FedNow® Payments
With FedNow, ProFed members can receive money 24/7, and it will hit your account almost immediately. No more waiting around for business hours or the next day's transfer. It's fast, secure, and designed to make your life just a little bit easier.
FedNow is a payment service similar to Venmo or PayPal that facilitates real-time funds transfer between financial institutions. The service is available 24/7 through participating institutions. Check out this quick video animation posted by the Federal Reserve explaining the process of how FedNow payments work.
Without FedNow, members can usually expect a delay of a day or so when transferring money between financial institutions. With FedNow payments, members can expect a payment to move through their account in seconds- almost instantly. Think about the positive impact of FedNow on bill payments, transfers, and so much more by eliminating the delay of postings and preventing overdrafts.
At this time, ProFed members can receive instant payments from financial institutions that choose to use FedNow.
ProFed members cannot send instant payments from ProFed accounts, but this option will be released at a future date.
Both the institution sending a payment and the institution receiving the payment must be utilizing FedNow for the service to work. You may also need to provide your funding source with our routing number and your full 11-digit account number. To find this, log into ProFed Digital Banking and select the account where you'd like your funds to be deposited.
Remember, at this time, ProFed can only receive instant payments.
No, you don't have to mess with another app or login. Although, it is similiar to Venmo, PayPal, or Zelle that uses an app, FedNow payments are only made between financial institutions.
Payment apps like Venmo, PayPal, or Zelle often hold funds for days. FedNow payments are sent directly to your account in real-time, so it's much more convenient to access your money almost instantly.