If presented with the option to transfer money to your GE Credit Union account with FedNow, choose that option for immediate credit. With the FedNow Service, transfers from other FedNow participants appear in your account immediately 24/7/365.
GE Credit Union is a member/participant of the FedNow Service.
What is the FedNow Service?
The FedNow Service is an instant payment system developed by the Federal Reserve that allows financial institutions in the U.S. to provide instant payment services. The service is available 24 hours a day, seven days a week, 365 days per year. Money sent to your account will be available to use within seconds. Just ensure that the sending financial institution is participating in the FedNow Service to use this feature. To ask a vendor if they utilize FedNow, you can simply inquire, "Do you offer the option to send or receive payments using the FedNow service?"
You can visit FRBServices.org to see if a Financial Institution uses the service and learn more about FedNow.
At this time GE Credit Union does not initiate payments or transfers via FedNow. We are currently a “receive-only” participant.
We can accept FedNow Payments to your checking, savings, and money market. However, such payments cannot be applied to loans.
If you are presented with the option to transfer funds to your GE Credit Union account via FedNow, choosing FedNow will allow your funds to be transferred instantly. Transfers of money you receive through FedNow will generally be available immediately upon receipt of the funds, 24 hours a day, 7 days a week.
How can I use FedNow?
Some common uses include direct deposit of paychecks, transfers from other financial institutions, and moving money from digital wallets and person-to-person apps. Check with the sender to see if they offer FedNow services.
FedNow is an available option for payroll for some gig workers, and also customers of some Securities firms. It is also popular for online commerce payments.
Unlike other private money-transferring services like Zelle,® PayPal, or Venmo, FedNow services are not offered to customers directly through a third-party app or website. The service is only available through banks or credit unions. FedNow does not have an app or website where customers are able to send money to each other.
GE Credit Union doesn’t charge a fee to use FedNow services.