this post was submitted on 23 Jul 2023
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Tech Crunch's recent article indicates it may be costly. https://techcrunch.com/2023/07/23/fednow-may-finally-be-live-but-will-it-be-too-costly-for-businesses-to-adopt/
Depends on how you look at it. According to the article, FedNow is more expensive than automatic clearing house. 4 cents vs half a cent. But if FedNow is competing with Venmo and Paypal, they charge a lot more than the Fed's $0.04. That's also cheaper than what the credit card companies charge businesses.
The banks might choose to make it costly. The fed charges 4 cents per transaction. Ultimately, if your bank charges 25 cents and my bank charges 4 cents, I'll just decline to use your bank for FedNow