Instant Payments with FedNow
In today's digital payment landscape, sending and receiving instant payments is the new standard. Customers don't want to wait hours or days for payments to process or settle. The First is proud to provide an instant payment option that exceeds that standard through the Federal Reserve, which is called FedNow.
FedNow is available through online and mobile banking and allows you to receive payments within seconds, at any time of any day throughout the year, and funds will be available in your account immediately. Instant payments are extremely beneficial for paying bills or splitting shared expenses, or if you own a business, you can take payments for goods and services, along with having quicker access to capital and real-time reconciliation.
Since FedNow is powered by the Federal Reserve, you can be assured in the safety and security of instant payments. It has always served as a provider of payment services to financial institutions across the country and serves as the backbone of commerce across the United States.
You may be asking, how is FedNow different from other payment solutions I already use? FedNow is unique because it allows transactions to occur between bank accounts in seconds. Funds will not be held in holding accounts, like many payment apps or solutions provide. Other solutions that allow funds to be sent from a bank account and be instantly available to the recipient, moves funds on a delayed basis, which introduces a credit risk.
FedNow is available to all First National Bank customers now! At this time, customers will only be able to receive payments into their account. To use FedNow, if you have a friend or business whose bank also has FedNow available, you can provide them your routing number and account number to receive funds, much like you would with a wire or ACH transfer. As always, please only provide this information to someone that you know or trust. FedNow is free to all First National Bank customers.
We are proud to offer this instant payment option in collaboration with the Federal Reserve and remain committed to providing our cutsomers the best options available to enhance the banking experience.
If you have any questions about receiving payments with FedNow, please contact our Customer Support team through our contact form or by calling them at 620.663.1521.
FedNow is available through online and mobile banking and allows you to receive payments within seconds, at any time of any day throughout the year, and funds will be available in your account immediately. Instant payments are extremely beneficial for paying bills or splitting shared expenses, or if you own a business, you can take payments for goods and services, along with having quicker access to capital and real-time reconciliation.
Since FedNow is powered by the Federal Reserve, you can be assured in the safety and security of instant payments. It has always served as a provider of payment services to financial institutions across the country and serves as the backbone of commerce across the United States.
You may be asking, how is FedNow different from other payment solutions I already use? FedNow is unique because it allows transactions to occur between bank accounts in seconds. Funds will not be held in holding accounts, like many payment apps or solutions provide. Other solutions that allow funds to be sent from a bank account and be instantly available to the recipient, moves funds on a delayed basis, which introduces a credit risk.
FedNow is available to all First National Bank customers now! At this time, customers will only be able to receive payments into their account. To use FedNow, if you have a friend or business whose bank also has FedNow available, you can provide them your routing number and account number to receive funds, much like you would with a wire or ACH transfer. As always, please only provide this information to someone that you know or trust. FedNow is free to all First National Bank customers.
We are proud to offer this instant payment option in collaboration with the Federal Reserve and remain committed to providing our cutsomers the best options available to enhance the banking experience.
If you have any questions about receiving payments with FedNow, please contact our Customer Support team through our contact form or by calling them at 620.663.1521.
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