Thread regarding Bank of America layoffs

Trust me - a lot of busy parents would rather forego the $500 weekly allowance and be single and childless and broke. So many toxic marriages, who takes the kids, the family stress, etc. Consider yourself blessed.

You need to read the fine print. You only get that if you can prove your daycare is closed because of COVID. You can’t just get that extra $. My daughters daycare closed because of COVID. So I was able to use for a few days while my normal daycare was closed. I just paid a neighbor to watch her.

I'm not sure if the program was extended past 3/31/2021 but it cost BAC a pretty penny...Other banks too had similar programs although not as 'expensive'

https://www.bizjournals.com/charlotte/news/2020/12/16/bank-of-america-child-care-benefits-extended-again.html

Bank of America Corp. (NYSE: BAC) is extending child-care benefits for employees through March 31, according to an internal memo viewed by the Charlotte Business Journal.

Eligible employees can receive up to $100 per day for backup child care. That amount is per household, not per child. BofA is also adding 10 days for child and adult care through Bright Horizons in 2021. That means employees will have 50 days of backup care.

This allows BofA employees to hire child care when regular providers are not available.

The Charlotte-based bank said its employees have used almost 3 million days of care services, a $300 million investment for the company.

"As the health crisis continues to impact communities across the U.S., many schools and care centers are continuing to operate with virtual, hybrid or reduced schedules. We recognize the challenge this represents for those with family members in need of care during working hours," the memo said.

About two-thirds of the employees using child-care benefits are women, BofA said.

Other big banks are continuing similar support for their employees.

San Francisco-based Wells Fargo & Co. (NYSE: WFC) rolled out 20 days of subsidized backup child care when the pandemic hit. In September, it began offering up to five hours of free virtual tutoring a month per employee.

Employees at Wells Fargo can access a caregivers website with membership fees and background checks covered by the bank. Some child-care centers are also offering priority placement and reduced tuition.

Truist Financial Corp. (NYSE: TFC), also of Charlotte, has invested almost $100 million in Covid-19 support for employees, including child-care reimbursement and more benefits for emergency child or elder care. Truist also gave employees 10 additional paid days off to navigate school closings and other care impacts.

Truist is providing resources for employees to find caregivers, academic support, pet sitters and housekeepers. Eligible employees can also receive up to $50 per day for a limited time for child-care reimbursement. These benefits run through the end of the year.

Not really the whole story. There was a max of 40 days while in house for BAC for $100 a day. Then outsourced and amounts dropped depending how much money you made $100 under $50k, $75 a day under $100k and then $50 a day up to like $150k. Then in 2021 went back to normal childcare of $120 to $205 per kid per month with jo--t AGI under $100k. Over $100k jo--t or $50k single gets nothing.
In July upped the allowed amount per child to $275.

I have 5 kids and make right around 80k AGI jointly. In 18 months I would guess I received $13k. I have paid roughly $22 to $25k as schools were shut down and daycare closed and had to bring in help to work.

Parents didn't get rich on this and lost money imo except during first 3 to 5 months (40 days at $100 ) when executives cashed in on the 4k when their kids were with their nanny either way..

Doesn't matter to me how much $$ they gave me for covid. Goodwill is gone with me by forcing me back in and putting family at risk...forced return will doom them for years as they lost the goodwill of us....