Capitol Hill Blue Forums Political Issues Finance, the economy & Economics Jobless Hit With Bank Fees on Benefits

The minimum balance required is $100.00 and I must have at least $25.00 in my savings account. Not huge amounts of money, and doable for most of the people. This was, as Kap17 said, the contract Mr. Scoutgal and I signed with BofA. The first thing my father taught me about business and banking is to read anything and understand the terms before signing. If the terms aren't what you want, take your business somewhere else.

Scoutgal, from the ABC article:

It appears there was no contract to read and no personal agreement in at least some cases. This is a sweetheart deal between the states and the banks.

We don't know the whole story yet Phil. Did the person go to a BofA ATM to get their money or they went to a different ATM?

And as far as a contract, I guarantee you that there is something that the person signed when he/she got the debit card. Nobody hands out debit cards without a Terms of Service contract... no matter how small the print is.

Maybe that's the case when the debit card is issued directly to the individual by a bank rep, kap. But here we're talking about a contractual agreement between the banks and the several states. Isn't it just remotely possible that the individuals in question have never seen the contract between the state and the bank? Is it possible that the state's unemployment officer only explained to the recipient that they would get their benefits through the debit card without going into all the nuances of what the individual would be charged for letting the bank handle their unemployment benefits?

Yes, for most of the people. But we're not talking about most of the people here, we're talking about unemployed people, people who have just been laid off from their jobs, people who may not have been given a choice as to what bank their unemployment benefits would be coming from.

Granted we're talking nickels and dimes here, but those nickels and dimes add up fast when you're unemployed.

The accounts are FDIC insured - another bank will replace BofA. There are literally thousands of banks in the United States. We have no shortages of banks.

Thank you stereoman for bringing this thread back around to its original intent.

So then the problem is not with the bank but with the government offical that gives out the cards. Isn't it their responsability to tell the unemployed person what the rules are when using those debit cards?

Hmm. Interesting point.

It looks to me like that could be the problem. And, add to that the collusion between the banks and the gubbmint in making these oppressive rules to begin with.