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BoA, Wells & JPM Chase form cash transfer system to rival PayPal

NEW YORK (CNNMoney) -- Three major banks have formed a joint streamlined transfer system in an attempt to rival PayPal.

Bank of America (BAC, Fortune 500), JPMorgan Chase (JPM, Fortune 500) and Wells Fargo (WFC, Fortune 500) announced Wednesday that they will launch a system, called clearXchange, allowing customers to transfer money electronically through the use of mobile phone numbers or email addresses.

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So! The Axis of Financial Evil strike again!!!

So!! The Axis of Financial Evil strike again!!!

Boy, they hate competition, don't they? They really HATE the idea of someone else on planet earth collecting fees besides them.

So much so, these archenemies are willing to join forces, a la Molotov-Ribbentrop, if only to eliminate a commmon foe.

I predict they'll be at each other's throats soon enough.

"Cowards & idiots can come along for the ride but they gotta sit in the back seat!"