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US Banks Launching Answer To Peer-To-Peer Payment App Venmo (reuters.com)
The U.S. banking industry is about to launch its answer to the popular mobile payments app Venmo. "Over the next week, five of the largest U.S. banks will light up their segments of a new payments network called Zelle, executives said in interviews," reports Reuters. "They plan to announce details of the launch on Monday, and expect another two dozen banks and credit unions to join over the next year." From the report: The long-awaited network will allow tens of millions of bank customers to send money to each other instantly - known as person-to-person payments - with a few taps on their smartphones. That is an improvement over Venmo, which immediately alerts users that a money transfer is in progress, but takes time to shift funds between bank accounts. Customers who use existing bank payment apps may not notice much of a change beyond marketing. Transfers will simply happen faster because the banks are finally linking to each other, executives said. JPMorgan, Bank of America Corp, Wells Fargo & Co, U.S. Bancorp and Capital One Financial Corp will be the first to plug into Zelle.
back in the day....the banks PAID you to try their ATM.
what is the fee for this?
I can't believe it never occurred to a lot of executives in the commercial banking sector to do this. It would be a great way to make PayPal-like income without having to go through the credit card process. If they set up a system where you could define like 5 people where no fees would apply for personal transactions, it would be a hit with families.
That would be......JP Morgan, Bank of America Corp, Wells Fargo, U.S. Bancorp and Capital One.
1) Patent Lawsuits launched in North America, UK, EU, Africa, China, South America, Southeast Asia and Australia will allege blatant IP theft by the Banks.
2) Short-term, Timmy will require 35% booty pay to him on all transactions amounts after Apple Ink takes a cut in the App Store.
3) Timmy will fund his Queer friends network in IS (Islam State) to conduct kidnapping and ransom of Bank Executives with the provision that the Executive is killed after ransom payment is received by Apple Pay.
On the privacy side of things, they get your Facebook credentials and the accounts you relate to in Facebook (let me not call them "friends"). They may use the information to promote other products to you. And you may publish all of your transactions online or just let the people you know know, for whatever reason you can think of.
So far, I only see the 3% fee on credit cards. The held funds do not "typically" give the Company any interests, although they have the right to do so. I might have missed something on the privacy side of things. Is what I listed all the revenue that Venmo gets? Seems somewhat low.
sorry but you are obsolete
ummmm....WHO FUCKING cARES...
How is that worse than banks? Banks' "instant transfers" are immediately removed from source accounts but don't go into the destination accounts until the next business day - or 3 to 5 business days for cheques.
invasive and some serious data mining going on all under the guise of security and convenience.
Banks are for suckers. They're like casinos: they always win, and you, eventually, always lose. Use a credit union and ignore what the banks are doing.
I don't respond to AC's.
#innovationjam #ilovedineshravishanker
Credit unions sound nice and all, but I've found that for even basic services the staff is incompetent.
- There's a credit union I use that I can't login to their on-line site. Every time I reset the password, it locks out the next day. Their online password reset tools don't work- you have to call the branch and beg a teller to reset you. That process takes about a week. Been that way for years. They can't figure out why.
- I tried to close a checking account at another CU. Went into the branch, did the paperwork. Month later, got a statement. Account still open. I went in again, and closed it again. Couple months later, got a letter from them saying that they made a mistake, and I had to go to their branch (in working hours), and close it a 3rd time. Sent them a very angry letter, saying I wasn't responsible for fixing their mistake - especially when they'd done it 3 times in a row. Never heard from them again. Not even an apology.
- I'm looking for a CU to replace my bank's ovderdraft line of credit. Best I can find in my area is a CU that will gladly transfer my money from my savings (not a loan, mind you), to my checking for $35 per transfer. Gee, who would turn that down?
I know some folks swear by Credit Unions because they are "not for profit" - but there's a level of competition they are missing that keeps them from being able to successfully handle the most mundane and basic tasks.
Sounds more like the ones in your area suck. Where I'm at and up North where my grandparents live, the CUs are not as incompetent as you claim.
My stepdad had bad experiences with banks, but that mostly boiled down to the individual branch and the staff. I'm not going to blanket all of them for those experiences (though we all know big banks are a scam).
Wow you guys live in the 1st world with stone age banking.. here in India I'm able to transfer and clear payment from any bank/account to any other bank/account within seconds (ok maybe 30 seconds) for free 24/7 even on a bank holiday.. I can also set up a virtual payment address similar to an email that will remain the same even if I switch banks and the virtual pmt address can be anything I want similar to email addresses..
Near instantaneous payments which are reliable should help eliminate the personal check. One of my pet peeves is the occasional person who still writes personal checks in store checkout lines. The whole reason why a few people still write personal checks in checkout is convenience for them, and the illusion that there's still a float period.
Sounds like you got some bad luck, indeed. We run millions of dollars a year through three different ones and we have really great service and really low fees & low interest on loans at all three of them.
I don't respond to AC's.
First they came for our newspapers, and I said nothing. Then they came for our broadcast networks, and I said nothing. Then they came for our taxi industry and still I said nothing. Finally they came for our banks and when I called out..... everyone cheered and it was awesome...