Kicking them while they’re down
Posted by Greg on February 20, 2009
So it’s not enough that people lose their jobs, apparently banks still want to collect fees for services provided with manditory debit cards issued for unemployment benefits.
For hundreds of thousands of workers losing their jobs during the recession, there’s a new twist to their financial pain: Even when they’re collecting unemployment benefits, they’re paying the bank just to get the money — or even to call customer service to complain about it.
Thirty states have struck such deals with banks that include Citigroup Inc., Bank of America Corp., JP Morgan Chase and US Bancorp, an Associated Press review of the agreements found. All the programs carry fees, and in several states the unemployed have no choice but to use the debit cards. Some banks even charge overdraft fees of up to $20 — even though they could decline charges for more than what’s on the card.
Let’s not forget, banks get a cut every time the card is swiped, they don’t require fees to make money on these things. Congress needs to have a talk with bankers again…
Hat tip: Americablog