Www.bankofamerica.com/eddcard Login
The Employment Development Department (EDD) offers a variety of benefits and services to employees. Each state has its EDD and rule, which are available to employees. California’s EDD is in the news because it renewed its contract with Bank of America despite fraud and unhappy cardholders.
Yes, that’s right. Employees are not happy with the bank’s service. Yet, EDD renewed their contract with the bank for over two years. EDD made such a huge decision after hearing about fraud and employees freezing bank accounts. EDD was able to control everything, even though the Bank of America did not want to renew the contract.
Why are Bank of America and EDD cardholders against the contract?
The Bank of America has decided not to renew the contract because they are unhappy with the outcome. According to reports and claims, the bank has been subject to $200 million frauds due EDD debit cards. The Bank of America opposed the renewal of this contract. Because the Bank of America had paid millions of dollars to obtain unemployment benefits debit cards, they weren’t willing to renew the agreement or continue the service.
Many EDD debit cardholders are claiming fraud and their bank accounts get frozen. The bank can’t take security measures against fraud or conduct any investigation, according to the lawsuit.
EDD cardholders have filed more than 230,000 fraud claims in the past year. The cardholders and lawsuit were completely against the contract. However, EDD doesn’t consider any factors.
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What steps are banks and EDD taking to prevent fraud?
Many people became unemployed due to the pandemic, which led to fraud. EDD cardholders are not protected and can be easily cracked. Many EDD cardholders have had to deal with such problems and lost their money.
EDD and banks have been trying to improve security by introducing high-level security. The card will have security chips. This will allow for deeper verification and may prevent fraud.
EDD is currently working with vendors to find a solution to the bank’s objection to the unemployment benefits that debit cardholders are entitled to. EDD also plans to request direct deposit from unemployed cardholders to avoid fraud. EDD is working hard to increase security and to maximize the benefits of the bank in order to make everyone happy.
Conclusion
The contract extension was not approved by both the EDD cardholders and Bank of America. The income from transaction fees has increased almost 5 times since the pandemic. EDD extended its bank contract because of this income. It’s high-time that cardholders should keep an eye on EDD mail, and check any related papers to save their money.
