Okay, explain to me how I just Revoluted my friend 50 bucks for gas money, with no fees. Or direct transferred my landlord several hundred dollars, instaneously, no fees.
First off, your bank (and landlord’s bank) are trusted entities ~ not everywhere in the world has trusted entities like that.
At least in the US, the overall costs to a bank for a checking account are estimated at $250-400 a year. https://www.bankdirector.com/issues/the-profitability-of-the-average-checking-account/ You are getting free transfers, sure, but presumably the bank feels it is getting $250-$400 of revenue off you in some fashion. So the bank is getting “paid” somehow, just not a la carte.
Okay, explain to me how I just Revoluted my friend 50 bucks for gas money, with no fees. Or direct transferred my landlord several hundred dollars, instaneously, no fees.
First off, your bank (and landlord’s bank) are trusted entities ~ not everywhere in the world has trusted entities like that.
At least in the US, the overall costs to a bank for a checking account are estimated at $250-400 a year. https://www.bankdirector.com/issues/the-profitability-of-the-average-checking-account/ You are getting free transfers, sure, but presumably the bank feels it is getting $250-$400 of revenue off you in some fashion. So the bank is getting “paid” somehow, just not a la carte.