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Jobless hit with bank fees on benefits
 
 
Alan_OldStudent Alan_OldStudent is offline
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02-20-2009, 03:47 AM
 
Hi Brothers and sisters,

Yahoo News has a story (click here to see it) about how banks are gouging the unemployed. People collecting unemployment benefits in some 30 states get a plastic debit card. Using that card is punishing. Here's a few paragraphs from that story:

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First, Arthur Santa-Maria called Bank of America to ask how to check the balance of his new unemployment benefits debit card. The bank charged him 50 cents.

He chose not to complain. That would have cost another 50 cents.

So he took out some of the money and then decided to pull out the rest. But that made two withdrawals on the same day, and that was $1.50.

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

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Alan OldStudent
 
 
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Free Free is offline
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02-20-2009, 07:54 AM
 
So... let me see if I understand this. They are getting a hand out, a gift paid for by those who are still working, and now are complaining that there are some fees involved with the administration of that gift?

As John Stossel say's "Give Me A Break"!!!
 
 
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Alan_OldStudent Alan_OldStudent is offline
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02-20-2009, 12:06 PM
 
Quote:
Originally Posted by Free View Post
So... let me see if I understand this. They are getting a hand out, a gift paid for by those who are still working, and now are complaining that there are some fees involved with the administration of that gift?

As John Stossel say's "Give Me A Break"!!!
Golly Free,

Since when is an insurance pay-out a gift?



It's the Unemployment Insurance Program that is providing that pay-out, whose premiums the employer pays instead of tacking it onto the paycheck. In other words, the premiums are deferred wages, and under law, certain unemployed are entitled (not gifted) the pay-outs from the insurance program.

Unemployment Insurance pay-outs are not a gift of the Bank of America, in case you haven't noticed.

The bank, a recipient of a huge taxpayer bail-out, is acting as a fiduciary agent in distributing the pay-out, and it apparently is acting in bad faith.

Once that unemployed taxpayer had a job.

Then, the government used his hard-earned taxes to give those banks, including the Bank of America, a practically unconditional handout. The banks have shown little in the way of gratitude or social responsibility, as you no doubt have noted.

So now, when our unemployed taxpayer gets laid off, do you r-e-a-l-l-y think that the banks get to get another dip? Do you really think that unemployed taxpayer should just meekly say "thank you, kind sir"? Does that seem manly to you? Should we just tell them to eat cake?



As John Stossel says, "Give me a break."

Regards,

Alan OldStudent
 
 
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MikeNY MikeNY is offline
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02-20-2009, 12:20 PM
 
I agree with Alan, it is an outrage and the State Governments should make sure there are no fees! Thinman is right you pay for your unemplyment Insurance and your emplyer too, it is not a hand out!

Here in NY I read they get a debit card for unemplyment Insurance, no fee at the bank that issues the card but there are various fees at other banks, like $1.50 that sounds reasonable to I'm sure higher fees at some banks.
 
 
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Free Free is offline
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02-20-2009, 04:00 PM
 
Well.. I don't exactly see it the way you guy's do. It is my understanding that the employer pays for unemployment insurance, not the worker, and in many cases the government (we the taxpayers) contribute. Further evidence of this is Obama's expansion of unemployment benefits, that will come right from the taxpayers, as do other welfare programs.
 
 
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Free Free is offline
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02-21-2009, 08:12 AM
 
Hey Henry, that is good news about your job. I seem to remember you were doing landscaping before? Hopefully things will pick up and the construction continues up there for you.
 
 
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