Bank of America has been penalized $225 million in fines for 'botching' the handling of unemployment benefits during the pandemic, according to federal banking regulators.
Bank of America has been penalized $225 million in fines for"botching" the handling of unemployment benefits during the pandemic, according to federal banking regulators.
The bank, which has approximately 4,100 branches, has contracts with 12 state agencies, including those in Arizona, California, and Maryland, to deliver unemployment and other benefit payments to people electronically through prepaid debit cards and accounts. "Bank of America made it very difficult for people to unfreeze their prepaid debit cards or for people to report fraudulent use of their cards. People with unemployment insurance benefit prepaid debit cards could not make reports online, or in person at bank branches. People were on hold for hours every day for weeks trying to talk to someone at the bank," the CFPB said.
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