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Isn't that a problem? The biggest banks got together and created a new network for transfers, and charge all the smaller banks fees to access it? It sounds li
by happymellon 3y ago
Isn't that a problem?
The biggest banks got together and created a new network for transfers, and charge all the smaller banks fees to access it?
It sounds like another method of crushing competition.
- lotsofpulp 3y agoWell they allow any other bank/credit union to use it, and based on the fact that 1,600 financial institutions participate/80%+ of the US population, it must not be costly (or or is free). It sounds like the US government was asleep at the wheel and the big banks got together and did what they had to to enable US residents to be able to instantly send money to each other electronically.
- happymellon 3y agoYou need to read up on it. It uses the Visa and MasterCard networks. It is not free. Bank of America and Wells Fargo do not get charged the same as your local Credit Union. So smaller institutions get screwed.