Borrowing $300 from Mom and Dad? Your bank wants some of it

Hopefully, you've never been there: You're looking at your bank account. It's sickly. It's dying. You need cash, or you're going to be fixing a tree bark salad soon. So you borrow money from your parents or maybe your well-heeled aunt.

Banks apparently have noticed. Or that is, a company called CashEdge has noticed. And it wants banks to notice, too. After all, CashEdge realizes that if Mom and Dad is forking over $100 to their grown kids or college-aged kids or what have you, who are then going to put the money in their bank account, there's an opportunity there.

CashEdge is a company that specializes in online transactions. If you've had money wired to your bank, I'm assuming CashEdge was involved.
Well, CashEdge is pushing a technology to banks, called POPmoney (the POP stands for Pay Other People), which will let your online bank account transfer money to a friend or family member's account. This can be done not just from a PC or laptop, but cell phone too. You can even send money via text. You just need your family or friend's e-mail address, cell phone number or bank account number.

CashEdge is holding a web presentation today on what it calls "the person-to-person payments opportunity for banks. Attendees will learn how banks can leverage this untapped market opportunity to generate new revenue streams and increase customer engagement and loyalty."

As CashEdge argues on a Web page aimed at bankers, "with person-to-person payments, banks will be able to respond to growing consumer demand for P2P payments, generate new transaction-based revenue, attract new customers and increase loyalty [and] accelerate mobile banking adoption."

It's the "generate new transaction-based revenue" that stands out for me. Yet another banking fee is being devised as we speak.

I'm sure it may be worth ponying up a little cash for those who need the service, and obviously the good news is that technology may soon make it even easier for cash-strapped people to borrow money from their loved one.

But, of course, if you're one of those loved ones doing the lending, this new technology... well, it's very bad news, indeed.
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