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A comment on The Fed Is Behind the Capital One/Discover Merger. Parent comment
Banks pay fees today around this to the payment networks. The Fed could simply charge a tiny fee per transaction to the bank to cover this.
It would be much less expensive than Visa and Mastercard, since there is no service fee on top.
To clarify, I never said it be 100% free, but it would dramatically lower and standardize fees.
As far as trust goes, if you can't trust the central bank, we have bigger problems don't we?
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Banks pay fees today around this to the payment networks. The Fed could simply charge a tiny fee per transaction to the bank to cover this.
It would be much less expensive than Visa and Mastercard, since there is no service fee on top.
To clarify, I never said it be 100% free, but it would dramatically lower and standardize fees.
As far as trust goes, if you can't trust the central bank, we have bigger problems don't we?