CA AB2540

Modifies definition of "qualifying account" for direct deposit of unemployment benefits, child support payments, disability benefits, and public assistance payments to allow accounts with voluntary fees if specific conditions are met.

Requires that voluntary fees have a default amount of zero dollars and can be refunded at consumer request.

Requires clear and conspicuous disclosure to consumers before they exercise or decline voluntary fee options, explaining that account features are not affected by their choice.

Extends direct deposit options for disability and family temporary disability insurance benefits beginning January 1, 2024, with same qualifying account requirements as other public assistance programs.

Clarifies that government agencies (EDD, county treasurers, and Department of Child Support Services) are not liable for verifying whether designated accounts meet qualifying account standards.