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…
…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?