Bank of Belleville (Belleville, Illinois).
Bank of Hillsboro (Hillsboro, Illinois).
Bank of Rantoul (Rantoul, Illinois).
Casey State Bank (Casey, Illinois).
City National Bank (Metropolis, Illinois).
CNB Bank & Trust, N.A. (Carlinville, Illinois).
Community First Bank of the Heartland (Mount Vernon, Illinois).
Consumers Cooperative Credit Union (Gurnee, Illinois).
Cornerstone National Bank & Trust Company (Palatine, Illinois).
Crossroads Bank (Effingham, Illinois).
Fairfield National Bank (Fairfield, Illinois).
Farmers State Bank of Alto Pass (Harrisburg, Illinois).
First Bank (Carmi, Illinois).
First Security Trust and Savings Bank (Elmwood Park, Illinois).
First State Bank of Beecher City (Beecher City, Illinois).
First State Bank of Dongola (Dongola, Illinois).
Fisher National Bank (Fisher, Illinois).
Goodfield State Bank (Goodfield, Illinois).
Great Rivers Bank (Barry, Illinois).
Grundy Bank (Morris, Illinois).
Hometown National Bank (La Salle, Illinois).
INB (Springfield, Illinois).
Iroquois Federal (Watseka, Illinois).
La Salle State Bank (La Salle, Illinois).
Legence Bank (Eldorado, Illinois).
MidAmerica National Bank (Canton, Illinois).
Midwest National Bank (Sandoval, Illinois).
Murphy-Wall State Bank and Trust Company (Pinckneyville, Illinois).
North Central Bank (Hennepin, Illinois).
Peoples National Bank of Kewanee (Kewanee, Illinois).
Princeville State Bank (Princeville, Illinois).
Rushville State Bank (Rushville, Illinois).
Scott State Bank (Bethany, Illinois).
Security Bank (Springfield, Illinois).
SouthernTrustBank (Goreville, Illinois).
State Bank of Cherry (Cherry, Illinois).
State Bank of Whittington (Whittington, Illinois).
The Clay City Banking Company (Clay City, Illinois).
The Farmers State Bank and Trust Company (Jacksonville, Illinois).
The First Bank & Trust Company of Murphysboro (Murphysboro, Illinois).
The First Trust and Savings Bank of Watseka (Watseka, Illinois).
The Harvard State Bank (Harvard, Illinois).
The Iuka State Bank (Salem, Illinois).
Washington State Bank (Effingham, Illinois)
Farmers & Merchants State Bank (Bushnell, Illlinois).
FAQs
Banks Participating in FedNow: List and What to Know - NerdWallet? ›
National banks are required by law to be members. State-chartered banks may join if they meet certain requirements.
What banks have to join the Fed? ›National banks are required by law to be members. State-chartered banks may join if they meet certain requirements.
Will the US Bank use FedNow? ›With our U.S. Bank intelligent routing capabilities, you will be able to send and receive these real-time, instant payments seamlessly, whether it's through the RTP network or FedNow Service.
Who is eligible for FedNow? ›As with current Federal Reserve Bank services, the FedNow Service is available to depository institutions eligible to hold accounts at the Federal Reserve Banks under applicable federal statutes and Federal Reserve rules, policies and procedures.
What banks will not use FedNow? ›Bank of America, Citigroup, PNC and Capital One Financial, all among the nation's 10 largest banks, still haven't signed on to FedNow, according to the Fed's latest list of participants. FedNow launched last July, promising to speed up transactions for consumers and companies.
What banks must belong to the Fed? ›Together, the FDIC and the Federal Reserve form the federal safety net that protects depositors when banks fail. Membership in the Federal Reserve System is required for national banks and is optional for state banks. While many large state banks have become Fed members, most state banks have chosen not to join.
Is Wells Fargo using FedNow? ›By the numbers: So far, 35 banks have signed up as early adopters of FedNow, including JPMorgan Chase and Wells Fargo, but notably not including Citigroup or Bank of America.
How many banks offer FedNow? ›About 470 banks and credit unions have joined the FedNow network as of early February 2024. (There are more than 9,000 banks and credit unions in the U.S.) Many of the current FedNow participants are regional and community institutions, whereas many bigger banks, including online banks, haven't signed on yet.
Is Chase participating in FedNow? ›The service is available 24 hours a day, seven days a week. Among the banks that will offer the FedNow services soon are Wells Fargo and JPMorgan Chase.
What banks are not part of the Federal Reserve System? ›State-chartered banks may ultimately decide to refrain from membership under the Fed because regulation can be less onerous based on state laws and under the Federal Deposit Insurance Corporation (FDIC), which oversees non-member banks. Other examples of non-member banks include the Bank of the West and GMC Bank.
Where are the 12 Federal Reserve Banks? ›
The Reserve Banks are decentralized by design and are located in Boston, New York, Philadelphia, Cleveland, Richmond, Atlanta, Chicago, St. Louis, Minneapolis, Kansas City, Dallas, and San Francisco.
What banks must join the Federal Reserve System? ›All nationally chartered banks are required to be members of the system and state banks have the option to join as members if they meet certain requirements as stated in the Federal Reserve Act.
Can FedNow freeze your account? ›Can FedNow Freeze Your Account? No. FedNow does not have the ability to monitor, access, or freeze individual accounts. It also doesn't give the Federal Reserve the ability to do any of these activities.
Will FedNow replace credit cards? ›There is speculation that FedNow-powered products could replace—or at least reduce—the use of debit and credit cards. But credit card companies aren't worried; Vasant Prabhu, CFO of Visa, said that Visa doesn't fear competition from not only the FedNow Service, but any real-time payment system.
How to prepare for FedNow? ›- Understand the trends in the market.
- Learn more about the FedNow Service.
- Assess the needs of your customers.
- Build a business case.
- Make necessary changes to your technology, services, and software.
National Bank
A commercial bank whose charter is approved by the Office of the Comptroller of the Currency (OCC) rather than by a state banking agency. National banks are required to be members of the Federal Reserve System and belong to the Federal Deposit Insurance Corporation.
The 12 Federal Reserve Banks and their 24 Branches are the operating arms of the Federal Reserve System. Each Reserve Bank operates within its own particular geographic area, or district, of the United States.