Forum Post: Bank of America Who cut this deal?
Posted 13 years ago on Oct. 26, 2011, 1:08 a.m. EST by topgun007
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Here is a good one for someone to get the word out on
The State of California has cut a deal with Bank of America on the backs of the unemployed.
You can no longer get unemployment checks either in the mail, or direct deposited.
Instead, the State has cut a deal with Bank of American that all those on unemployment insurance must have a bank debit card from Bank of America - where there money is deposited into from the State. But the real crime is that Bank of America charges a $5 a month to have the card. That means with the current unemployment benefits being paid to 1.1 million people - Bank of America receives $5.5 million dollars every month off the backs of the unemployed. $60 million dollars a year.
Who cut that deal?
Yes, other states have done this too. These banks all have to get their vigorish off every dollar we spend or receive.
Chase gets paid for providing food stamps via debit cards now. Every. Single. Food. Stamp. Recipient. is now a Chase customer.
I'm certainly not a BofA fan having just closed my accounts (savings, checking and credit) after 15 years and moving to a credit union, but this bit about $5/month is not entirely factual.
See the Fee section: http://www.edd.ca.gov/About_EDD/The_EDD_Debit_Card.htm
Well, let's see.
So, this must mean that ... it was ... wait ... wait ... it was .. hmm, I'm stumped. I can't figure out who cut this deal, or why. It's a total mystery.
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That is silly.
And yet no one here seems serious about protesting the government. Why protest the businesses that simply take advantage of the fact that DC will always save their skins? By not protesting DC, the movement seems more pro-Democrat and less serious about ending corruption as businesses are viewed as Repub supporters, even thought the money trail says otherwise.