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Bank of America Makes Millions Charging Fees to Withdraw Unemployment Benefits

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Bank of America Makes Millions Charging Fees to Withdraw Unemployment Benefits

Post by Guest on Sat Dec 31, 2011 8:01 pm

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:

Shawana Busby does not seem like the sort of customer who would be at the center of a major bank’s business plan. Out of work for much of the last three years, she depends upon a $264-a-week unemployment check from the state of South Carolina. But the state has contracted with Bank of America to administer its unemployment benefits, and Busby has frequently found herself incurring bank fees to get her money.

To withdraw her benefits, Busby, 33, uses a Bank of America prepaid debit card on which the state deposits her funds…Busby visits the ATMs in her area and begrudgingly accepts the fees, which reach as high as five dollars per transaction. She estimates that she has paid at least $350 in fees to tap her unemployment benefits. [...]

http://thinkprogress.org/economy/2011/11/14/367467/bank-of-america-unemployment-benefit-fees/

Guest
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Re: Bank of America Makes Millions Charging Fees to Withdraw Unemployment Benefits

Post by Marian on Sat Dec 31, 2011 8:02 pm

Wow! I've just made an appointment with a Credit Union--so goodbye Wells Fargo! Wink

Marian
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Join date : 2011-11-19
Location : SF Bay Area

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Re: Bank of America Makes Millions Charging Fees to Withdraw Unemployment Benefits

Post by Guest on Sat Dec 31, 2011 8:03 pm

If I want to cash my paycheck there, which is DRAWN ON BOA, they charge 6 bucks!!!! They try to get you to open an account...NO WAY!! Id rather drive to Walmart, (not they are much better, but i paid $1 to cash my last check there)

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Re: Bank of America Makes Millions Charging Fees to Withdraw Unemployment Benefits

Post by DD on Mon Jan 02, 2012 5:47 pm

What a bunch of bullshit! I'd like to see every one of those BOA employees go through what everyone here has had to endure and see if they'd have the strength to deal with everything.
I find it ridiculous that what that article is saying is true, as in preying upon the most vunerable, as if we don't have enough to deal with already...that five or six bucks could easily go towards food/medical bills, etc. It may not be much, but it sure as hell SHOULD NOT go anywhere near BOA!
I am very fortunate that I've been banking with a credit union for 20+ years and hope that this never happens.
Good luck everyone!

DD
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Re: Bank of America Makes Millions Charging Fees to Withdraw Unemployment Benefits

Post by Guest on Wed Jan 04, 2012 4:02 pm

Some legislative members in these States are really sucked in with the banks that's for sure.

Guest
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Re: Bank of America Makes Millions Charging Fees to Withdraw Unemployment Benefits

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