Banks Adding Alternative Funds-Transfer Services

LOS ANGELES — With alternative billing methods becoming a major challenge for online adult businesses, an increasing number of U.S. banks are rolling out new services that make it easier to transfer money from one account to another.

Wells Fargo & Co. plans to announce Monday a new transfer service called “Customer-to-Customer” that will be launched by the end of the year that allows customers to electronically send money from their checking and savings accounts to other accounts.

Citibank last year rolled out "Global Transfers," a service available online and on ATMs that enables customers to transfer money to the accounts of other customers in the United States and about a dozen countries.

Bank of America already has launched a new service in 18 states and the District of Columbia that allows customers to transfer money to other accounts.

While most of the banks’ online-transfer services are intended to be available just for personal-banking customers, many online businesses might find ways to work around the financial institutions’ policies.

The disadvantages of the instant-transfer services are that the initial sign-up process is somewhat cumbersome for the customer. To transfer money online, senders generally need to be registered for online banking and know the number of the account to which they want to send money.

While Wells Fargo hasn’t yet made available its fees for its new transfer service, pricing is set to be competitive with the other major banks.

Citibank, for example, charges $5 for domestic transfers and $10 for transfers to accounts in other countries.

Bank of America doesn't charge for internal transfers nor for inbound transfers, but there is a $3 fee for three-day outbound transfers and a $10 fee for overnight outbound transfers.

Copyright © 2024 Adnet Media. All Rights Reserved. XBIZ is a trademark of Adnet Media.
Reproduction in whole or in part in any form or medium without express written permission is prohibited.

More News

Nebraska Legislature Passes Republican's Age Verification Bill With No Votes Against It

Nebraska’s unicameral legislature has passed the state’s version of the age verification bills being sponsored around the country by anti-porn religious conservative activists.

Performers in Meta Blacklisting Lawsuit Seek to Preserve Antitrust Claims

Adult Performance Artists Guild board officers Alana Evans, Kelly Pierce and Ruby have informed a California court that, although they want to drop their lawsuit claiming that Meta conspired with OnlyFans to blacklist rival premium fan platforms’ talent, they may still have antitrust claims that they may pursue in the future.

FSC, Co-Plaintiffs to Ask US Supreme Court to Review Constitutionality of Texas Age Verification Law

Free Speech Coalition (FSC) and its co-plaintiffs in the challenge to Texas’ controversial age verification law have filed a petition before the United States Court of Appeals for the 5th Circuit asking to stay its recent upholding the law because they intend to appeal to the U.S. Supreme Court to review the law’s constitutionality.

FSC Vows to Fight Florida Age Verification Law

Free Speech Coalition (FSC) issued a statement vowing to continue fighting Florida’s age verification law, which was signed by Gov. Ron DeSantis on Monday as part of a comprehensive bill targeting minors’ use of social media.

Kansas Republican Aims to Create New Bureaucracy to 'Investigate' Porn Websites

Republican state legislators succeeded Monday in moving forward Kansas’ version of the age verification bills being sponsored around the country by anti-porn religious conservative activists, despite serious concerns raised by House Democrats about the cost of establishing a new bureaucracy tasked with investigating websites for pornographic content.

SK Intertainment Launches 'Skinfluential Management' Agency, FansFuel Joint Venture

Mr. Skin/Mr. Man parent company SK Intertainment has launched new creator agency Skinfluential Management, as well as a new joint venture with Showbizz Media's creator stats and affiliate marketing platform, FansFuel.

Industry Attorney, Free Speech Champion Clyde DeWitt Passes Away at 75

Noted industry attorney Clyde DeWitt passed away on Friday in Las Vegas at 75, according to friends and colleagues.

APClips Names Avery Jane 'Creator of the Month'

APClips has named Avery Jane its Creator of the Month for March.

JustFor.fans Offers Gumroad Users Platform to Sell NSFW Artwork

JustFor.fans (JFF) is offering Gumroad users a platform to sell NSFW artwork after the latter banned adult content.

Live Cam Academy Offers Free Access to Educational Resources

Live Cam Academy is offering its educational resources for free to content creators and cam models.

Show More