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by lotsofpulp
1071 days ago
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Well they allow any other bank/credit union to use it, and based on the fact that 1,600 financial institutions participate/80%+ of the US population, it must not be costly (or or is free). It sounds like the US government was asleep at the wheel and the big banks got together and did what they had to to enable US residents to be able to instantly send money to each other electronically. |
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Bank of America and Wells Fargo do not get charged the same as your local Credit Union. So smaller institutions get screwed.