SCAM ALERT Do Not Use Federal Reserve Routing Numbers
September 29, 2017
There are posts and videos on social media sites telling consumers that they can use certain routing numbers* and their Social Security Number to access funds held in "secret accounts."
As a result 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.
The Federal Reserve provides banking services only for banks. Individuals do not have accounts at the Federal Reserve.
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.