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Bank of America flags 640K accounts on suspected unemployment benefits fraud

December 10, 2020

Bank of America issued more than 8.2 million cards holding more than $105 billion between March and November under a contract with the California Employment Development Department (EDD).

After the EDD announced that nearly 350,000 of its debit cards had been frozen to investigate suspicious activity, 59 California lawmakers wrote to Bank of America CEO Brian Moynihan to inform him that their offices had received numerous calls from workers whose legitimate claims to benefits were closed or otherwise inaccessible.

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