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Free instant transfer was my favorite part of Square Cash, too bad they now charge a 1% fee.
by PTRFRLL 9y ago
Free instant transfer was my favorite part of Square Cash, too bad they now charge a 1% fee.
- felipellrocha 9y agoHow were they making money previously?
- LethargicStud 9y agoThey weren't, they were losing a lot.
- dawhizkid 9y agoInteresting...I must be grandfathered in because all my transfers are still instant/free.
- pbreit 9y agoI do not understand how same-day vs next day is such a big deal. And 1% fee is like 400% annual percentage rate. Is that even legal?
- xenity7 9y agoIt’s not a loan, and the 1% fee isn’t an interest rate, so annualization doesn’t make sense and usury laws don’t apply.
- pbreit 9y agoGetting money today that you would normally get tomorrow is a loan. And whatever you are charged is the interest rate.
- whack 9y agoUsury laws prohibit interest rates >20%, because otherwise, there are people who would actually be paying back 20% more than the amount they borrowed. In your example, that's impossible - the additional "interest" you're going to pay is never going to exceed 1% of the money you "borrowed"
- basch 9y ago"im standing at the atm, can you wire me $20 quick, ill pay you back tomorrow" "i just overdrafted and dont want to get hit with a fee, ill pay you back tomorrow" etc etc
- pbreit 9y agoThese seem overly contrived. I think we could all benefit by being a little more prudent financially.
- whack 9y agoAs someone who's previously collected rent from multiple people, and then had to make a combined rent payment to the landlord, getting the money a day earlier often solves many logistical nightmares. Would I pay a 1% fee for it? Probably not. Would I pay a quarter? Sure
- deleted 9y ago[deleted]