clearXchange Fees To Email Money Worth It?

Last night I clicked on the “Transfer Money” tab on Bank of America to move some money from savings to checking. But instead of seeing the usual screen, I was first prompted with this…

clearXchange invite screenshot

…it was a solicitation for me to participate in their new program that gives you the ability to email money or send it via phone, to other accountholders at Bank of America, Wells Fargo, or Chase (if they are also enrolled in clearXchange service.

After clicking “Yes” here’s what the next screen said:

Introducing a new way to send and receive money. Now you can make transfers simply by using an email address or mobile phone number, with no account number needed. A fee may apply when you use this new service (fee waived for a limited time). The fee amount is disclosed prior to each transaction and is also in the service agreement. Please note that there are dollar amounts and other limits for these transfers. Please also see the service agreement for applicable daily cut off and delivery times.

About transferring money to others

  • For a fee (fee waived for a limited time): Make transfers to another person using the recipient’s mobile number or email address.
  • No fee: Make transfers to other Bank of America customers using the recipient’s account number. Most customers may also use Bill Pay to send money to individuals without charge (see your service agreement for details).

By checking this box and selecting “I agree” below, I confirm that I:

a. have read and agree to the terms of the service agreement, including the terms of the Email/Mobile Network Transfers sections;
b. consent to receive email and automated text messages about Email/Mobile Transfers;
c. will only register mobile numbers where I am the account holder; or if I am not the account holder, I have the account holder’s permission to register that mobile number; and
d. will obtain the consent of the person to whom I want to send a Mobile Transfer text message to receive the automated text message.
e. consent to receive surveys requesting my feedback about this service, even if I am on a Do Not Solicit list.

Message & data rates may apply. For help text “HELP” to 53849. To cancel your plan, send a text “STOP” to 53849 at anytime. In case of questions please contact customer service at 1.877.343.7174.

Supported Carriers: AT&T, Sprint, Nextel, Boost, Verizon Wireless, U.S. Cellular®, T-Mobile®, Cincinnati, Bell, Virgin Mobile USA, Cellular South, Centennial and Ntelos

I did some digging around on my own to find out more about this clearXchange (or as I was initially calling it, Clear Exchange) and this is what I’ve learned:

1. It’s a joint effort by BofA, Wells, Fargo, and Chase. It’s unclear whether it will be offered to other and smaller banks once the programs is completely rolled out.

2. Who they’re going after is Paypal, obviously. I’m all for this, because Paypal fees are outrageous (especially for non-credit card payments) so it would be great to see this become popular.

3. The banks are keeping tight-lipped about what the clearXchange fees will be. Currently no one’s getting charged but if you rewind back 10+ years ago, Paypal’s slogan was “Always Free!” and we all know that ended up being a crock.

What are your thoughts on this banking service for emailing money or texting money? Have you used it yet? Have any insight as to what the service fees will be?

The responses below are not provided or commissioned by the bank advertiser. Responses have not been reviewed, approved or otherwise endorsed by the bank advertiser. It is not the bank advertiser's responsibility to ensure all posts and/or questions are answered.

I’ve been using Wells Fargo’s SurePay (clearXchange) for over five years, and I’ve never had a problem. The payment is available to me the day it’s transferred. There are no fees. I like it because only my bank has my account details.

We just received payment from our customer who uses Chase Quickpay and the money was in our account within 2 days. But wonder if there is a fee to use Clear X Change. Why can’t they say that clearly on their FAQs. We use TD bank which sucks. I can only mail a check and if it gets lost I will never know. Are we going back to stone ages?

We had been using CapitalOne to pay a debt to a family member. Then they instituted this service and it was a mess. After a long process the first payment went through. Tried again the next month and failed. They claimed that the receiving bank rejected the deposit. When has a bank ever rejected a deposit? Further their contract states they will pay for any damages, but they refused. Terrible!

Garbage service. I was receiving regular small sums from a family member, seemingly without incident for several months. Then one day it asks me to verify my account information. I think, ok, fair enough. So I put in all my info, double check it, its fine. ClearXChange tells me that my info can’t be verified and terminates my account on the spot with no warning. I can’t access it and the money is gone. Customer service has told me 100 different ways that they “can’t do anything.” Stay clear of this business. Suck it up and deal with the Paypal fees. They’re still the best in town.

