Heard that on a radio today by a listener. What an eye-opening thought.
We take it as granted but the banks and financial institutions are made in such way that no single transaction goes through without them profiting. They will always take care of their share first, before anything else. The bank always profits no matter what you do.
In best case scenario you will have your business dealt with, and in worst case you will get "We are sorry sir, but we can't do that" - and the fee still deducted.
Online payment works the same way. Take a look at Paypal. They will take a nice hefty share of all transactions, and put you through embarrassing and long-lasting procedures in case of any problems and disputes. They can do it because they do not have competition.
But what if they did. Is it not possible to create a free (or an almost free) online banking system?
Let's call it open source banking.
If I want to transfer money I don't want to pay 3% or 5%. Why not take only 0.01%? That should pay all bills and a small island for all open source lovers.
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Posted in: Debate
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