Visa, Mastercard Finds New Competitor From Des Moines?


Of course, some banks have free online transfers within the bank, but those are often limited by dollar amount or transactions per day. Transferring money to someone outside your bank usually requires an online account from a third party like PayPal, or a fee.

With banks trying to increase revenues through sneaky fees, consumers should be careful when transferring money through a teller. For example, if you are a Bank of America customer with an e-banking account, you get charged for the month if you speak to a bank teller. If a family member who is less technologically inclined wants to transfer money to your account through a teller face-to-face, you will be charged that teller fee.

By contrast, Dwolla, PayPal and Square market their simpler fee structures.

Milne said the company has no plans to distribute a physical, plastic card yet.

"We are trying to keep up with growth in our product, which is growing pretty quickly," he said.

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