May 3, 2024 — Press Release

Federal Reserve proposes to process electronic payments 365 days a year

WASHINGTON – Consumer advocates applauded today’s announcement by the Federal Reserve Board that it is proposing to expand operating days for settlement of electronic payments sent over the ACH network and FedWire to include weekends and holidays. 

“Electronic payments seem instant, but in fact they can take up to three days to reach people because the Fed’s payment services do not operate on weekends. The Fed’s weekend closures can delay bills paid through your bank’s bill pay and can also push the direct deposit of your paycheck to Monday when you should have been paid on Saturday,” said Carla Sanchez-Adams, senior attorney at the National Consumer Law Center. “Fed processing of electronic payments 365 days a year and up to 22 hours a day will improve the lives of consumers by allowing them to receive their paychecks over the weekends and holidays and allow people to make more timely bill payments, potentially reducing late payment fees.”

“At the same time, we urge the Fed to pay close attention to fraud, as criminals also operate 24 hours a day,” Sanchez-Adams added.

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