Bank of America taking on Paypal?

Tom Oates · Sep 18, 2013

I just got this mail message in my Hotmail account from Bank of America. Here is what it says... "With Bank of America's Online or Mobile Banking, you can now pay almost anyone using their email address or mobile number,[SUP]1[/SUP] as long as their bank account is in the United States. It's easy and secure, and there's no need to share account information. Plus, there are no fees to send money with this service." I like the "no fees" part. The "1" disclaimer states that fund transfers may not be immediate in some cases. I think this is a good start and may put some pressure on Paypal some day? Hopefully.. fingers crossed...

allstars · Sep 18, 2013

Since Ebay owns Paypal NO

UMich92 · Sep 18, 2013

Technically, there are no fees to send money using PayPal. The only fees are when you receive money. I'd be curious to know if both sides of the BoA transaction had no fess. And if so, how will BoA make money?

RStadlerASU22 · Sep 18, 2013

There are no fees to send money w / PayPal. It's the receiving fees that if someone want to get into the market would have to be better than PP at. Also since most buying/selling is done through eBay , and B of A can't get into that market , then it's not much of a push to PP. the bank services are for more payments like services not goods IMO

Ryan

Hendersonfan · Sep 18, 2013

UMich92 said:
Technically, there are no fees to send money using PayPal. The only fees are when you receive money. I'd be curious to know if both sides of the BoA transaction had no fess. And if so, how will BoA make money?

You have to have BoA account and they are probably figuring they will collect fees or you will use some of their other services if you are a regular customer.

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Calripkenjrcollector · Sep 18, 2013

It's Bank of America (or any other Banks). Everything they do is FREE at first then they'll nickle and dime you after they meet their quota. If they wont make money, no way they will offer a service.....

ChasHawk · Sep 18, 2013

Chase has had free bill pay and whatnot for years, but it's not a feasible way to pay eBay sellers.

Russ S. · Sep 18, 2013

BOA is a POS.

Tom Oates · Sep 18, 2013

ChasHawk said:
Chase has had free bill pay and whatnot for years, but it's not a feasible way to pay eBay sellers.

Yes, I use BofA bill pay all the time. As far as I know, the legacy bill pay functionality is to a mailing address only. I have never seen pay to e-mail or pay to mobile number functionality. I semi agree with the other comments in general. However, I can transfer funds between my banks online with no fees on either side of the transaction. It is possible that BofA will not charge either party for the transaction. Yes, on my experience, they are the fee masters and have a plan in place to make money on the service. It's all about the benjamins!

ronniedp23 · Sep 18, 2013

Apple (purchased Square a while back to set up that move if I recall correctly) will be the ones to take on PayPal before the banks do.

The banks might take a small market share (which makes sense as it will allow their customers to centralize banking etc). But they won't go after Paypal in any major competitive way IMO.

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jbmm161 · Sep 18, 2013

I think the receiver would have to have a BOA account as well. Chase has offered the same thing for a while now.

KLARNOLD · Sep 18, 2013

This is on the Chase website:

https://www.chase.com/online-banking/quickpay

DaClyde · Sep 18, 2013

Sounds more like they're trying to head-off any potential adpotion of Dwolla more than challenging PayPal. As long as it is still dependent on the credit-card processing network, there will be lots of fees, whether visible or hidden.

Mainah · Sep 19, 2013

ronniedp23 said:
Apple (purchased Square a while back to set up that move if I recall correctly) will be the ones to take on PayPal before the banks do.

The banks might take a small market share (which makes sense as it will allow their customers to centralize banking etc). But they won't go after Paypal in any major competitive way IMO.

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Not sure where you heard that, but Apple does not own Square.

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ronniedp23 · Sep 19, 2013

Mainah said:
Not sure where you heard that, but Apple does not own Square.

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My apologies. I read about a possible deal a while ago. I guess I made a bad assumption that it had gone through.

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