While thousands are leaving Bank of America for greener pastures at local credit unions and other financial institutions, there is an ever growing number of people who can't leave -and as a result, are being punished for it in the way of fines.
Due to contracts with several state governments such as South Carolina, unemployment benefits are now given out with debit cards issued by the big banks, instead of checks as they were in the past. Due to the change, if there is no bank ATM in the area, fees of up to $5 are incurred every time the person assigned to the card goes to withdraw funds. And since the state can't change the bank and checks are often no longer offered, there is little recourse for those already struggling to get by, even if the recipient has a financial institution that would offer to waive the fees. Read the full article.