FedNow launched July 20th, 2023. It allows businesses and individuals to send instant payments nationwide and in near-real time — any time or day of the year. Normally, bank account transfers can take a few hours or even days to complete, but FedNow hopes to give financial institutions a leg-up by advertising a delivery speed of literally seconds.
Key takeaways
- FedNow enables instant, 24/7 payments across the US.
- It’s accessible only through enrolled financial institutions.
- Early adopters include major banks like JPMorgan Chase and Wells Fargo.
- Transfer up to $500,000 faster than Zelle, Cash App or Venmo.
What is FedNow?
FedNow is a payment infrastructure developed by the Federal Reserve, which allows participating bank customers to send and receive money across the US in seconds.
But the only way to access it is if the financial institution or service provider you use signs up for this paid service, which will cost them $25 a month per routing number enrolled. Once signed up, financial institutions can offer their customers “full access to funds immediately, allowing for greater financial flexibility when making time-sensitive payments,” according to the Federal Reserve.
How it works
For customers of banks participating in the FedNow service, it’s a pretty straightforward process and similar to other instant transfer payment services. FedNow integrates with your bank’s mobile app or online portal, allowing you to instantly request to send a payment and have the funds delivered to the recipient instantly. This can be especially useful if you’re trying to quickly transfer funds to your friend or for time-sensitive things, such as car or credit card payments.
FedNow details and costs
Detail | Info |
---|---|
Delivery speed | Instant, within seconds |
Transaction limits | Default limit of $100,000, which financial institutions can increase or decrease, with the maximum set to $500,000 |
Domestic or international | Domestic only |
Fees | $0.045 fee per credit transfer paid by the sender |
What banks use FedNow?
FedNow has baseline functionality, which includes account-to-account (A2A) transfers and bill payments. Early adopters include many financial institutions and the US Treasury. Of the 700+ participating institutions, a few standout include:
- Corporate America Credit Union
- Global Innovations Bank
- JPMorgan Chase
- U.S. Bank
- Wells Fargo Bank, N.A.
FedNow participating financial institutions
Organization NameCityState
1st Bank Yuma | Yuma | Arizona |
1st Source Bank | South Bend | Indiana |
ACCESSbank | Omaha | Nebraska |
Addition Financial Credit Union | Lake Mary | Florida |
Adyen | San Francisco | California |
Affinity Bank, National Association | Covington | Georgia |
American National Bank | Omaha | Nebraska |
Americana Community Bank | Sleepy Eye | Minnesota |
Arbor Bank | Nebraska City | Nebraska |
Arcadian Bank | Albert Lea | Minnesota |
Asian Bank | Philadelphia | Pennsylvania |
Auburn Banking Company | Auburn | Kentucky |
Auburn Savings Bank | Auburn | Maine |
AVB Bank | Broken Arrow | Oklahoma |
Avidia Bank | Hudson | Massachusetts |
BancFirst | Oklahoma City | Oklahoma |
Bangor Savings Bank | Bangor | Maine |
Bank Five Nine | Oconomowoc | Wisconsin |
Bank Independent | Sheffield | Alabama |
Bank Irvine | Irvine | California |
Bank of Belleville | Belleville | Illinois |
Bank of Burlington | South Burlington | Vermont |
Bank of Edmonson County | Brownsville | Kentucky |
Bank of Estes Park | Estes Park | Colorado |
Bank of Franklin County | Washington | Missouri |
Bank of Hillsboro | Hillsboro | Illinois |
Bank of Iberia | Iberia | Missouri |
Bank of Jamestown | Jamestown | Kentucky |
Bank of North Dakota | Bismarck | North Dakota |
Bank of Odessa | Odessa | Missouri |
Bank of Rantoul | Rantoul | Illinois |
Bank of Tescott | Tescott | Kansas |
Bank of the James | Lynchburg | Virginia |
Bank of York | York | South Carolina |
BankCDA | Coeur d’Alene | Idaho |
BankSouth | Greensboro | Georgia |
