Mar 04, 2009 -- Unemployment compensation coming to you on a debit card?!
Citibank, Bank of America, JP Morgan Chase and US Bancorp are feeing the unemployed to death, according to a report from the Associated Press.
Talk about kicking people when they're down! Here's the scoop: Some 30 state labor departments are essentially outsourcing the handling of unemployment compensation to the banks. As part of the deal, the banks are issuing unemployment checks via piece-of-trash plastic debit cards. You get fees each time you use them -- even if you just check the balance to see what you have left!
This disgusting and outrageous behavior really highlights the ethical bankruptcy of the banks. And to the state employees who green-lighted this arrangement, is it really a good idea to rip the citizenry?
Bank of America spokeswoman Brittany Sheehan says the bank believes the fee schedule associated with the unemployment debit cards is "reasonable and consistent with similar programs." Yeah, right. If you have a choice between the plastic and the check
get the check!
And just when you thought the giant monster mega-banks weren't capable of another outrage!