Www.bankofamerica.com/eddcard Login
Employees are eligible for different benefits and services controlled by the Employment Development Department (EDD). Every state has their EDD and rule which are for the use of employees. California’s EDD is currently in the news as it has renewed the contract with the Bank of America despite the fraud and unhappy cardholders.
Yes, you hear did right, employees are unhappy with the bank’s service, and still, EDD renewed the contract with the bank for more than two years. With the news of fraud and even freezing of bank account by employees, EDD took such a big decision. It is said that not even the Bank of America wanted to continue the contract, but everything was under the control of EDD.
Why Bank of America and EDD cardholders are against the contract?
It is found that even the Bank of America is unhappy and does not wish to extend the contract. The reports and claims show that even the bank has faced $200 million frauds because of EDD debit cards. So, the Bank of America was against the renewal of the contract. The Bank of America has paid millions of dollars for unemployment benefits debit cards, so they were unwilling to continue the service or agreement.
On the other side, many EDD debit cardholders have been fraud and complaining their bank account gets frozen. The lawsuit clarifies that the bank cannot take any security action against fraud or go for any investigation.
There are more than 230,000 claims by EDD cardholders regarding fraud faced in the last 1 year. So, the lawsuit and cardholders were entirely against the contract, but EDD does not consider any factors.
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What are the steps taken by EDD and banks to stop fraud?
The pandemic has made many people unemployed, and people started doing fraud. EDD cardholder does not have high security and is very easy to crack. As a result, many EDD cardholders faced such issues and lost their money.
So, to increase security EDD and banks are trying to introduce high-level security. It is said that the card would have security chips on the debit card. It will help to go for deep level verification and might stop any fraud.
The bank is against the unemployment benefits given to debit cardholders, so EDD is working on some plan to get help from vendors. EDD is also planning to go for direct deposit for an unemployed cardholder to avoid any fraud. Thus, EDD is trying hard to add security and make benefits of the bank to make everyone happy.
Conclusion
In all, the EDD cardholder and the Bank of America are unhappy with extending the contract. It is found that the income from transaction fees have been increased nearly 5 times during the pandemic. This income is also one of the reasons that EDD has extended its contract with the bank. So, it’s high time when cardholders are required to have an eye on EDD mail and even check all related papers to save themselves.