BCBank | Philippi | West Virginia |
Beacon Credit Union | Lynchburg | Virginia |
BNY Mellon | New York | New York |
Branson Bank | Branson | Missouri |
Bridge Community Bank | Mechanicsville | Iowa |
Bryant Bank | Birmingham | Alabama |
BTC Bank | Bethany | Missouri |
Buffalo Federal Bank | Buffalo | Wyoming |
California Coast Credit Union | San Diego | California |
California International Bank, N.A. | Westminster | California |
CAMPUS USA Credit Union | Gainesville | Florida |
Cape Cod 5 | Hyannis | Massachusetts |
Capitol Credit Union | Austin | Texas |
Carter Bank & Trust | Martinsville | Virginia |
Carver Federal Savings Bank | New York | New York |
Casey State Bank | Casey | Illinois |
CB&S Bank | Russellville | Alabama |
CBBC Bank | Maryville | Tennessee |
CBI Bank & Trust | Muscatine | Iowa |
CBW Bank | Weir | Kansas |
Central National Bank | Junction City | Kansas |
Century Bank of Kentucky | Lawrenceburg | Kentucky |
Chesapeake Bank | Kilmarnock | Virginia |
Citadel Federal Credit Union | Exton | Pennsylvania |
Citizens Alliance Bank | Clara City | Minnesota |
Citizens Bank | Mooresville | Indiana |
Citizens Bank & Trust | Guntersville | Alabama |
Citizens Bank of Edmond | Edmond | Oklahoma |
Citizens Bank of Las Cruces | Las Cruces | New Mexico |
Citizens Bank of West Virginia | Elkins | West Virginia |
Citizens First Bank | Clinton | Iowa |
Citizens Guaranty Bank | Irvine | Kentucky |
Citizens National Bank | Sevierville | Tennessee |
Citizens National Bank of Cheboygan | Cheboygan | Michigan |
Citizens Savings Bank and Trust Company | Nashville | Tennessee |
Citizens State Bank | New Castle | Indiana |
Citizens State Bank of La Crosse | Clayton | Wisconsin |
City Bank | Lubbock | Texas |
City National Bank | Charleston | West Virginia |
Claremont Savings Bank | Claremont | New Hampshire |
CLB The Community Bank | Jonesville | Louisiana |
Clearview Federal Credit Union | Moon Township | Pennsylvania |
Clinton Bank | Clinton | Kentucky |
CNB Bank | Carlsbad | New Mexico |
CNB Bank & Trust, N.A. | Carlinville | Illinois |
Coconino FCU | Flagstaff | Arizona |
Colfax Banking Company | Colfax | Louisiana |
Commencement Bank | Tacoma | Washington |
Commonwealth Credit Union | Frankfort | Kentucky |
Community Bank of Mississippi | Forest | Mississippi |
Community Bank of the Bay | Oakland | California |
Community Bank of the South | Merritt Island | Florida |
Community Financial Services Bank | Benton | Kentucky |
Community First Bank | Menahga | Minnesota |
Community First Bank | Boscobel | Wisconsin |
Community First Bank of Indiana | Kokomo | Indiana |
Community First Bank of the Heartland | Mount Vernon | Illinois |
Community Spirit Bank | Red Bay | Alabama |
Community Unity Bank | Birmingham | Michigan |
Community Valley Bank | El Centro | California |
Consumers Cooperative Credit Union | Gurnee | Illinois |
Consumers National Bank | Minerva | Ohio |
Conway Bank | Conway Springs | Kansas |
Cornerstone National Bank & Trust Company | Palatine | Illinois |
Corporate America Credit Union | Irondale | Alabama |
Corporate One Federal Credit Union | Columbus | Ohio |
Crane Credit Union | Odon | Indiana |
Cross Keys Bank | St. Joseph | Louisiana |
Cross River Bank | Teaneck | New Jersey |
Crossroads Bank | Effingham | Illinois |
CSE Federal Credit Union | Sulphur | Louisiana |
Cumberland Security Bank | Eubank | Kentucky |
Cypress Bank & Trust | Melbourne | Florida |
DATCU | Denton | Texas |
Dean Bank | Franklin | Massachusetts |
Decatur County Bank | Decaturville | Tennessee |
Dedicated Community Bank | Darlington | South Carolina |
Denison State Bank | Holton | Kansas |
EasCorp | Burlington | Massachusetts |
Elevations Credit Union | Boulder | Colorado |
Empire State Bank | Newburgh | New York |
Enterprise Bank | Allison Park | Pennsylvania |
Evergreen National Bank | Evergreen | Colorado |
F&C Bank | Holden | Missouri |
Fairfield National Bank | Fairfield | Illinois |
