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07.14.17

Consumer Scam Alert: Do Not Use Federal Reserve Routing Account Numbers to Pay Bills; Could Face Late Fees, Other Charges

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Recently, the Federal Reserve Banks have received a number of unauthorized transactions in which consumers have tried to use the Fed’s routing numbers and their Social Security numbers to pay their bills.

Federal Reserve routing numbers are used for sorting and processing payments between banks. Any video, text, email, phone call, flyer, or website that describes how to pay bills using a Federal Reserve Bank routing number, or using an account at a Federal Reserve Bank, is a scam.

The bill payments being attempted using the Fed’s routing numbers are being rejected and returned unpaid. Consumers who have attempted to use the Fed's routing numbers to pay their bills may be subject to penalty fees from the company they were attempting to pay.

The Federal Reserve provides banking services only for banks. Individuals do not have accounts at the Fed.

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  • 11.30.17

    2017 Financial Stability and Fintech Conference

    The Federal Reserve Bank of Cleveland, the Office of Financial Research, and the University of Maryland’s Robert H. Smith School of Business invite you to attend the 2017 Financial Stability and Fintech Conference on November 30–December 1, 2017, in Washington DC. This year’s conference will highlight research and facilitate discussions related to the impact of innovation on financial stability, policy, and regulation.