We had a customer send us money for a purchase from Capital One using clearXchange. In order to receive it we had to create an account with clearXchange. Our bank isn’t within the network but we encountered no problems and at a glance like how simple the process was when compared to Paypal. We paid no fees, the money was directly put into our bank account and we had access to it in 2 days. I know with Paypal there is a limit on how much you can withdraw in a month’s time, there are fees and you have to wait for it to show up in your account to be able to transfer it to a bank account.

someone suggested venom. I was asked to use it so I tried to sign up. They wanted the ID and password I use to log in to my chase account.
Needless to say I did not complete the registration. Who would?

I just set up ClearXchange in case I’m ever in a pickle and absolutely need it. I too was solicited when I logged into the app. A much better option is Venmo. It’s a free app that allows free checking account transfers to others who have the mobile app. My tenant now uses it to pay rent and it’s so much easier than driving to the bank and no fees like paypal. You can transfer via cc but there is a small fee for that. The only downside is having to convince people to download another financial app amd connect theiust set up ClearXchange in case I’m ever in a pickle and absolutely need it. I too was solicited when I logged into the app. A much better option is Venmo. It’s a free app that allows free checking account transfers to others who have the mobile app. My tenant now uses it to pay rent and it’s so much easier than driving to the bank and no fees like paypal. You can transfer via cc but there is a small fee for that. The only downside is having to convince people to download another financial app and connect their bank accounts.

This service is a real loser. I have a tenant who has to send me 2 separate payments for rent because the amount exceeds a daily limit. In addition, I get notified of the request for payment by ClearXchange but then the payment doesn’t arrive for several days. The service or the bank is clearly trying to work the “float”. In fairness to ClearXchange, one tenant who uses BofA gets their payment to me in 1 piece and on-time. The other tenant who uses WellsFargo has the problem described above, so it may be Wells Fargo that is causing the problem and delay. In the past, prior to electronic funds delivery, the Wells Fargo tenant used their bill pay service which was always late due to 5+ days of processing through an Omaha service center. In any case, I don’t have these problems transferring funds from my banks (not BofA, Wells, or Chase), so I would just say this ClearXchange process is simply a poor excuse for what could be an excellent service

Just wanted to post this because I think a lot of people who come here want to know this. A client transferred their payment to me yesterday through B of A using clearxchange and I went through signup using my Citibank account. The money showed up in my account this AM, the next day. I don’t have any complaints!

I wanted to send small transfers to a friend. On Aug 21st I sent $50 and then on Aug 24th I sent $30.00. WF SurePay says the transaction will be completed in two days. The first transaction was “completed” on Aug 25th. The second transaction was “completed” on Aug 27th. WF Customer Service says there is nothing they can do. They can’t reverse the transfers. They told me to call my friend and get the money back (we are no longer friends because of $80.00) !!! Today is Sept 2nd and neither transaction has arrived. From the previous posts, I am not looking forward to trying to track this money down.

Do NOT use BOA / ClearXchange. It has been a week since I opened my BOA account — they took the money out immediately but it still has not shown up in my BOA account. Every rep at BOA I have talked with has a different story about what might have happened and some have even tried to blame my bank. The fact is that BOA initiates these withdrawals and then wipes their hands clear of any responsibility while ClearXchange loses the money or time or both. What a shame that BOA has partnered with such a crappy service. I could have mailed a check in half the time.

I just spoke to a “supervisor” who would not allow me access to my account because I could not identify a mailing address for him. He said that was the ONLY way to verify my account even though I gave him a correct email address and spelling of my name. I offered to verify my account a different way since my address didn’t match the one in his record but he was completely unhelpful. His solution was to tell the person who sent me the $ to take it back and write me a check. How is this a modern solution to send people money if they make it so complicated you cannot even access your online account? I would NOT recommend this service to anyone.

How do you not know your address?

I’ve been paying my rent from WF to my land lady’s credit union for the last few years. It is not that easy to set up, but it works, and it’s becoming a hassle-free affair. No fees ever.

Do they offer any fraud protection? That’s one good thing about paypal. I was ripped off by somebody I bought concert tix from on craig’s list. they disappeared after my payment was received. But paypal investigated the case and after a couple of weeks, sent me my money back. Does this company offer that?

Horrible, horrible, horrible. I was just informed that because I have an acct at Wells, Bof and Chase (who are all participants) that I can no longer use my 1 primary email address for these banks. I can only use it at one bank, so therefore I have to create two NEW email addresses for my other two accounts — how is this benefiting me as a customer???? And I don’t have a choice??? Really not happy about this and it makes me want to cancel my accounts with all 3 bank and go with a smaller financial institution or credit union.