Farmers & Merchants Bank | Boswell | Indiana |
Farmers & Merchants Bank | Saint Clair | Missouri |
Farmers & Merchants State Bank | Bushnell | Illlinois |
Farmers Trust & Savings Bank | Magnolia | Arkansas |
Farmers Bank & Trust Company | Marion | Kentucky |
Farmers National Bank | Lebanon | Kentucky |
Farmers State Bank | Galva | Kansas |
Farmers State Bank of Alto Pass | Harrisburg | Illinois |
Farmers State Bank of Calhan | Calhan | Colorado |
Farmers Trust & Savings Bank | Buffalo Center | Iowa |
Farmers Trust & Savings Bank | Spencer | Iowa |
FBT Bank | Fordyce | Arkansas |
FCN Bank NA | Brookville | Indiana |
FCNB Bank | Steelville | Missouri |
FFB Bank | Fresno | California |
First & Farmers National Bank, Inc. | Somerset | Kentucky |
First Bank | Clewiston | Florida |
First Bank | Carmi | Illinois |
First Bank | Weatherford | Texas |
First Business Bank | Madison | Wisconsin |
First Citizens State Bank | Whitewater | Wisconsin |
First Community Bank | Bluefield | Virginia |
First Community Credit Union | Coquille | Oregon |
First Federal Bank | Tuscaloosa | Alabama |
First Federal Bank & Trust | Sheridan | Wyoming |
First Fidelity Bank | Oklahoma City | Oklahoma |
First Financial Bank | Abilene | Texas |
First Internet Bank of Indiana | Indianapolis | Indiana |
First Kentucky Bank | Mayfield | Kentucky |
First National Bank | Damariscotta | Maine |
First National Bank & Trust | Okmulgee | Oklahoma |
First National Bank at St. James | St. James | Minnesota |
First National Bank Colorado | Las Animas | Colorado |
First National Bank North | Walker | Minnesota |
First National Bank of Brooksville | Brooksville | Kentucky |
First National Bank of Hereford | Hereford | Texas |
First National Bank of Kentucky | Carrollton | Kentucky |
First Pioneers FCU | Lafayette | Louisiana |
First PREMIER Bank | Sioux Falls | South Dakota |
First Seacoast Bank | Dover | New Hampshire |
First Security Trust and Savings Bank | Elmwood Park | Illinois |
First Southern National Bank | Stanford | Kentucky |
First State Bank | Buxton | North Dakota |
First State Bank | Ben Wheeler | Texas |
First State Bank | Graham | Texas |
First State Bank & Trust Company, Inc. | Caruthersville | Missouri |
First State Bank Nebraska | Lincoln | Nebraska |
First State Bank of Beecher City | Beecher City | Illinois |
First State Bank of Dongola | Dongola | Illinois |
First State Bank of Porter | Porter | Indiana |
First State Bank of the Florida Keys | Key West | Florida |
First State Bank of Wyoming | Wyoming | Minnesota |
First United Bank and Trust Company | Madisonville | Kentucky |
First Western Bank & Trust | Minot | North Dakota |
Fisher National Bank | Fisher | Illinois |
Five Points Bank of Hastings | Hastings | Nebraska |
Five Star Bank | Roseville | California |
Five Star Credit Union | Dothan | Alabama |
Flagship Bank | Oldsmar | Florida |
Flatwater Bank | Gothenburg | Nebraska |
Flint Community Bank | Albany | Georgia |
FM Bank | Breaux Bridge | Louisiana |
FNB Bank | Mayfield | Kentucky |
FNB Bank | Romney | West Virginia |
Fort Davis State Bank | Fort Davis | Texas |
Fort Worth City Credit Union | Fort Worth | Texas |
Fortifi Bank | Berlin | Wisconsin |
Founders Bank | Washington | D.C. |
Four Corners Community Bank | Farmington | New Mexico |
Fourth Capital Bank | Nashville | Tennessee |
Franklin Bank & Trust Company | Franklin | Kentucky |
Freedom Bank | Belington | West Virginia |
Frontier Bank of Texas | Elgin | Texas |
Georgia United Credit Union | Duluth | Georgia |
Global Innovations Bank | Kiester | Minnesota |
Goodfield State Bank | Goodfield | Illinois |
Goppert Financial Bank | Lathrop | Missouri |
Granite Bank | Cold Spring | Minnesota |
Great Rivers Bank | Barry | Illinois |
GreenState Credit Union | North Liberty | Iowa |
Grundy Bank | Morris | Illinois |
Gulf Coast Bank & Trust | New Orleans | Louisiana |
HawaiiUSA Federal Credit Union | Honolulu | Hawaii |
Hawthorn Bank | Jefferson City | Missouri |
Heartland Bank | Whitehall | Ohio |
