FedNow

[Axtremus]

https://www.federalreserve.gov/newsevents/pressreleases/other20220829a.htm

We may be slowly catching up to Europe when it comes to instant bank-to-bank transfer for the masses.

[George K]

Good.

Now what'll happen to Venmo and Zelle?

[Axtremus]

@George-K said in FedNow:

Now what'll happen to Venmo and Zelle?

Change focus, transform, or shut down. As it is they do not make money from facilitating fund transfer anyway.

[George K]

@Axtremus said in FedNow:

As it is they do not make money from facilitating fund transfer anyway.

Venmo does charge a fee if you want it "right away," iirc.

[Mik]

I tried to use my Zelle. Sent a buck to my daughter to make sure the connection worked, then tried to send $3500 for tuition the next day. It failed and locked us out of our online banking entirely for several days. Now I understand why they would want to look at that, but no one called or contacted us in any way to investigate, and getting banking turned back on was a muti day multi-hour nightmare.

It was bad enough that I wrote a letter to the bank president.

[Axtremus]

@Mik said in FedNow:

It was bad enough that I wrote a letter to the bank president.

Ever get a reply?

[Mik]

Not yet. It’s only been four days.

[jon-nyc]

I haven’t looked into it but this seems more like a Zelle competitor than a Venmo competitor.