I am looking into this too. It is because your email you use is tied directly to a particular bank account. If someone send you money to the email, how would they know which account to send it too. It allows you to have money sent to you without giving out your acct numbers. You can use phone numbers too, I wonder if they have to be a valid number?

I tried to use this (unknowingly) to transfer to a customer of a non-ClearXchange bank. I was under the impression it was a Wells Fargo system, but was very disappointed when they were unable to register a ClearXchange account and were pushed to customer service. They eventually went to Wells Fargo where the teller tried to convince them to open a new account just to receive $40!

I ended up cancelling the transfer and sending a paper check instead. Thanks Wells for the step backwards. Next time I’ll use PayPal and just lose the couple %.

A relative sent me $ from wells fargo, but not having an account there I was directed to clearXchange but only days after a convoluted wells fargo process.

Wells Fargo initially told me that WF surepay could not be used to send money to a non-wells fargo account. 2 days later, another WF rep said yes it could but I would have to go thru clearXchange. This process was convoluted too, CX told me that my address, that I have had for 2 decades and is listed on my drivers license is invalid, old, outdated. CX is using old information floating around the web, not my valid drivers license info. They refused to honor my current address but accepted my mothers address.!!!! I have not lived at my mothers address, in another state, for 40 years!!!

After going round and round with a very sweet Indian sounding woman, it finally went through, well at least it said the money will be sent within a week.

We shall see.

Interesting to note that the first wells fargo rep who told me that I could not collect the money unless I had a wells fargo account also tried repeatedly and incessantly to get me to open a “free” checking account. I had to say no 4-5 times, it was very annoying, and in conclusion she said then she could not help me collect the money if I did not co-operate!!!

I called WF again another day and another wf rep told me to go through this xchange “service.
Reluctantly I did and now all my info is again needlessly in yet another hackable database with a corporation I neither know

Sounds like a banking scam.

If any one cares, send money by wire transfer, pay the small fee, your transaction will complete in seconds and you don’t have to put your life history and banking details to a third-party strangers.

saved by this thread!

wow, i’ve been saved by this thread! i almost set up a tenant to pay me $1850 in rent through this service. sounds like it would have been too risky. she could have been fretting about where her money had gone, and i could have been fretting about paying a mortgage without her rent. i’ll let her continue to walk into the bank and deposit checks that way. also, this thread reminds me of why i cancelled my bank of america account: every transaction felt like i was taking a risk. too often i wound up on the phone with people who couldn’t help me.

never bank w/ the big banks; go local or credit union, they actually give a shit

On Nov. 7 got a notice from clearxchange that my daughter sent me money via their service from Wells Fargo. Opened account with clearxchange that day even though I was uncomfortable with unknown service. Said I would receive money 3-5 business days.Gave up abd called CX on Nov 17 at cust. serv. # (which certainly based in India). Man said Wells Fargo had not sent money yet. How did they know Wells Fargo was supposed to send money if WF didn’t tell CX they were sending it? How would CX know if transfer was not already in the works? Have to call India cust. serv. to even cancel this website service. WF website doesn’t mention this method of transfer. Nov. 19, still no money.

I use the Wells Fargo version and transfer money to my son all the time with no issues. He transfers to me also and no issues. We are both Wells Fargo customers. Most of the posting issues seem to be with a B of A account.

3 to 5 business days for a wire transfer is ridiculous. It’s better to just mail it.

It’s not really a wire transfer it’s an ACH. Wires can be done same day and are expensive ($10 to $30) even for large businesses.

A smart company would have a representative reply here and explain some of these issues. I was about to transfer money using this service but have now decided against it. I can just go to a branch and make a deposit instead. I hate half assed programs put in place by giant institutions who seem to not be on top of what’s going on. I’d fire the program manager for not commenting here!!!!

Stupidest company i’ve ever had the displeasure of working with. Made account two weeks ago to transfer funds, and got nothing still. Clearexchange said call BOFA, Bofa said have the sender work.

Bofa and clearexchange two of the stupidest companies who can’t do something this simple correctly. I’ll use something else.


Hi Daniel,

I’m sorry that you had difficulty using clearXchange. Payments typically arrive within 3-5 business days after registering for the service. Please call our customer support team (1-866-839-3488) if you are still having problems with receiving your payment, and we’ll get this taken care of!


