Re:Mastercard Should Stop Selling Our Data
by ledgerdev on Sunday October 15, 2023 @07:23PM
(#37894335)
Yes FedNow (and RTP from the Clearinghouse) are captured from bank account, but are push unlike debit which is a pull like credit cards. I looked into it for bill payments and there's a FedNow feature to request payment but it's still in very early stages I don't know if it's even implemented for any of the banks that do support fed now already.
[ Parent
| on HN ]
Re:Mastercard Should Stop Selling Our Data
by bonton89 on Monday October 16, 2023 @01:21PM
(#37903102)
Interesting. Services like my property taxes and electric bill charge me an extra fee for credit card payment (which I prefer since it is push and also rewards) but they only offer direct bank transfer as the other electronic method which I hate since it is pull. I doubt I'll seem them adopt fednow though.
My solution for property taxes has been to just set billpay every year to send them a check at the expected intervals.
Re:Mastercard Should Stop Selling Our Data
by ledgerdev on Tuesday October 17, 2023 @11:11AM
(#37916377)
> property taxes and electric bill charge me an extra fee for credit card payment (which I prefer since it is push and also rewards)
Precisely why credit cards are a hidden parasite on overall economic activity. They incentivize customers to use to get rewards and then take a ~4% cut of the payment from the merchant. So that's why merchants charge you extra fee they need to make up that 4% cost somewhere and it's either fees or raising prices even though you might not realize it.