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FedNow Is Live

federalreserve.gov

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Re: FedNow Is Live

#911

Post by solarhoma »

jschveibinz wrote: post #280
wtmt wrote: post #252

This is a bit off topic for the post, but relevant for some of the comments here. For those who are commenting about payment systems in India and comparing this to UPI (Unified Payments Interface), this is not like UPI in a few ways. Firstly, this is more closer to a faster version of RTGS (Real Time Gross Settlement) in India, which is operated by the RBI (Reserve Bank of India). Speaking from experience, RTGS in In…

To clarify, the Federal Reserve is owned by the 12 Federal Reserve Regional Banks which are in turn “owned” (as in stock that pays a dividend but can’t be traded) by the commercial banks in that region.

Any idea how much the dividend pays to these private individuals?

Re: FedNow Is Live

#912

Post by scarface_74 »

Symbiote wrote: post #904
scarface_74 wrote: post #728

Earlier quoted context omitted.

I’m going to lose $30 a month in discounts with T-mobile if I don’t switch to debit card or checking account. T-mobile has a horrible history when it comes to security. I definitely don’t want to give them access to my checking account

What are the rights of the T-mobile customer in the USA, if they somehow do mess up an automatic bill payment? I'm searching using the European/international term for this sort of payment ("direct debit usa") which gives me API documentation from many American payment providers, but nothing about the customer's rights. I assume it's the technical term there, and there's another term used with the public. (In Britain…

I’m not sure about ACH (directly from your checking account) rights. But, debit cards issued with the Mastercard, Visa, Amex logos give you the same rights as credit cards. Where you can get the charge reversed.

However there are a lot more knock on effects while you’re waiting for actual cash to be put back into your account than there are when you’re just waiting to get a credit card transaction reversed.

Not only can they potentially drain your checking account. They can also drain any linked Savings account that you have to cover overdrafts.

I only keep $500 in my linked Savings account to cover any of our accounts.

Re: FedNow Is Live

#913

Post by bleuchase »

wtmt wrote: post #252

This is a bit off topic for the post, but relevant for some of the comments here. For those who are commenting about payment systems in India and comparing this to UPI (Unified Payments Interface), this is not like UPI in a few ways. Firstly, this is more closer to a faster version of RTGS (Real Time Gross Settlement) in India, which is operated by the RBI (Reserve Bank of India). Speaking from experience, RTGS in In…

> FedNow is owned by the Federal Reserve, and not by a bunch of banks.

Sorry I have to ask. What do you think the Federal Reserve is?

Re: FedNow Is Live

#914

Post by throwawayForMe2 »

ke88y wrote: post #433
CobrastanJorji wrote: post #429

Earlier quoted context omitted.

Why would any of it be under an NDA?

At the very least, one would hope that credentials and perhaps also certain design documents such as threat models aren't public. There may also be implementation details or code which are subject to NDA, either from the Fed itself or from service providers such as IBM in this case. Sometimes you can get that info from a FOIA request, but that doesn't negate the fact that the employees working on the system are bound…

After 9/11 everyone in the Fed working on the payments systems had to get National Security Clearance. These systems are considered critical national infrastructure. Exposing the source code will get you jail time.

Re: FedNow Is Live

#915

Post by ezfe »

scarface_74 wrote: post #728
kelnos wrote: post #519

Earlier quoted context omitted.

> So presumably they are interested in offering consumers the ability to pay for Netflix using FedNow instead of a credit card. I do wonder how stuff like this will shake out. I will use a credit card, always, with any vendor that doesn't pass along credit card fees to the customer in some way. (Why would I choose otherwise? The credit card gives me rewards, and better fraud protection.) But more and more, I see comp…

I’m going to lose $30 a month in discounts with T-mobile if I don’t switch to debit card or checking account. T-mobile has a horrible history when it comes to security. I definitely don’t want to give them access to my checking account

You can easily create an account just for T-Mobile and auto-deposit into it monthly.

Re: FedNow Is Live

#916

Post by Etrnl_President »

redditor98654 wrote: post #850
vxNsr wrote: post #840

Earlier quoted context omitted.

Yea BoA is not the most consumer friendly bank. I specifically have checking accounts with 4 different banks to capitalize on the various services they all offer, and to avoid being caught by a bank run type situation (or even just a bank’s services being down for a technical reason).

I am looking to move as well. What bank would you recommend for a checking account from the ones you have used?

Go for a local credit union.

Re: FedNow Is Live

#917

Post by folmar »

sznio wrote: post #852
mattsan wrote: post #550

Earlier quoted context omitted.

I had to read this twice - is it really not like in the UK? Is this the first US implementation of "Faster Payments"? Sure people in the UK sometimes use PayPal, Revolut, but most of the time its always just a friend gives (and you save on your banking app) their bank account number and sort code, and you instantly send it across. edit: with no fee

Poland has BLIK, which links your bank account number to your phone number. Then, just send a transfer to the phone number instead of punching in the 26 digits of the account number. And if you don't want to share your phone number, you can use a temporary six digit code instead.

Mostly the worst system you can imagine from power user perspective: * banks won't let you use it without a bank app (there is one exception that will let you use only some only outgoing transfers through the web page) although it is technically not required * giving out your IBAN is not a problem but I don't want to give everyone my phone number, and the temporary code is temporary * don't ask what happens if you have multiple accounts and multiple phone numbers.

Re: FedNow Is Live

#918

Post by [deleted] »

1000bestlives wrote: post #906
evantbyrne wrote: post #515

Earlier quoted context omitted.

I presume the system uses bank account and routing numbers? So besides concerns with sharing that information with the public, concerned citizens will figure out who they bank with, and will most likely be able to easily pressure the bank to drop them. Certain things should be difficult to accomplish in a functional society anyways, and administering a profitable hate group is one of those things. If not bankrupted b…

Nobody on KF is innocent. You talk like someone who has a thread about them

[deleted]

Re: FedNow Is Live

#919

Post by sam345 »

pjg wrote: post #792
mighmi wrote: post #698

Earlier quoted context omitted.

The US already has Zelle which does this. However the roll out was botched, many banks don't seem to use it and most people (including me until a few months ago) thought it was a paypal competitor - but it's actually a government based system system which renders free transfers between bank accounts (your own or others) with a cap of 3 or 5k/month. The interface is very weird. Many people can't figure out how to use…

Zelle has many limitations: 1) The recipient needs to download the app and sign up. How does the Payor know whether the recipient has Zelle app or not 2) Even with the app, there are only about 50-100 banks that allow Zelle transfers. If someone's bank does not offer Zelle they are directed to enter their Debit Card number using "Push to Card" to receive the funds. While the funds land up in the bank account instantl…

none of this is accurate as far as I understand it. it is a private system. it does not happen overnight it is instant. ETC

Re: FedNow Is Live

#920

Post by sam345 »

wenc wrote: post #724
mighmi wrote: post #698

Earlier quoted context omitted.

The US already has Zelle which does this. However the roll out was botched, many banks don't seem to use it and most people (including me until a few months ago) thought it was a paypal competitor - but it's actually a government based system system which renders free transfers between bank accounts (your own or others) with a cap of 3 or 5k/month. The interface is very weird. Many people can't figure out how to use…

Fidelity Investments is one of the biggest financial institutions in the country. Zelle does not support it or vice versa (not sure which way).

Fidelity is not a bank.
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