Posted on 07/24/2023 10:01:35 AM PDT by truthkeeper
The federal government this month is set to launch FedNow, a “safe and efficient” instant payments service which will allow the Federal Reserve to facilitate payments between bank customers and receive their transaction data.
With FedNow, the Federal Reserve will act as a middleman in transactions between banks and credit unions. Currently, transactions pass through a financial institution called a clearing house, which facilitates the payments. But at the end of this month, the clearing house will instead be the Federal Reserve for many banks.
For example, if John Doe wishes to pay a bill, he would initiate the transaction as he normally would through an end-user platform like his banking app. John’s bank would then send the request to the Federal Reserve, which would notify the recipient’s bank that funds are about to be transferred and would give the go-ahead to John’s bank to release the funds. The Federal Reserve would then take the funds from John’s bank and deposit them in the recipient’s bank. This would all happen in the span of six seconds.
John would be none the wiser that the Federal Reserve had not only just seen his transaction but had conducted it from beginning to end...
(Excerpt) Read more at frontline.news ...
Safe and effective.
“For example, if John Doe wishes to pay a bill, he would initiate the transaction as he normally would through an end-user platform like his banking app. John’s bank would then send the request to the Federal Reserve, which would notify the recipient’s bank that funds are about to be transferred and would give the go-ahead to John’s bank to release the funds. The Federal Reserve would then take the funds from John’s bank and deposit them in the recipient’s bank. This would all happen in the span of six seconds.”
But if John Doe gets a paycheck or any other check his bank will still hold it for ten to fourteen days just because they can. The Fed has no plans to fix this.
Seriously???? If you look at their site, they have a list of banks already on board.
This is **stupid**.
It will go absolutely nowhere, however, it would be interesting to see how Fed Now holds up in court.
Has any court case ever been brought against the Federal Reserve for going outside of the law when it was created and since.
😱
Okay...so tell me where this instant transfer system will benefit people like us? Because all I am hearing so far is how it will benefit banks.
And...under what section of the Constitution is this process authorized?
Asking for a couple hundred million friends...
The goal is to eliminate cash. Roll in the Mark of the Beast.
They’ll tie this in with the coming Social Credit Scores.
ATTENTION PERSONS WITH BRAINS! DO NOT, DO NOT USE THIS NEW RUSE IF AT ALL POSSIBLE! That is all.
Is FedNow the reason T-mobile will not give a discount for credit card autopay after years of doing so?
They will with a debit card or bank card, but not with a credit card as of next month.
🔝🔝🔝
✝️🙏🛐
And The Fed now has the power to scrutinize and insta-block any of said transactions.
Naw, they’ll never abuse it. Nope.
Well, they SAY they won't abuse it...
Start using cash.
If retail stores dealt in 90% of transactions in cash, THEY would put a stop to this cashless bs.
That and cashiers would learn math.
Pay bills with a check and you’ll create jobs that the tech took over.
I haven’t seen how much they are going to charge for this. The BIG money in the banking world is grabbing a very small piece of every transaction that passes by.
I don’t think the average person is going to notice, until they do.
The funny part is that once it’s in place, the way the Fed works, it won’t be changed for 20 years. This is goi g to be a dinosaur pretty quickly.
"True story!"
Some places won't take cash.
I thought I read $25 "per account" in one of the articles. I assume that's a monthly charge? It was unclear to me if that is an amount the bank or the customer would pay.
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