Re:FedNow, the Fed's instant payments system, is live
by mixmastamyk on Thursday July 20, 2023 @01:42PM
(#36803981)
My bank doesn’t charge transfer fees. Not sure what that means, credit card fees? That’s charged by the network.
Obviates old-fashioned wires I suppose but those are rare and fee sometimes waived. Probably save money by reducing employee headcount.
Re:FedNow, the Fed's instant payments system, is live
by constantcrying on Thursday July 20, 2023 @01:43PM
(#36803991)
Because customers demand it and any bank which has it can attract customers from banks which don't.
A system like that exists in Europe already, banks operate for profit there too.
Why would a for-profit banking institution actively advertise for something that will affect its bottom line (e.g. transfer fees)..?