This is a new money exchange website that I have recently signed up for. What is so special about this new money exchange website? Well it is different from Paypal, but somewhat similar. Yes there as some slight difference that you can do at Paypal that you can't do at RME. Now would I prefer RME over Paypal? Not a chance. I still love using Paypal. But I like that people have the option not to use Paypal. So far I have heard very good things about the service although limited, but very good feedback so far. Fees are free for sending and receiving funds and free service to add your bank account and transfer funds to your bank account is also free. Please keep in mind that this service is still in the Beta mode. What is Beta? This means it is still a new service and is still working out all the kinks. But again it is just a basic service and I am pretty sure once it gets up and going that it will add more features to it in the near future.
Revolution Money – was created to deliver significant value to both consumers and merchants through two products, RevolutionCard and RevolutionMoneyExchange. The RevolutionCard eliminates costly interchange fees for merchants while simultaneously providing consumers with enhanced PIN-based security, identity protection, and periodic merchant discounts and incentives. MoneyExchange offers an easy and secure way to send and receive money online between accountholders for free. The accounts are issued by First Bank & Trust, Brookings, SD, Member FDIC and part of the Fishback Financial Corporation. These products are leading the transformation of the payment industry by providing secure, easy, and instant payment solutions to everyone.
RME does have fees and what are they?
Money Exchange is an easy and secure way to send and receive money online for FREE.
* FREE to register for an account
* FREE to add money from your bank account
* FREE to send money
* FREE to receive money
* FREE to request money
* FREE to electronically transfer money to your bank account
* A transaction fee applies for check withdrawals ($2.50 per check), check stop payments ($20.00 per check), paper statements ($5.00 per statement), ACH returns ($35.00 per returned ACH), and overdrafts ($35.00 per overdraft).
So although this is a great option for people other than google checkout and Paypal. I still prefer to use Paypal but this is another great option for accepting funds. :-)
PS... Although this new money exchange is still in Beta format and people are questioning its sincerity about putting such personal information on this website. It is a legal bank and with any legal bank or brick and mortal bank it is by law for them to get your social for security reasons. I have a Orange account that also required this same information. They are backed by the FDIC which Paypal is NOT so you money is secure. Paypal and Google and even Etsy were in Beta stages when we all signed up for this and no one had a problem signing up for all of these websites so not sure why so many people think this money exchange is a scam.
These are the board of directors for RME
Board of Directors
Vice Chairman, AOL; Owner, Washington Capitals
Chairman, Revolution LLC; Co-Founder, AOL; Former Chairman, AOL Time Warner
CFO, Revolution LLC; Former Vice Chairman, J.P. Morgan
Russell E. Hogg
Former President &CEO, MasterCard International, Inc.
Chairman, Eos Airlines; Former CEO, Charles Schwab
Former Chairman & CEO, Fannie Mae; Previously head of OMB
Former Secretary of Treasury; Former President, Harvard University
Founder, President and CEO, Revolution Money
So if these people are the board of directors for this new money exchange then they are all scamming everyone. And with so many people signing up so quickly, they did experience some problems now. That happened with Google when everyone signed on for them. They experienced a over load of people signing on and had some problems with the website. Just a thought