The Bank of America EDD number, which stands for Employment Development Department, is a nine-digit number that is used to identify businesses for the purpose of unemployment insurance and payroll tax reporting. For instance, if a business has employees in California, it will need to obtain an EDD number from the California EDD.
EDD numbers are important because they allow businesses to file their unemployment insurance and payroll tax returns electronically. This can save businesses time and money. Additionally, EDD numbers help to ensure that businesses are paying the correct amount of unemployment insurance and payroll taxes.