Customers can send money through bank-owned clearXchange, a network that allows intra- and inter-bank P2P transfers within existing banking apps and websites.
Initially, US Bank charged USD 6.95 per real-time and USD 2.95 per next-day transfer. Meanwhile, other banks began offering their customers free real-time transfers via clearXchange. Therefore, US Bank had changed its stance to align with its peers and push its customers to use the service for inter-bank transactions, according to businessinsider.com.
Business analysts suggest that without fees, the service won’t be directly profitable for the bank. But fee-less real-time transfers could tie US Bank customers to mobile or digital banking and push customers towards other products that might drive revenue — mobile banking users consume 2.3 banking products on average, compared to 1.3 among nonmobile users, the site continues.
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