Henderson State Bank | Henderson | Nebraska |
Heritage Bank | Erlanger | Kentucky |
Heritage Bank & Trust | Columbia | Tennessee |
Heritage Bank, NA | Spicer | Minnesota |
Heritage South Credit Union | Sylacauga | Alabama |
High Plains Bank | Flagler | Colorado |
Home Bank, SB | Martinsville | Indiana |
Home Federal Savings & Loan | Grand Island | Nebraska |
HomeBank | Palmyra | Missouri |
Hometown National Bank | La Salle | Illinois |
Horizon Bank | Austin | Texas |
INB | Springfield | Illinois |
IncredibleBank | Wausau | Wisconsin |
Indiana Members Credit Union | Indianapolis | Indiana |
Indiana University Credit Union | Bloomington | Indiana |
Industrial Credit Union | Bellingham | Washington |
InFirst Bank | Indiana | Pennsylvania |
InsBank | Nashville | Tennessee |
Institution for Savings | Newburyport | Massachusetts |
Integrity Bank & Trust | Monument | Colorado |
InTouch Credit Union | Plano | Texas |
INTRUST Bank National Association | Wichita | Kansas |
Inwood National Bank | Dallas | Texas |
Iowa State Bank | Clarksville | Iowa |
Jacksboro National Bank | Jacksboro | Texas |
Jackson County Bank | McKee | Kentucky |
Jarrettsville Federal Savings and Loan Association | Jarrettsville | Maryland |
JD Bank | Jennings | Louisiana |
Jones Bank | Seward | Nebraska |
Jonestown Bank & Trust Co. | Cleona | Pennsylvania |
JPMorgan Chase | New York | New York |
Kinecta Federal Credit Union | Manhattan Beach | California |
Kish Bank | Belleville | Pennsylvania |
La Salle State Bank | La Salle | Illinois |
Lakeview Bank | Lakeville | Minnesota |
Lea County State Bank | Hobbs | New Mexico |
Legence Bank | Eldorado | Illinois |
LGE Community Credit Union | Atlanta | Georgia |
LNB Community Bank | Lynnville | Indiana |
MA Bank | Macon | Missouri |
Maine Community Bank | Biddeford | Maine |
Malaga Bank | Palos Verdes Estates | California |
Manasquan Bank | Wall Township | New Jersey |
MAX Credit Union | Montgomery | Alabama |
McCoy Federal Credit Union | Orlando | Florida |
MCNB Bank and Trust Co. | Welch | West Virginia |
Mediapolis Savings Bank | Mediapolis | Iowa |
Members 1st Federal Credit Union | Enola | Pennsylvania |
Mercantile Bank | Grand Rapids | Michigan |
Merchants & Farmers Bank of Greene County | Eutaw | Alabama |
Merchants Bank of Indiana | Carmel | Indiana |
Meredith Village Savings Bank | Meredith | New Hampshire |
Merrimack County Savings Bank | Concord | New Hampshire |
Metamora State Bank | Metamora | Ohio |
Metro Bank | Pell City | Alabama |
MidAmerica National Bank | Canton | Illinois |
Middlesex Savings Bank | Natick | Massachusetts |
Mid-Southern Savings Bank, FSB | Salem | Indiana |
Midwest National Bank | Sandoval | Illinois |
MidWestOne Bank | Iowa City | Iowa |
Minnesota National Bank | Sauk Centre | Minnesota |
MNB Bank | McCook | Nebraska |
Monticello Banking Company | Monticello | Kentucky |
Moody National Bank | Galveston | Texas |
Morgantown Bank & Trust Company Inc. | Morgantown | Kentucky |
Mountain America Credit Union | West Jordan | Utah |
Movement Bank | Danville | Virginia |
MSU Federal Credit Union | East Lansing | Michigan |
Mt. McKinley Bank | Fairbanks | Alaska |
Murphy-Wall State Bank and Trust Company | Pinckneyville | Illinois |
My Community Credit Union | Midland | Texas |
Neighborhood Credit Union | Dallas | Texas |
Neighborhood National Bank | Mora | Minnesota |
NESC Federal Credit Union | Methuen | Massachusetts |
Nicolet National Bank | Green Bay | Wisconsin |
North Alabama Bank | Hazel Green | Alabama |
North American Banking Company | Roseville | Minnesota |
North Central Bank | Hennepin | Illinois |
North Shore Bank of Commerce | Duluth | Minnesota |
North State Bank | Raleigh | North Carolina |
Northeast Bank | Minneapolis | Minnesota |
Northwest Federal Credit Union | Herndon | Virginia |
Northfield Bank | Staten Island | New York |
Northwestern Bank | Chippewa Falls | Wisconsin |
Oak View National Bank | Warrenton | Virginia |
OMB Bank | Springfield | Missouri |
