Automated Clearing House Foreclosed

So everyone including myself loves all the new online money transfer alternatives. I for one, have used the Random site Venmo. Does what you’d expect, transfers money, for free. There’s also Dwolla and probably several others I haven’t heard of. The general problem with these is that both parties have to sign up and play by their rules.

I personally, all things being equal love to just use the ACH feature of my Credit Union, just send me the Routing Number or Account Number, and if I have a check from you I have those already. Ever wonder what the digit spam is on the bottom of paper checks.

Now though, I feel like my bank is the last bastion of these as services seem to be a dying breed. What’s replacing them is this offshoot of what I’d deem “Digital Western Unions”, for example Bank of the West’s company they are partnering with PopMoney, sure the fees are pretty low but it looks an aweful lot like Paypal and lock-in. Is this where we’re going, back to PayPal? I for one, refuse.

Paper checks seem so antiquated, but if banks intend on forcing fees to transfer money, what are smart consumers to do?