Dwolla realtime payments

blog.dwolla.com

23 pointsgboruk4 comments

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Are funds across all users still co-mingled in one "real" account at a credit union that isn't FDIC insured?

I'm trying to figure out what your number one concern is?

Is it co-mingled funds?

Is it lack of insurance?

Or is it lack of the FDIC?

You won't find any credit union insured by the FDIC. Credit unions are insured by the NCUA.

My primary concern is that its a financial institution that is trying to pretend its only a payment processor, with no recourse for getting your funds back if things go sideways.

Its great what they're doing; it'll show real banks how to catch up.

Anyone considering doing business with Dwolla should read up on how they treated their customer TradeHill. (Google it). The internet has a long memory.

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