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Yes FedNow (and RTP from the Clearinghouse) are captured from bank account, but are push unlike debit which is a pull like credit cards. I looked into it for bi
by ledgerdev 3y ago
Yes FedNow (and RTP from the Clearinghouse) are captured from bank account, but are push unlike debit which is a pull like credit cards. I looked into it for bill payments and there's a FedNow feature to request payment but it's still in very early stages I don't know if it's even implemented for any of the banks that do support fed now already.
- bonton89 3y agoInteresting. Services like my property taxes and electric bill charge me an extra fee for credit card payment (which I prefer since it is push and also rewards) but they only offer direct bank transfer as the other electronic method which I hate since it is pull. I doubt I'll seem them adopt fednow though. My solution for property taxes has been to just set billpay every year to send them a check at the expected intervals.
- ledgerdev 3y ago> property taxes and electric bill charge me an extra fee for credit card payment (which I prefer since it is push and also rewards) Precisely why credit cards are a hidden parasite on overall economic activity. They incentivize customers to use to get rewards and then take a ~4% cut of the payment from the merchant. So that's why merchants charge you extra fee they need to make up that 4% cost somewhere and it's either fees or raising prices even though you might not realize it.