Partner Colorado Credit Union | Arvada | Colorado |
Pegasus Bank | Dallas | Texas |
Peoples Bank | Magnolia | Arkansas |
Peoples Bank | Rock Valley | Iowa |
Peoples Bank | Mendenhall | Mississippi |
Peoples Bank | Clifton | Tennessee |
Peoples Bank Mt. Washington | Mount Washington | Kentucky |
Peoples Trust & Savings Bank | Boonville | Indiana |
Phenix-Girard Bank | Phenix City | Alabama |
Pillar Bank | Baldwin | Wisconsin |
Pima Federal Credit Union | Tucson | Arizona |
Pinnacle Bank | Marshalltown | Iowa |
Platinum Federal Credit Union | Duluth | Georgia |
Pleasants County Bank | St. Marys | West Virginia |
Points West Community Bank | Julesburg | Colorado |
Portage Community Bank | Ravenna | Ohio |
Preferred Bank | Rothville | Missouri |
Premier Bank | Omaha | Nebraska |
Princeville State Bank | Princeville | Illinois |
Progressive National Bank | Mansfield | Louisiana |
Range Bank | Marquette | Michigan |
Redwood Credit Union | Santa Rosa | California |
River Bank & Trust | Prattville | Alabama |
Riverfront Federal Credit Union | Wyomissing | Pennsylvania |
Rivertrust FCU | Pearl | Mississippi |
Robertson Banking Company | Demopolis | Alabama |
RockPointBank | Chattanooga | Tennessee |
Royal Banks of Missouri | University City | Missouri |
Royal Credit Union | Eau Claire | Wisconsin |
Rushville State Bank | Rushville | Illinois |
Salem Five Bank | Salem | Massachusetts |
Savings Bank of Walpole | Walpole | New Hampshire |
Scott State Bank | Bethany | Illinois |
Security Bank | Springfield | Illinois |
Security Federal Bank | Aiken | South Carolina |
Sentry Bank | St. Joseph | Minnesota |
Service Credit Union | Portsmouth | New Hampshire |
Signature Bank of Arkansas | Fayetteville | Arkansas |
Silver State Schools Credit Union | Las Vegas | Nevada |
South Georgia Banking Company | Tifton | Georgia |
South Louisiana Bank | Houma | Louisiana |
Southern Bank of Tennessee | Mount Juliet | Tennessee |
Southern Independent Bank | Opp | Alabama |
Southern Michigan Bank & Trust | Coldwater | Michigan |
SouthernTrustBank | Goreville | Illinois |
Southwest Airlines Federal Credit Union | Dallas | Texas |
SouthWest Bank | Odessa | Texas |
Spectra Bank | Fort Worth | Texas |
Star One Credit Union | Sunnyvale | California |
State Bank Northwest | Spokane Valley | Washington |
State Bank of Cherry | Cherry | Illinois |
State Bank of Newburg | Newburg | Virginia |
State Bank of Whittington | Whittington | Illinois |
Stellar Bank | Houston | Texas |
Stock Yards Bank & Trust | Louisville | Kentucky |
Studio Bank | Nashville | Tennessee |
SUMA Federal Credit Union | Yonkers | New York |
Sunrise Banks | St. Paul | Minnesota |
Susquehanna Community Bank | West Milton | Pennsylvania |
T Bank | Dallas | Texas |
Texana Bank | Linden | Texas |
Texas Bank and Trust Company | Longview | Texas |
Texas First Bank | Texas City | Texas |
Texas Heritage Bank | Boerne | Texas |
Texas Republic Bank, N.A. | Frisco | Texas |
TexasBank | Brownwood | Texas |
The Bankers Bank | Oklahoma City | Oklahoma |
The Cecilian Bank | Cecilia | Kentucky |
The Citizens Bank | Hickman | Kentucky |
The Citizens Bank | Weston | West Virginia |
The Claxton Bank | Claxton | Georgia |
The Clay City Banking Company | Clay City | Illinois |
The Colorado Bank & Trust Company | La Junta | Colorado |
The Farmers State Bank and Trust Company | Jacksonville | Illinois |
The First Bank & Trust Company of Murphysboro | Murphysboro | Illinois |
The First National Bank of Bellevue | Bellevue | Ohio |
The First Trust and Savings Bank of Watseka | Watseka | Illinois |
The Harvard State Bank | Harvard | Illinois |
The HomeTown Bank of Alabama | Oneonta | Alabama |
The Iuka State Bank | Salem | Illinois |
The State Bank | La Junta | Colorado |
The Waterford Commercial & Savings Bank | Waterford | Ohio |
Tompkins Community Bank | Ithaca | New York |
Triad Bank | Frontenac | Missouri |
Tri-County Bank & Trust | Roachdale | Indiana |
Tru-Fi Credit Union | Macclenny | Florida |
