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ClearXChange
Looks like there COULD be a new opportunity to make some fee free miles, if this new venture will take CC payments and if there's an introductory promo. I guess we'll know later today, unless someone already knows?
NEW YORK (CNNMoney) -- Three major banks have formed a joint streamlined transfer system in an attempt to rival PayPal. Bank of America (BAC, Fortune 500), JPMorgan Chase (JPM, Fortune 500) and Wells Fargo (WFC, Fortune 500) announced Wednesday that they will launch a system, called clearXchange, allowing customers to transfer money electronically through the use of mobile phone numbers or email addresses. |
Wall St. Journal article:
http://online.wsj.com/article/SB1000...105406768.html Press release: http://clearxchange.com/ |
Can't wait for this site to go online.
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In the press release, they do specifically say that this will enable customers to send money from bank accounts directly, without routing numbers.
No hint of credit card funding, in the press release, at least. http://www.clearxchange.com/ |
i'm sure their model with be somewhat akin to the other programs currently out there. credit card spending carries with it processing fees and they need to make up that money somewhere. it's either from charging a % to fund with cc (usually one that will cancel out the befits of the program) or severely limit the amount of funding you can do.
might be a good way to make a couple minimmum spends though. |
Originally Posted by metallim
(Post 16448905)
i'm sure their model with be somewhat akin to the other programs currently out there. credit card spending carries with it processing fees and they need to make up that money somewhere. it's either from charging a % to fund with cc (usually one that will cancel out the befits of the program) or severely limit the amount of funding you can do.
might be a good way to make a couple minimmum spends though. |
Talking to my Wells Advisor earlier after read Wall Street Article this am it looks like this will be cash account to cash account, no CC at this time. I would like to see CC so we could get miles and or points.
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I believe that the point of this program is to ultimately establish a payment system that is an alternative to Visa, so that the member banks may garner the fees directly.
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I also spoke to my Private Banker @ Wells. From everything he has been told & shown, there will not be any CC option, at least not in the near future. They are also actively trying to recruit more banks into the program.
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Be wary of these bank specific services
A word of warning for FlyerTalk members.
These bank payment services that are outside of the normal CC system are dangerous. I was recently royally screwed over by Chase while trying to use their "QuickPay" service. The banks can and will freeze your account at a whim and require ridiculous actions to regain access to your own money. Here is a consumerist story detailing my plight: http://consumerist.com/2011/05/chase...-accounts.html |
Originally Posted by Middle_Seat
(Post 16446329)
Wall St. Journal article:
http://online.wsj.com/article/SB1000...105406768.html Press release: http://clearxchange.com/ |
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