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What's stopping banks from increasing this charge to $10 or $50 or a percentage, on top of the Fed charge? Because if they can, I'm sure they will.
by ericbarrett 3y ago
What's stopping banks from increasing this charge to $10 or $50 or a percentage, on top of the Fed charge? Because if they can, I'm sure they will.
- toomuchtodo 3y agoCompetition. Any bank can plug into FedNow for $25/month. It is unlikely banks raise rates, Zelle is free for example at every bank that supports it. I’d also expect Congress and the Fed to stamp that shit out quick considering this will eventually replace paper checks and ACH. FedNow is intended to operate on a cost recovery model.