Some states are being forced to rethink how they give out benefits. California is now developing a program that gives laid-off workers the option to get benefits through a direct deposit instead. Bank of America, though it remains California’s provider, recently exited from agreements in most of the states where it distributed unemployment payments.
Afterward, the EDD flagged nearly 1.5 million claims for review. It eventually disqualified about half of them. Additionally, the bank froze about 450,000 cards, most at the direction of the state agency. Many legitimate recipients were furious to find that their weekly benefits had stopped. Jackie Carey, who lives in the Los Angeles area, lost her job at a rental-car company when the pandemic hit. Ms. Carey said that somehow, swindlers used her credentials to withdraw about $5,000 from her prepaid card at a nearby bank branch.
Bank of America’s relationship with California goes back generations. One-fifth of its branches are there, according to S&P Global Market Intelligence. So are more than one-third of its outstanding mortgage loans, according to financial disclosures. The bank has underwritten more municipal bonds for California over the past decade than any other bank, according to Refinitiv.
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