The Clap Bank of America (NYSE: BAC) was fined $255 million for denying people their unemployment funds during the pandemic.
The Deets The $225 million is a combination of fines from a couple of regulatory entities.
The entities said the bank failed consumers by “denying them access to their mandated unemployment funds during the height of the pandemic, & leaving these vulnerable consumers without an effective way to remedy the situation.
Why this Matters When the pandemic hit, states relied on banks to issue pandemic unemployment benefits to people.
BofA had contracts with 12 states back then, & they’ve now been reduced to only one.