Darcus Williams



Client of mine sent me $1,000 this way. Of course it vanished into thin air now — Bank of America says it was transferred- ClearXchange (which I guess is some answering service in India says they didn’t get it) — it’s a big mess and I had no idea about service agreements or fees or holds– what a nightmare– what’s worse is that the TELLER PUSHED this on my client– I mean all she had to do was withdraw $1000 or cut a check for $1000 or money order or cashier’s check– whatever banks do– but you can see this is just one of those things where you don’t really get your money out even when you go to get your money out they still have it just say that they MOVED IT and CLEARXCHANGE says they didn’t get it- let alone the holds and other nightmares of waiting for verifications…we will see if I ever get anything…


Hi NavyFederalUser,

I’m sorry to hear that you had difficulty receiving your money. If you register your bank account on after you receive a payment notification, then your money should arrive in your bank account within 3-5 business days. If you are still experiencing problems with your payment, then please call our customer support (1-866-839-3488) and we’ll help you fix the issue.


my friend sent me money thru boa and was told it would be free and immediate. this is bull. charging and 3 business days is neither of what they said it would be. what a joke and just another way for the banks to make money. i want to know if everyone got their money???? i’m starting to freak out !!!

The three business days is common. PopMoney does that as well. I’ve used it one time and they work. It is dependent on the person receiving the payment to actually put in their bank account and routing numbers so the money will get there.
It just another area of competition where others are also competing.

i was unable to register and the senders money is tied up in the process…. no help from cxc and i have made several attempts to register…. still no luck. do you need to qualify to use this service???

This has to be one of the stupidest half assed companies on the planet. Their website is down or “service that you requested is unavailable, try again later” more often than any other service I have ever used. They say that all the passwords and codes that you need during registration are time sensitive and then they never arrive, when you try to get the new code, it says you can’t do that, its a FUCKING STUPID SYSTEM. I would rather pay for paypal or any other service just to know it is going to work! Free isn’t shit if it doesn’t work

I client sent payment to me this way, which I was a little skeptical at first because I was leery of when I would actually receive the money in my account and how much it would cost me. Needless to say, I received the full amount to my Chase account from her BoA account the next day. No complaints. It’s faster than PayPal puts funds into my account.

Besides being “questionable” their customer service is horrible. All they can say (for over 2 weeks) is “have the sender check with their bank”. I will never use them and urge everyone to be leery of them. Thanks to them an unemployed senior citizen with health issues is likely to be without a phone.

Registered on BOA did transfer to transferee whose bank is a non clearexchange bank. Well, BOA deducted the money instantly but my friend has not received any info concerning the transfer. Waited and waited till I had to cancel the transfer. Guess what? BOA did not put the money back into my account. Don’t use this. They take out the money instantly, don’t inform the party you pay and then don’t put the money back into your account for 15 days I read in their terms.

Tried to use the service and read the terms and conditions and FAQ’s plus contacted customer support for additional questions and they were so helpful and nice. They provided complete information. So I think everyone who’s having second thoughts about using the service or is not aware of it should ask first before accepting the terms and conditions right away. This is probably not for emergency transfers but for recurring payments, like monthly transfers. It’s actually free for the both the sender and receiver and I found out it’s from BOA and WF customers transferring money to customers who doesn’t have a BOA or a WF account (other US banks). Plus, the money doesn’t go through them. But the only bad thing I can see is that it’s take a little longer for the sending and receiving bank to process this.

I just registered for this service for recurring payments being sent to me from a member bank. The terms and conditions do say that for a non-member bank, like mine, there are “currently no fees,” however in the next sentence it does say that could change at any time, with notice. It said it will take three business days to complete the transaction, so we’ll see. Like the previous poster, it seems a little scary, since I’ve never heard of this, either.

Mel, how long DID it take to receive your funds?

When I tried to get $ from a friend for her half of a vacation, she sent it from her Bank of America account. My bank is NOT part of the “Clear Xchange” system (I.e. not Chase, Bank of America, Wells Fargo).. When my bank did not immediately receive the funds, they were concerned the whole thing was a scam. They immediately connected me w/ their FRAUD DEPARTMENT! I’m still not sure what’s going on and was advised to check my acct. several times a day, to make sure my money isn’t stolen! Whether this site is legit or not, I have some serious issues w/ them. First of all, why dont all banks know about this system? If its legitimate, I’ve had the scare of a lifetime! Secondly, there is a fee of between $18 and $29.!!! What?! Thirdly, why does it take so long to get the money into my acct.? I completed my “profile” on Friday and will only get my money on Wednesday?! What?! This is rediculous ! Snail Mail beats this & it’s cheaper & less scary!