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Comment by aidenn0 | Hacker News Reader

If checking accounts get debit-only RTNs for cheap/free, this could potentially catch on. $0.06 per transaction with $25/month subscription fee is incredibly cheap, plus no chargebacks!

Biggest issue I see is that the larger banks might not offer this to their customers so as to not cannibalize their credit card businesses and/or in-house payment system.

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Over in Europe I pay €2.20 / month for my account. Transactions are completely free for private individuals. A business account is closer to €8 / month, with a transaction fee in the range of €0.10-€0.15. Discounts apply if you have a large transaction volume and integrate with their systems, of course.

> $25/month subscription fee is incredibly cheap

Cheap?! That's $300/yr, and is more expensive than most credit card annual fees (for cards that even have annual fees). And with FedNow you don't get any credit card benefits. I mean, I pay $550/yr for one of my credit cards, but I get like $2k of value out of it per year in benefits. Why would I want to pay $300/yr for something that lets me do something I can already do, for free or "cheaper than free"?

The way I read it is that $25 per month is only for RTNs that can receive credits. If you just want to pay for things (like a credit card) then you don't need to pay any subscription fee.

That $25/month fee is for accounts that accept payments. I don't think debit accounts will have such a ridiculous fee.

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