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State Treasurer, U.S. Bank agree to reduce fees for unemployed

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High Five
Wednesday, November 30, 2011

State Treasurer Ted Wheeler and U.S. Bank have reached an agreement to reduce fees on debit cards carrying unemployment and child-support payments.

"The changes we have negotiated will benefit Oregon card users and taxpayers," said Oregon State Treasurer Ted Wheeler in a statement released Tuesday. "I want to thank U.S. Bank for listening to the needs of Oregonians and for their commitment to making the program even better for all involved."
Oregon is one of 41 states that have entered into contracts with some of the nation's biggest banks to provide access to unemployment benefits on prepaid debit cards. States say the prepaid debit cards save millions on check printing and mailing costs, and help people who don't have bank accounts to avoid check-cashing fees. But the arrangements often allow banks to charge unemployed people small fees for ordinary activities, such as visiting an ATM or calling customer service. Nearly a dozen states are set to renegotiate their prepaid debit card contracts before the end of 2012.

Read more at The Huffington Post.

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