Wells, Chase and BofA system to transfer cash from checking accounts to emails, cell numbers
This does not seem like a very secure idea to me. I would think it would be much easier to steal and launder with a system like this.
Wells, Chase and BofA system to transfer cash from checking accounts to emails, cell numbers
http://www.washingtonpost.com/politics/wells-chase-and-bofa-system-to-transfer-cash-from-checking-accounts-to-e-mails-cell-numbers/2011/05/25/AGnrxDBH_story.html?wpisrc=nl_tech
Excerpt:
WASHINGTON — Three of the nation’s four largest banks are launching a system that lets customers transfer money from their checking accounts using only a mobile number or email address.
The banks say the service, called clearXchange, will make payments easier than traditional money transfers, which require a bank routing number and move through a system controlled by Federal Reserve banks.
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