FedNow is an instant-payment service backed by the Federal Reserve. It gives financial institutions the ability to let customers make payments that can be sent any time and received within seconds, with funds immediately available for use. But FedNow isn’t a consumer-facing service, so you’d need to check your bank’s transfer services to see if you can benefit. And you won’t see FedNow branding in a bank mobile app like you do with Zelle transfers.
Where FedNow fits in the instant payment space
- There are only two instant payment networks in the U.S.: FedNow and the privately owned RTP (Real-Time Payment) network by The Clearing House. The Clearing House is owned by 21 banks, mostly the biggest in the U.S. Your bank may use neither, one or both.
- FedNow’s getting bigger but far from universal: About 20% of U.S. banks have joined. Approximately 1,900 banks and credit unions (out of about 8,500 in the U.S.) have joined the FedNow network as of late August 2026. Adoption has sped up since NerdWallet first covered FedNow in early February 2024, when there were only 474 FedNow participants. FedNow initially launched in July 2023.
25 notable banks and credit unions in FedNow’s network
A quarter of the nearly 100 financial institutions NerdWallet has reviewed are participants in the FedNow network. We’ve listed institutions by type. Click each institution to see our review.
Online banks
*These online banks are divisions of parent banks which are FedNow participants.
Traditional (brick-and-mortar) banks
Credit unions
To see the full list, check the Federal Reserve’s FedNow participants page.
But Zelle is more common for consumer instant transfers
Zelle offers near-instant transfers in many banks’ apps. The peer-to-peer payment service Zelle has a bigger list of banks in its network than FedNow, and more importantly, it’s available and clearly branded as Zelle in banks’ mobile apps.
While Zelle itself isn’t an instant transfer network, relying on the RTP network or traditional ACH transfers between banks behind the scenes, consumers can experience transfers as instant. You can send money to friends and family within seconds as long as you and your recipient belong to a Zelle network bank. See our list of banks that use Zelle.
Frequently Asked Questions
Is there a fee to use FedNow?
While FedNow charges banks for the service, any consumer fees would be up to banks. Two of the larger participating players, Chase and Wells Fargo, don’t list any for consumers. But the online bank SoFi charges a fee — 0.75% of the transfer amount, up to $30 — for instant transfers, which rely on FedNow.
If my bank’s on the list, can I send money using FedNow?
Not necessarily. A participating financial institution may choose to only receive customer payments.
Can I send money to anyone using FedNow?
No. You can only send or receive money with people or businesses that bank at institutions also signed up with FedNow. However, the Federal Reserve expects this limitation to change once most institutions have signed up. There’s no requirement for banks or credit unions to join, except for having accounts with the Federal Reserve. Third-party firms, such as neobanks, don’t have those accounts and thus don’t have direct access to FedNow.
How much money can you send via FedNow?
The amount varies widely, since the Fed’s default limit is $1 million, and a bank or credit union can raise or lower its limit. For example, Chase’s real-time transfer limit can be much lower, such as $5,000.
What benefits can instant payments provide?
Instant payments, through FedNow or RTP, can change how long it takes to receive paychecks or send bills without worrying about late fees. There can also be less risk of overdrawing an account since you can pay a bill and receive instant confirmation that the payment was accepted. Common use cases for FedNow today focus on instant employee payroll, instant transfers out of digital wallets, and auto loan disbursements.
