Ken Sweet
FILE - In this Oct. 14, 2019 file photo a Bank of America logo is attached to the exterior of the Bank of America Financial Center building, in Boston. On Tuesday, Jan. 19, 2021, Bank of America reported fourth-quarter profits fell 18% from a year ago, as lower interest rates weighed down the bank. However the bank was able to release more than $800 million from its credit reserves, in a sign that it sees the U.S. economy improving in the coming months. (AP Photo/Steven Senne, File) January 19, 2021 - 8:32 AM
CHARLOTTE, N.C. - Bank of Americaâs fourth-quarter profits fell 18% from a year ago, as lower interest rates weighed down its results. However the bank was able to release more than $800 million from its credit reserves, a sign that it sees the U.S. economy improving in the coming months.
Unemployed Californians say the bank made state benefit cards vulnerable to fraud and that the bank’s customer service and fraud claim systems are deficient.
In this Oct. 14, 2019 file photo a Bank of America logo is attached to the exterior of the Bank of America Financial Center building, in Boston. (AP Photo/Steven Senne)
SAN FRANCISCO (CN) A federal class action filed Friday claims Bank of America failed to secure debit cards containing unemployment benefits for millions of Californians, leading to widespread fraud and making some cardholders unable to access needed funds during a pandemic.
Bank of America has an exclusive contract with California’s Employment Development Department (EDD) to dole out benefits in the form of debit cards. In recent months, many recipients found money suddenly drained from their accounts without warning.