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I complain about this at the other end of the cash flow cycle all the time: having to pay to pay. When a service, often my local municipality, charges a fee to
by johnea 2y ago
I complain about this at the other end of the cash flow cycle all the time: having to pay to pay.
When a service, often my local municipality, charges a fee to pay a fee.
VISA is arguably the biggest mafia organization in the world... 3% of all retain sales worldwide? Why?
With the proliferation of 3rd party "payment processors", and the accompanying crimes commited, The Fed has instituted a central bank hosted instant payment system:
https://www.frbservices.org/financial-services/fednow/about.html https://www.frbservices.org/financial-services/fednow/about....
But almost no one uses it. Why is that? Do people really want their money locked up in stripe or paypal?
- op00to 2y agoSend a check. That’s free.
- mosburger 2y agoAlmost no one uses FedNow (which would theoretically bring the U.S. almost on-par with European Open Banking) because the banks really don't have much incentive to integrate with it, especially if they're the ones making money by issuing debit and credit cards.
- johnea 2y agoThe banks making money off of the shakedown is certainly a part of the problem. But I bank at a local credit union, and I've mentioned FedNow to about 5 different branch managers. So far, no one has even heard of it 8-/ They just cancelled a relationship with zelle (which I didn't like or use), and I've suggested that tehy replace it with FedNow, but no one even knows what i'm talking about. p.s. Love your username mosburger! My favorite Japanese fast food chain! Especially for their offering of the YasaiBurger...
- deleted 2y ago[deleted]
- adolph 2y agoThe answer is transaction costs. Details at patio11: https://www.bitsaboutmoney.com/archive/ https://www.bitsaboutmoney.com/archive/