Posts Tagged ‘aaron klein’
Aaron Klein: Days to Clear Check
on Friday, October 7, 2016Aaron Klein Money Quote saying the Federal Reserve needs to allow financial transactions to speed up and financial technology providers to innovate. Aaron Klein said:
“It seems remarkable that in a world in which you can deposit a check from your bedroom or use PayPal or Venmo to send money across the world in seconds, it can still take two to five days to clear a check, or that debit-card transactions are processed only once a day” — Aaron Klein
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Aaron Klein: Slow-Clearing Bank Settlements
on Thursday, October 6, 2016Aaron Klein Money Quote saying low-income consumers subsidize wealthy and must pay to use their own money. Aaron Klein said:
“Lower-income Americans, who disproportionately use cash, prepaid cards or debit cards, get little to nothing and are in effect subsidizing the wealthy through the payment system. They also deal with a slow clearing and settlement system that causes additional expensive overdraft fees” — Aaron Klein
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