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(KRON) — The California Unemployment Development Department is dropping Bank of America as its partner for distributing unemployment benefits. In a news release on Friday, the EDD said it would be replacing BofA with financial provider Money Network.
Just as BofA did, Money Network will issue prepaid debit cards with microchips to benefits recipients. However, the EDD announced it will also be adding a new direct deposit option.
In addition to unemployment benefits, the change is expected to impact those who receive disability and Paid Family Leave benefits. The EDD began sending letters to the 850,000 Californians with active benefit claims on Monday to inform them of the key transition dates and actions.
The official switch to Money Network will take place on Feb. 15, 2024, according to the EDD. Claimants, according to the EDD, can continue using their current BofA prepaid debit cards as they normally do, for now.
In addition to mailing letters, the agency said it will send notifications through various channels to inform claimants about important dates and changes.
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