Does the Federal Reserve maintain accounts for individuals? Can individuals use such accounts to pay bills and get money?
Does the Federal Reserve maintain accounts for individuals? Can individuals use such accounts to pay bills and get money? The Federal Reserve Banks provide financial services to banks and governmental entities only.
- ▪Does the Federal Reserve maintain accounts for individuals?
- ▪Can individuals use such accounts to pay bills and get money?
- ▪The Federal Reserve Banks provide financial services to banks and governmental entities only.
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Opening excerpt (first ~120 words) tap to expand
Does the Federal Reserve maintain accounts for individuals? Can individuals use such accounts to pay bills and get money? No. The Federal Reserve Banks provide financial services to banks and governmental entities only. Individuals cannot, by law, have accounts at the Federal Reserve. A recent hoax circulating on the internet asserts that the Federal Reserve maintains accounts for individuals that are tied to the individual's Social Security number, and that individuals can access these accounts to pay bills and obtain money. These claims are false. The Federal Reserve does not maintain accounts for individuals, and individuals should not attempt to make payments using Federal Reserve Bank routing numbers or false routing numbers.
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Excerpt limited to ~120 words for fair-use compliance. The full article is at Board of Governors of the Federal Reserve System.
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