If only email was more like…

Take a short trip back in time with me…

I think that email should only be controlled by a selected group of companies around the United States.  Heaven forbid that anyone could send an email!

Then each of those companies could charge money for every email sent across Al Gore’s internet.  Nothing big, just a penny or two per email would suffice.  That would stop spam, right?

As the need for email grows, said companies decide they can make more money charging other people to use their email service in bulk.  So they decide to let small companies send files to the big boys for processing and charge them a file fee.

Pretty soon Joe Consumer decides email is cool because he uses it at work and decides he wants his own.  Well, only a few of those big boys offer service to the little folks so he pays $.50 for every email he sends because he can’t get a bulk discount.

The popularity of email takes off and the big boys, trying to make the little folk happy, say, “Hey, since we are so nice, we are going to process all of your emails every morning!  That way it’ll only take a few days to get to the destination!”

That all sounds like fun, right?  Can you imagine waiting for email for days?  Or even the thought of paying for them?

So why in the world do we accept it when we transfer our own money with ACH?!?!

4 thoughts on “If only email was more like…”

  1. Debit/Credit transaction processing, inter-account transfers, and the Federal Reserve clearinghouse, while integral to business in general and financial institutions specifically, are so poorly understood by the masses. Why? My take is that financial institutions have intentionally kept this information secret. A ton of non-interest income is made in interchange fees, wire transfer fees, and the like, so FI’s, I believe, want the public to know as little about the process as possible.

    I have no idea why I’m being all “Conspiracy Theory” here, but transparency in financial transaction transmissions, to me, is severely lacking. I truly believe that if credit unions could collaborate on changing the way we process these transmissions (cutting out the middle man, educating the public on how it works, etc.), we could save members, businesses, and the communities we serve tons of money each year.

    I certainly don’t mind paying for convenience, but let’s take a look at how much we are paying for certain conveniences. The fee structure at, say, Paypal screams to me that something needs to be done. And if that means a reduction in non-interest income, so be it (every finance guy in the industry just laughed out loud).

  2. @Matt – Just look at how much was made off of this Visa IPO! And I’m with your conspiracy theory. If it wasn’t built from the ground up like email, I don’t think we’ll ever get there. While that is a grossly simplified analogy, FI’s will not switch unless they have a monetary reason to do so.

  3. Hmmmm…also sounds like text messaging, to some extent, except for the processing time. (Although I have had weird things happen with texts occasionally.)

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