Bank of America location in Baltimore, MD. August 8; 2020. Photo: Diego M. Radzinschi/ALM Federal Judge Dismisses EFTA Claim Against Bank of America in Stolen COVID-19 Unemployment Benefits Case
Finding PUA payments were qualified disaster relief payments, they satisfy the CFPB's interpretation of Regulation E § 1005.2(b)(3)(ii)(B). The payments are excluded from the definition of "prepaid account," and, thus, are outside of the EFTA's definition of covered "accounts," the federal judge concluded.
August 17, 2022 at 10:18 AM
5 minute read
A federal judge has sided with Bank of America, dismissing an Electronic Fund Transfer Act claim filed by a customer who allegedly lost access to nearly $15,000 in COVID-19 unemployment benefits that were meant to be delivered on the bank's prepaid debit card.
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