By: Ben Milne,

I’m pleased to announce that as of today transactions under $10 carry no fee.

I know there has been speculation lately about that fee going up, but the rumor mill can be a dangerous thing :)

Dwolla is hell bent on a core vision and value set:  moving money safely, quickly, easily and as cheaply as possible. It’s what has fueled our growth over the last year since going national, and to commemorate the anniversary we’re saying thanks in the only way we know how… by making your life better.

Why are we doing this?

Three reasons.

  1. Small businesses are something we genuinely care about. In our heads, the idea of Dwolla getting 25 cents for a 2 dollar coffee just sounds silly… It’s like using an AmEx card to buy a banana.
  2. There are a lot of costs besides the $50 billion interchange fees incurred by businesses when they take credit cards (e.g. a “short” list we found). Let’s talk about that, too.
  3. Micro transactions have never had a payment platform that allowed them to be valuable. Our API now allows anyone selling goods for $1 to actually keep its $1. Money should not depreciate in value as it changes hands.
We have a soft spot for all these reasons and we want to put a good foot forward to support them in a way that proves we’re not trying to hammer people on little transactions.
Dwolla was started because a pain point (the high costs associated with ‘getting paid’) and I refuse to be a standard for a new one emerging. So, lets change that a little and make life easier on the little guy for once, shall we?

Who do we think this is going to help?

How do I get started with this?

Sign-up or sign-in!  This new fee structure has been automatically applied to all Dwolla accounts starting today. It affects everyone in the system and it’s active now.

How can we do this?

I think this will become apparent come December 15, so we don’t want to spill the beans yet.

Does this have anything to do with December 15?

Bigger things to come.

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Financial institutions play an important role in the Dwolla network.

Dwolla, Inc. is an agent of Veridian Credit Union and Compass Bank and all funds associated with your account in the Dwolla network are held in pooled accounts at Veridian Credit Union and Compass Bank. These funds are not eligible for individual insurance, including FDIC insurance and may not be eligible for share insurance by the National Credit Union Share Insurance Fund. Dwolla, Inc. is the operator of a software platform that communicates user instructions for funds transfers to Veridian Credit Union and Compass Bank.