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A comment on Visa is planning the biggest changes to merchant fees in a decade. Parent comment

Re:Visa is planning the biggest changes to merchant fees in ... by kasperni on Saturday February 08, 2020 @09:16AM (#22275801)
This might be a stupid question, but do you have to pay a fee for transferring money from one bank to another bank when both banks are located in the US?
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Re:Visa is planning the biggest changes to merchant fees in ... by mcherm on Saturday February 08, 2020 @10:29AM (#22276203)
Because the banks charge a fee (well, some of them do).

I know that sounds stupid but it's the truth. There is no law against banks charging fees like this, banks like to make money (don't we all!), and (significantly) banks don't seem to lose customers by charging these fees.

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Re:Visa is planning the biggest changes to merchant fees in ... by dickeytk on Saturday February 08, 2020 @09:19AM (#22275817)
it doesn't cost anything but there is risk involved. So nobody takes a cut, but it also isn't "free". This is a fantastic series that explained it really well to me: https://engineering.gusto.com/how-ach-works-a-developer-pers...
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Re:Visa is planning the biggest changes to merchant fees in ... by niij on Saturday February 08, 2020 @11:09AM (#22276420)
In general: no. External transfers (ACH) and checks are generally free for within the US.
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Re:Visa is planning the biggest changes to merchant fees in ... by PaulDavisThe1st on Saturday February 08, 2020 @12:22PM (#22276938)
Also, compared to within the EU, ACH is incredibly slow. EU bank-to-bank transfer is instantaneous. ACH takes at least 1 day, often 2-3.
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