Quote:
Originally Posted by GregS
Sorry to keep intruding.
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You're not intruding, you're participating! And making good points besides.
Quote:
Originally Posted by Steve Jordan
Well, until it reaches the point where the author isn't getting enough from the transactions to pay their own bills.
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By "the lower the better" I meant the costs of the transactions on a per transaction basis. The lower that cost per transaction gets the less it eats into the money being transfered and the less of a bite it takes from the author's portion -- I think you and I agree on that point: the author should and must be able to profit from his labor.
Of course GregS's points on the
actual transfer/transaction costs come into play more there. I think you may be missing some variables, GregS, or weighting them too lightly, but that's nit-picking. I think you are correct that the interest on a large account would far out-strip the transfer costs.
I'm not sure that applies for the "average" account, though, the last statistics I encountered on the matter held that most Americans (I've no idea on the rest of the world) keep very little cash in bank accounts for any length of time, so those transaction fees may be more important to banks on "typical" accounts than on a large one like you're talking about.
That being said, I do notice that my bank charges me to use their Bill Pay solution, but they don't seem to charge me for using online payment options for my credit cards, insurance payments and mortgage. And they charge me for using someone else's ATM, but not for using my card for Debit purchases, even when I get cash back. So
something's ... odd there somewhere.
