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Banks profit from fees paid by California welfare recipients
Banks profit from fees paid by California welfare recipients

SACRAMENTO — Millions of dollars in welfare benefits are ending up in banks' pockets each year when poor Californians access their taxpayer-funded benefits, according to state statistics and a report released Tuesday. Like many other states, California issues electronic cards to welfare recipients so they can withdraw public assistance from ATMs. Last year, $18.9 million was spent on ATM fees. The year before they topped $19.4 million. The state welfare system allows recipients to make four free withdrawals per month at ATMs run by MoneyPass, part of U.S. Bank. But they are more likely to use an ATM owned by Bank of America, Wells Fargo or JPMorgan Chase, where they have to...

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