What are your thoughts on this?
Prepare to get 1099 forms on every electronic dollar you get.
I doubt it will get the same use as cashapp, it’s late to the party and has fed in the name, even though I’m sure that’s not the name customers will see.
According to what I read, FedNow is NOT replacing any other money transfer service. It is a new product that is designed to provide almost instant transfers (within seconds).
Finally, proper instant transfers like in every other country. May the days of payments being reversed two days later because the sender didn't have enough money in their bank account be forever gone.
For now, it's not replacing any of the payment apps as they will still be available for use.
From what I have read, FedNow is just a payments service system (not a separate app) that is going to be released (similar to FedACH and FedWire) that will allow bill payments, money transfers and other consumer activities to move more rapidly and at lower cost. It seems that sending money will only be available to customers and companies where their financial institutions (like banks and credit unions) have already signed up for the service which makes it similar to Zelle in some instances.
In the short term, we will probably see FedNow being used more between employers banks and employees banks for payroll and for bill pays than anything.
@LadyVel 💯 24/365 will be the norm soon, also … 2-3 business days will be a thing of the past.
I have instant transfers right now. Using Zelle or Apple Cash. I have enough in my account that I never pay any transfer fees even for instant transfers.
Never
If instant transfers are necessary, I'd suggest budgeting, or cutting up credit cards... 😬
~ Sunset Snuggles
It’s not a public app. It’s a service offered to financial institutions.