We generally believe that there are better and more customer aligned ways of making money from banking than fees.
We charge no monthly fees and all transactions apart from international wires and domestic (for non tea room customers) wires are free. You can see full pricing on mercury.com/pricing
This question is part of an AMA with Immad Akhund.View entire AMA with Immad Akhund.
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Interesting...so you don't charge customers at all? Just monetize via their deposits and spending?
Do you think that aligns well w/ giving them the best experience and service?
To be clear thats how most banks make their money.
The only places where fees make banks money is smaller customers. And for smaller customers the fees are extortionate as compared to their deposits.
We think of things in a freemium business models. So smaller customers get things for free and sometimes cost us money but it creates a lot of early good will and they can grow to become big.
Do fed fund rates affect Mercury savings accounts rates?