Fees, fees, everywhere.
It looks like the new standard in today’s economy is to start charging consumers for services.
Even if you don’t own the consumer relationship.
Bank of America caught adding nonsense fees to depositors.
Biden administration noticing the prevelance of fees.
The latest fee comes from AppFolio, a property management software.
AppFolio disclosed that it will now charge customers for eCheck, which is effectively an ACH transfer but not on the ACH network (it’s technically an electronic funds transfer).
The cost to process an eCheck is around $0.10 according to Bill.com.
So not free.
But now that fee is $2.49.
We don’t know how many tenants pay with eCheck at Appfolio but this is undoubtedly factored into their earnings expectations.
Not quite as juicy as charging fees on every order at a retailer, because presumably the frequency of consumer payments at Appfolio is much less, but it’s still free money.
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