-one states have contracted with Bank of America, Wells Fargo, JP Morgan Chase, and other banks to provide access to public benefits, allowing them to collect unlimited fees, both from the unemployed and state governments. South Carolina, for instance, pays Bank of America a fee for each transfer it facilitates on a debit card, and for handling direct deposit of unemployment benefits.
It’s what you would expect. Read about it here.
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Links to books and other items on this page and elsewhere on Greg Ladens' blog may send you to Amazon, where I am a registered affiliate. As an Amazon Associate I earn from qualifying purchases, which helps to fund this site.
“It’s what you would expect.”
Sadly, yes.
Banks in Canada are prevented by law from charging fees to cash cheques like benefits and income tax refunds. BTW, none our banks needed bailouts or handouts when the economy tanked. Coincidence?
Yeah, Nevada will only provide a Wells Fargo debit card for UI benefits. I used it only to get cash from a Wells Fargo ATM (no charge in that case) which was then deposited into a BofA ATM 100 yards away. There are ways to avoid the fees, but only if you’re willing to lock away more than $10,000.00 and use cash for your purchases. And then all the money that doesn’t evenly divide into $20.00 gets left on the card unless you use it for a purchase, which generates fees for the bank. I don’t know what WF charges for the state to actually do the deposit. Maybe if I had gone in I would have been able to clean it out, but I didn’t bother checking. There was less than $1.00 in that account when I got my current job.
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