EDD drops Bank of America as unemployment payment contractor
SAN FRANCISCO -- Big news for those collecting unemployment payments. Bank of America is out and Money Network is in.
You may remember during the pandemic there were huge problems with getting unemployment benefits paid to those who were eligible.
Bank of America was accused of being responsible for many of the delays.
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Eventually the bank announced it wanted out, but the EDD kept the bank as the payment company.
That changes on Feb. 15 when the Money Network takes over by issuing debit cards just as Bank of America has been doing.
However, the EDD says a few months later the Money Network will offer direct deposits.
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Consumer advocates had been asking for this for years.
Information about the changeover will be sent to those receiving payments from the EDD.
Take a look at more stories and videos by Michael Finney and 7 On Your Side.
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