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More Outrage As Bank Of America Rips Off Recipients Of Unemployment
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As a public service we bring an update on the latest in excessive fees charged by our favorite financial institution, Bank Of America.
This story comes to us from New Mexico where the state, one of 30 other states, is using banks and credit card companies to disburse unemployment benefits by way of debit cards and direct deposits. State officials, and bankers say debit cards help reduce costs such as postage, paper and “processing”.
According to a Citi-bank spokesperson such programs are designed to supply a savings for the state while providing “added convenience without added expense” for the unemployed. Citi is the facilitator of unemployment benefits on pre-paid cards in Kansas and Maryland. The state of New Mexico reportedly realizes a savings of about $1.5 million annually using this procedure.
Sounds really great, right? Anytime a banking product is proclaimed to be good for the consumer, hold on to your wallets, and your underwear. Get ready for the scam…
Good old Skank-of-America is charging 50 cents for an inquiry about the bank balance, plus another $1.50 for making two withdrawals in one day. On the face of it this does not sound like very much. When one considers the number of unemployed people around the nation, the fact the banks have made out like the bandits they are; the fact it costs about zero dollars for a balance inquiry call or to make a withdrawal, we cry foul!
The Skank -of -America justifies this excessive fee charge by saying its fee schedule is consistent with what other banks charge for such cards. Apparently the way the program is set up in New Mexico you can apply for direct deposit payment of these benefits, but you most likely will be unsuccessful in receiving your benefit in that way. You will be probably be getting paid by debit card. Because such programs are designed to supply a savings for the state while providing “added convenience without added expense” for the unemployed. Obviously the design and purpose of such programs is different than the reality of how they function. Reality indicates a savings for the state which is in collusion with the financial institution to fill its coffers with cash from those who can least afford to pay.
Way to go Bank Of America and your royal skanky sisters whose fees are consistent with BOA! And we’re giving the back of our hand to the government officials in New Mexico too. Way to care for the citizenry!
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