Consumer Scam Alert: Do Not Use Federal Reserve Routing Account Numbers to Pay Bills; Could Face Late Fees, Other Charges
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.
It is important for consumers to know that when making online or e-check bill payments, they cannot use Federal Reserve routing numbers. 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 the Federal Reserve Bank is a scam.