I Called the Federal Reserve Bank of Cleveland, OH - Pay Bills / Debit with Your Social Security Number (SSN)
On July 7th, 2017 I called the Federal Reserve Bank to verify information that has been spread around the internet. (Please disregard the commentary through the video as I am still learning and trying to understand all of this).
Read the article at which was released on the Federal Reserve Bank's website here - https://clevelandfed.org/contact-us.aspx
It is very interesting to note the lingo at which the Federal Reserve Banks will use. (remember that the federal reserve bank is not federal at all).
This article is mainly confusing because of the use of "Fed's" and Federal Reserve Bank" which are 2 different banks and entity's.
Also to note what a scam is by Websters dictionary -
a fraudulent or deceptive act or operation an insurance scam.
However they do not out right say that the acts being committed are actually fraudulent at all in any statements.
It is also important to note that the employee clearly states "I HAVE NO IDEA" but does have the knowledge that this is used only for bank to bank transactions. So from my understanding it is pretty clear that only banks can transfer money to other banks.
Which is the case with Chase, Wells Fargo, Citi, Capital One, Etc. They all can transfer money between each other because they are "Bank to Bank".
So in essence all they are stating is the obvious and and nothing is really being committed in correctly as only banks are processing the socials and routing numbers (theoretically)
Granted the average person reading this has a decent understanding of transactions, wire transfers, credit card payments, etc.
For example no one on this earth can transfer money from their checking/savings account to another checking/savings account unless it is being conducted by a bank which acts as the handler.
So, theoretically the "consumer or customer or individual" really never did anything. The banks are starting and completing all transactions. "Consumers or Customers or Individuals" do not have the knowledge to complete a wire transfer.
Thank you,
Jacqueline McGinnis
Federal Reserve states funds
transferred immediately and irrevocably.
https://www.federalreserve.gov/paymentsystems/fedfunds_about.htm