Tulare County Federal Credit Union | Tulare | California |
Union State Bank | Clay Center | Kansas |
United Bank of Iowa | Ida Grove | Iowa |
United Bankers’ Bank | Bloomington | Minnesota |
United Community Bank | Raceland | Louisiana |
United Community Bank | Perham | Minnesota |
United Cumberland Bank | Whitley City | Kentucky |
United Farmers State Bank | Adams | Minnesota |
United Federal Credit Union | St. Joseph | Michigan |
United Nations Federal Credit Union | Long Island City | New York |
University of Michigan Credit Union | Ann Arbor | Michigan |
USALLIANCE Financial Federal Credit Union | Rye | New York |
Utah First Federal Credit Union | Salt Lake City | Utah |
U.S. Bank | Cincinnati | Ohio |
U.S. Department of the Treasury’s Bureau of the Fiscal Service | Washington | D.C. |
Vantage West Credit Union | Tucson | Arizona |
Veridian Credit Union | Waterloo | Iowa |
Viking Bank | Alexandria | Minnesota |
VISIONBank | Fargo | North Dakota |
Visions Federal Credit Union | Endicott | New York |
Vizo Financial Corporate Credit Union | Greensboro | North Carolina |
Washington State Bank | Effingham | Illinois |
Waterfall Bank | Clearwater | Florida |
Waterford Bank, N.A. | Toledo | Ohio |
Wells Fargo Bank N.A. | San Francisco | California |
Wells River Savings Bank | Wells River | Vermont |
West Bank | West Des Moines | Iowa |
West Plains Bank and Trust Company | West Plains | Missouri |
West Shore Bank | Ludington | Michigan |
West Union Bank | West Union | West Virginia |
Western Bank | Artesia | New Mexico |
Westside State Bank | Halbur | Iowa |
Whitesville State Bank | Whitesville | West Virginia |
Wilson & Muir Bank & Trust Company | Bardstown | Kentucky |
Winter Park National Park | Winter Park | Florida |
WNB Financial | Winona | Minnesota |
Wolf River Community Bank | Hortonville | Wisconsin |
Wyoming Bank and Trust | Cheyenne | Wyoming |
How is this going to affect consumers and businesses alike?
FedNow is designed to accommodate many use cases and supporting applications, namely account transfers and bill payments. One of its main goals is to allow banks and credit unions to innovate around this service, providing their account holders with instant payments to stay competitive with instant transfer apps like Venmo, Zelle and PayPal.
Ken Montgomery is the first vice president of the Federal Reserve Bank of Boston and a FedNow Service program executive. He states, “We couldn’t be more excited about the forthcoming FedNow Service launch, which will enable every participating financial institution, from the smallest to the largest and from all corners of the country, to offer a modern instant payment solution.”
How does FedNow compete with other P2P services?
One of FedNow’s main goals is to help banks and credit unions compete with peer-to-peer transfer apps, like Zelle, Venmo and CashApp. FedNow beats out other apps with transfer speed, and it’s high sending limits — and none of these services work internationally.
Transfer service | Bank transfer speed | P2P transfer speed | Cost | Limits |
---|---|---|---|---|
FedNow | Within seconds | Within seconds | $0.045 fee per credit transfer paid by the sender | Send up to $100,000 per credit transfer |
Zelle | Within minutes, up to three days | Within minutes, up to three days | $0 | Send up to $2,500 per day |
Cash App | Standard deposits within 1 to 3 business days, or instant delivery w/ 0.5% to 1.75% fee | Within minutes for instant deliver | 0.50% to 1.75% for instant delivery, minimum fee of $0.25 | Send up to $250 within 7 days, and receive up to $1,000 within 30 days. |
Venmo | Within 1 to 3 business days | Within 30 minutes for instant delivery | 1.75% fee for instant delivery, or free for standard delivery | $5,000 per transfer limit |
Whether products shown are available to you is subject to individual provider sole approval and discretion in accordance with the eligibility criteria and T&Cs on the provider website.