ClearXChange
May 25, 2011 | 5:01 am
#1
Original Poster
Join Date: Apr 2006
Posts: 1,259
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.
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.
May 25, 2011 | 6:41 am
#2
Join Date: Apr 2001
Location: Austin
Programs: AA P4L, WN, BA, DL, UA, HHonors, IHG
Posts: 3,505
Wall St. Journal article:
http://online.wsj.com/article/SB1000...105406768.html
Press release:
http://clearxchange.com/
http://online.wsj.com/article/SB1000...105406768.html
Press release:
http://clearxchange.com/
Last edited by Middle_Seat; May 25, 2011 at 7:04 am
May 25, 2011 | 10:38 am
#4
FlyerTalk Evangelist
Join Date: Jul 2006
Location: Upper Sternistan
Posts: 10,677
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/
No hint of credit card funding, in the press release, at least.
http://www.clearxchange.com/
Last edited by josephstern; May 25, 2011 at 10:39 am Reason: added URL
May 25, 2011 | 1:12 pm
#5
Join Date: Aug 2009
Programs: SPG Gold, AA, USair, United, Amex MR, ICHC, HHonors Silver
Posts: 235
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.
might be a good way to make a couple minimmum spends though.
May 25, 2011 | 1:16 pm
#6
FlyerTalk Evangelist
Join Date: Jul 2006
Location: Upper Sternistan
Posts: 10,677
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.
might be a good way to make a couple minimmum spends though.
May 25, 2011 | 2:32 pm
#7
Join Date: Feb 2011
Programs: AA Lifetime Gold, HH Diamond
Posts: 879
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.
May 25, 2011 | 3:51 pm
#8
Join Date: Aug 2001
Location: Washington, DC.
Programs: US CP, AA Plat, Hilton Diamond, SPG Plat, Hyatt Plat
Posts: 186
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.
May 26, 2011 | 7:17 am
#9
Join Date: Dec 2009
Location: Los Angeles
Programs: You Know Me... I Do Everything.
Posts: 1,482
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.
May 28, 2011 | 11:58 pm
#10
Join Date: Sep 2008
Posts: 33
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
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
May 29, 2011 | 3:51 pm
#11
Join Date: Jan 2007
Posts: 2,905
Wall St. Journal article:
http://online.wsj.com/article/SB1000...105406768.html
Press release:
http://clearxchange.com/
http://online.wsj.com/article/SB1000...105406768.html
Press release:
http://clearxchange.com/