Quote:
Originally Posted by shalym
Hmm...I am in the US, and I have 3 different Visa debit cards from 2 different banks. I can also do transfers between banks with no charge, and online bill pay with no charge. The difference must be because you are using a credit union, I guess?
Shari
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If I wanted to send you money, you would have to provide me your bank's routing and checking account number. I would then do a wire transfer which would cost me at least $10.
Alternatively, I could give you my routing and checking account number and you then pull the funds from my account. That would cost me nothing. But I would never give my account info to anyone for security reasons.
Bill Pay is done through a third party so that neither sender and receiver have each others account info. Paypal works the same way. Only they have your bank info instead of each and every retailer or recipient. It's a bit safer.