Instant payments: how fast are they, and what do they cost?

Seconds to send. Much longer to get back.

The answer in 2 lines. An instant payment reaches the other person's account within seconds, any time of day, any day of the year, if both banks offer it. Price and limits are set by your bank or credit union: check its fee schedule. The catch: the money is available to the recipient right away, and payment services generally have no recall button. Check who you're paying before you hit send, and be very wary of anyone who rushes you.

The 3 checks before you send

Check the recipient and the amount. If your app shows the recipient's name before you confirm, read it. For a new recipient, the CFPB suggests sending a small test payment first if there's no request feature.
Be wary of any rush: a "bank agent" who tells you to move your money, a seller who demands payment right now, a relative texting from a new number.
When in doubt, call the person back on a number you already have, not the one in the message.

Stop: danger

Someone tells you to move your money "to protect it": hang up. The CFPB warns that real government agencies and banks never ask you to move money, withdraw cash, buy gift cards or send cryptocurrency to protect it. Then call your bank at the number on the back of your card.

Standard transfer or instant payment?

	Standard bank transfer (ACH)	Instant payment
Speed	Can clear the same day, but can also take days	Within seconds
When	Same-day processing only on business days, during business hours	Any time, any day of the year
Price and limits	Your bank may charge a fee per transfer and cap the amount	Set by your bank or credit union: check its fee schedule
Money available to the recipient	After processing	Immediately
Undoing a mistake	Call your bank right away; not guaranteed	Very hard: the money is already there

Your bank's app may not use the name "FedNow." The Federal Reserve doesn't offer accounts or an app to individuals, and banks are joining gradually, so ask your bank whether it sends and receives instant payments.

What not to do

Sending money because someone claiming to be your bank, the police or a fraud department told you to: it's one of the most common scams.
Paying a stranger you met online, or a seller you can't meet, with an instant payment or a payment app: for a purchase, the FTC recommends a credit card or the site's own payment system.
Paying a fee to "unlock" a prize, a package or a refund.

What you can do yourself

Look in your app's settings for a daily transfer limit or alerts for every payment, if your bank offers them. A lower limit caps the damage if something goes wrong.
Turn on a passcode, PIN or fingerprint for your banking and payment apps, as the CFPB advises.
Keep proof: a screenshot of the payment and your messages with the recipient.

After a mistake or a scam

Call your bank or payment provider right away. The CFPB says to notify your financial institution as soon as you suspect an error; under federal law, it must investigate errors you report. It can try to contact the receiving bank, but getting the money back isn't guaranteed.
Scam: report it to the FTC at ReportFraud.ftc.gov (click "Report Now"), and to the FBI at ic3.gov if it happened online. You can also contact your local police and your state attorney general (find yours on the NAAG map).
The bank won't help: you can file a complaint with the Consumer Financial Protection Bureau at (855) 411-2372 (CFPB contact page).
Someone asks you to return money they "sent by mistake": don't send anything from your own balance. Go through your bank or the app's official support.

Good to know

The FedNow Service launched on July 20, 2023, and is designed to run 24x7x365 (Federal Reserve). Other instant payment networks exist too; your bank handles the choice.
Payments sent with family, friends and people you know and trust are the safest use of these services (CFPB).
If a caller claiming to be your bank got you to send money, see Fake bank call scam: will my bank refund me?.

Jordan needs to send a $500 deposit for a vacation rental. An email from the "owner" gives new account details and insists the payment go out within the hour. Jordan pauses, calls the owner at the number in the original listing, and learns the email account was hacked. Nothing was sent, and Jordan reports the fake email at ReportFraud.ftc.gov.

A made-up story, for illustration.

Bobby

Sources, verification, confidence

Verified on November 5, 2026, for the United States. Confidence: high for how instant payments and ACH transfers work (Federal Reserve, CFPB); medium for prices and limits, which each bank and credit union sets itself. No bank or app is recommended here.