Uhhhh, this isn’t new.
Sounds just like the Visa/debit card I’ve been using for decades.
Sort of but the funds move basically instaneously.
Just had a question from a business colleague regarding their Chase 360 Account. They are eliminating the overdraft line of protection. In the process of eliminating it they are also eliminating the overdraft fees. Sound great until you dig deeper and the bank will pick and choose what gets paid.
Chase appears to be eliminating all types of credit or debt lines. They are just taking them away getting ready for the new currency system.
We have been doing direct pay to insurance companies since the 1980's.