3 ms·

>FedNow There is no recourse if something goes wrong with FedNow, right? Like you get scammed, and the scammer just keeps the money. Seems like a pretty big

by Jblx2 3mo ago

>FedNow There is no recourse if something goes wrong with FedNow, right? Like you get scammed, and the scammer just keeps the money. Seems like a pretty big difference (in theory anyway) to PayPal. Although I'm apparently not the right guy to ask, since I really don't see the use case for PayPal vs. credit card.

toomuchtodo 3mo ago
Regulation E applies to FedNow instant payments as it applies to payer recourse. https://www.wolterskluwer.com/en/expert-insights/navigating-fednow-and-rtp-systems https://www.wolterskluwer.com/en/expert-insights/navigating-... https://www.consumerfinance.gov/rules-policy/regulations/1005/ https://www.consumerfinance.gov/rules-policy/regulations/100...
- lxgr 3mo ago
  Only for unauthorized payments, i.e. for transactions you did not consent to. This does not cover products/services not received at an online merchant, for example, just like how you can’t retroactively cancel a check. Cards do allow chargebacks in this situation.
  - deleted 3mo ago
    [deleted]
deleted 3mo ago
[deleted]