More than 35% of Bank of America's revenue was shared with the state

Between January 2017 and May 2023 Bank of America got more than $577 million in revenue from the debit card program, of which over $208 million was paid to the EDD under a revenue-sharing agreement.

Bank of America revenue
EDD revenue share
$0
$50M
$100M
$150M
$200M
$250M
2017
2018
2019
2020
2021
2022
2023
  • Note: The revenue share payments to EDD lag behind the revenue Bank of America recieves and are, in part, calculated based on market rates.
  • Chart: Jeremia Kimelman, CalMatters
  • Source: Bank of America-EDD revenue records requested by CalMatters