I’m just wondering, why do sponsors charge for wire payments, particularly domestic ones within the US. As far as I am aware, they are free and should certainly be less expensive than printing cheques, posting them internationally etc etc.
Re: Why are there charges for wire payments?
American banks charge wire fees, even within the country.
Steve
Re: Why are there charges for wire payments?
My bank charges $15 to receive one and I believe $15 to send one as well. Now. ACH is different. That is usually free.
Re: Why are there charges for wire payments?
I had some rogue email today about ACH payments - I was supposed to click on the link to report_12422521159380.doc (Microsoft Word Document)
as shown below. As always, be careful!
The ACH transfer (ID: 12422521159380), recently sent from your bank account (by you or any other person), was canceled by the Electronic Payments Association.
Canceled transaction
Transaction ID: 12422521159380
Reason for rejection See details in the report below
Transaction Report report_12422521159380.doc (Microsoft Word Document)
About NACHA
NACHA develops and implements a comprehensive, end-to-end risk management framework that includes network entry requirements, ongoing requirements, enforcement, and ACH Operator tools and services. Collectively, the strategy addresses risk and quality in the ACH Network by minimizing unauthorized entries and customer services costs to all Network participants.
The NACHA Operating Rules provide the legal foundation for the exchange of ACH payments and ensure that the ACH Network remains efficient, reliable, and secure for the benefit of all participants. In its role as Network administrator, NACHA manages the rulemaking process and ensures that proposed ACH applications are consistent with the Guiding Principles of the ACH Network. The rulemaking process provides a disciplined, well-defined methodology to propose and develop and propose rules amendments to the NACHA voting membership, the decision makers for the NACHA Operating Rules.
13450 Sunrise Valley Drive, Suite 100
Herndon, VA 20171
2011 NACHA - The Electronic Payments Association
Re: Why are there charges for wire payments?
Adam,
I really don’t know much about ACH as I don’t personally send them out. I know before I can receive them that there is usually a week approval process before they go through. Something to do with my account having toe be verified.
Re: Why are there charges for wire payments?
TO BE CLEAR: I never clicked on the link because I never sent any money! It’s just another scam by some fraudster. Please, just be aware! Don’t believe everything you may get sent via email.
And no, buddy, I never blamed this on my good pal Lloyd - I just thought the ACH thread and my random email today were worthy of warning people about on this thread!
Re: Why are there charges for wire payments?
I don’t know of any bank that doesn’t charge for wire transfers, domestic or otherwise. They even charge for a transfer within the same bank most of the time.
We offer FREE wires, we’re probably the only company to do that. Our bank charges money but, overall, we calculate that wires don’t cost anything more than mailing checks or sending paxum payments.
Re: Why are there charges for wire payments?
My bank charges $!0 to receive a wire as well. And here in Canada we have another interesting scenario. If my bank doesn’t have a relationship with your bank and you wire me money, an intermediary bank will step in and pass the money along. They take a few for that as well, except you never know how much they take because there’s no receipt. Add to this the complication of foreign currency and you’re never really sure how much money you lost.
I don’t understand why there hasn’t been a fucking riot over this, but I guess that’s the way it goes when banks run the world.
Re: Why are there charges for wire payments?
my bank charges $16 or more to receive or send wires.
Re: Why are there charges for wire payments?
Living in the UK, despite what people say about charges for going over-drawn etc, we do have one of the best banking systems. Free accounts, free transfers, free transactions. I really think people who complain about charges in the UK should try living somewhere else first.
Re: Why are there charges for wire payments?
We don’t charge for Wire, Check or any other form of payment we send out. We also send all checks out as a signed for delivery to ensure the affiliate receives it. Although I know this may cause problems if the person isn’t in to sign for it, it’s better to have it recorded and be able to track where it’s gone in case it doesn’t show.
We just had an issue with an affiliate in Canada whose check hasn’t shown up and I was able to find out from the post office that they accidentally sent it to Columbia (rather than British Columbia) so the check is still in transit. Personally I’ve had so much trouble with the postal system I always prefer to work with wire transfers even if the bank charges a small amount - we’re happy to absorb that cost.
Re: Why are there charges for wire payments?
It’s how they pay for those antiquated teller jobs
Re: Why are there charges for wire payments?
It’s how they sustain the economy of Toronto, London, Frankfurt and New York - lol
Re: Why are there charges for wire payments?
I pay you with cash - FREE.
You write me a check, I deposit it - FREE.
I use online banking to send you a check - FREE.
I use my ATM at a store - FREE (the store pays the fee)
I go over seas, exchange my US dollars for Euros - PAY A FEE.
I go over seas, buy everything with my ATM - FREE.
I do a wire transfer - BIG FEE.
What’s the “real” difference between a Wire Transfer and an ATM purchase? - NOTHING
I buy toothpaste - PAY SALES TAX.
I spend a $1 million on the stock market - NO SALES TAX.
This is why people are rioting on Wall Street.
Re: Why are there charges for wire payments?
Oh, and don’t forget this one:
Customer buys a membership to my site - CCBILL TAKES 15%.
CCBill sends me a check - $2 FEE.
Re: Why are there charges for wire payments?
This thread is going to head off in another direction, but here we go.
I fail to understand why my bank puts any limits on the number of ATM transactions I can do, and then charge for surplus. I don’t understand why they charge me $2 if I want a printed statement of the my account.
We really let this cat get out of the bag and there’s no stuffing her back in. Way back when I first started using banks (that’d be back when Lincoln was assassinated) we used to have to go into the bank, fill out a deposit or withdrawl slip, then hand it to a teller who would do all the work.
Now, we use a machine to do all of this. By using a machine, we’ve eliminated labour costs for the bank by removing the teller from the transaction. And now, having saved the bank labour costs, they want to charge me $2 to get a statement from the machine. If I walk into the bank and use one of their teller’s time, I can get it for free.
And if I don’t use the ATM because the bank may charge me, I can still walk into the bank and do what I want to do, and make them pay a teller to do it. So why am I paying the bank to help them make more money by eliminating labour costs â and jobs?
Re: Why are there charges for wire payments?
So it’s just programs relaying the cost of their banking. That’s understandable. I just don’t get why it’s acceptable for a bank to charge for wire transfers. At least domestically.
Re: Why are there charges for wire payments?
[QUOTE=LavenderLounge;105155]I pay you with cash - FREE.
You write me a check, I deposit it - FREE.
I use online banking to send you a check - FREE.
I use my ATM at a store - FREE (the store pays the fee)
I go over seas, exchange my US dollars for Euros - PAY A FEE.
I go over seas, buy everything with my ATM - FREE.
[/QUOTE]
Americans are spoiled by free banking add-ons, this is not normal in the rest of the world. And honestly, I was jaw-dropped to see that your bank also allows you to go overseas and buy with your ATM card for free…does that actually exist??? Seems almost magical 
Re: Why are there charges for wire payments?
We have free wire transfers if you set your limit at $1000.00 or over. Since our bank is not in the US, wire transfers cost us about $20. Obviously it doesn’t make much sense to send someone a $100.00 payment, have the bank take 20% of the payment from our side, then the receiving bank usually charges an additional ‘overseas’ wire fee, so it ends up on a $100.00 payment almost 50% of it might go in some rich banker’s pocket. I think it’s in both the affiliate and sponsors best interest to set their payout limits higher on Wire Transfers.
Re: Why are there charges for wire payments?
So what level do I have to set my check payouts to so I can get checks from you without paying a $5 check fee for a check written from your US bank account that you use to pay affiliates in the US?