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I don't think Zelle is the same thing at all. > The initial release of the FedNow Service provides baseline functionality supporting market needs for a range o

by pfranz 3y ago

I don't think Zelle is the same thing at all. > The initial release of the FedNow Service provides baseline functionality supporting market needs for a range of use cases, including those growing in demand such as account-to-account (A2A) transfers and bill pay. https://www.frbservices.org/financial-services/fednow/about.html https://www.frbservices.org/financial-services/fednow/about.... I've never seen Zelle suggested for bill pay. I've tried to use Zelle for account-to-account transfers, but it was obvious this wasn't the intention; I think I had one bank account tied to my email and another to a bank account tried to my phone number so I could send money to myself (the intention seems to be a person only sends/receives from one bank account) and the limits are very, very low. When I was trying this, the cap seemed to be secret and vary institution to institution. [1] https://www.zellepay.com/faq/there-limit-how-much-money-i-can-send-or-receive https://www.zellepay.com/faq/there-limit-how-much-money-i-ca...

naniwaduni 3y ago
They also did that, in the form of the RTP network mentioned in the article: https://www.theclearinghouse.org/payment-systems/rtp https://www.theclearinghouse.org/payment-systems/rtp Separate from this, wire transfers are near-instant during business hours. Most banks surcharge these for standard customers, but all the big banks have wire fee waivers on certain account tiers. There's also the "accidental" transfer method of over-refunding a debit card, which used to be a sketchy fintech trick but is now straight up supported by Visa. Sometimes they offer bill pay services which don't guarantee prompt delivery (in fact, often imply that they might fall back to sending a physical check through literal postal mail), but in practice frequently enough do go through instantly by whatever means the bank happened to find convenient.

by pfranz 3y ago

naniwaduni 3y ago

They also did that, in the form of the RTP network mentioned in the article: https://www.theclearinghouse.org/payment-systems/rtp https://www.theclearinghouse.org/payment-systems/rtp Separate from this, wire transfers are near-instant during business hours. Most banks surcharge these for standard customers, but all the big banks have wire fee waivers on certain account tiers. There's also the "accidental" transfer method of over-refunding a debit card, which used to be a sketchy fintech trick but is now straight up supported by Visa. Sometimes they offer bill pay services which don't guarantee prompt delivery (in fact, often imply that they might fall back to sending a physical check through literal postal mail), but in practice frequently enough do go through instantly by whatever means the bank happened to find convenient.