If they don’t like the transaction, well, then there’s no transaction. 
Posted on 07/20/2023 8:51:27 AM PDT by devane617
The Federal Reserve Thursday officially launched its long-awaited instant payment service FedNow, which allows consumers and businesses to send and receive money in seconds.
The system lets Americans pay for groceries instantly, businesses pay their suppliers, or people pay each other. It will be available 24 hours a day, every day of the year, with full access to funds immediately.
FedNow isn’t offered directly to individuals and businesses, but it will serve as the basis of infrastructure for instant payments by linking banks. Transactions occur between bank accounts and enable funds to be transferred from a sender’s bank account to a receiver’s bank account immediately.
The limit per customer credit transaction will be $500,000, but the initial setting of the transaction limit will be $100,000. The money can move from consumer to consumer, from consumers to businesses, or from business to business.
"The Federal Reserve built the FedNow Service to help make everyday payments over the coming years faster and more convenient," said Federal Reserve Chair Jerome Powell.
(Excerpt) Read more at finance.yahoo.com ...
or so like zelle, cash app, paypal and the such with more government tracking.
pass.
Because it’s a fascist government.
Yea, it looks like this will impact ALL those processors.
and if they have a profile of the customer some may get a pass while other will not? maybe I can get free stuff and no one but the feds will know?
It’s the first step on the path to eliminate cash.
The govt. will keep track of every penny you spend. Where you spend the money and to whom the money is directed. So be careful if you donate to a conservative cause or politician, or if you purchase a firearm or ammunition. Someone from the new cadre of IRS agents will be paying you a visit.
Can’t have money not being tracked, can we
So, for consumer to business transactions, why is this any different from me having my bank wire $$ from my account to company X's bank account?
Fed: “Let’s see, your credit card purchases indicate gun and ammo sales, your social media profiles indicate you support Trump, your tax return audits indicate suspicious income, your FBI file says you are a white nationalist. So we cannot process your transaction. In fact, we’ll keep the money you sent for safe-keeping, but we cannot deliver it to your recipient.”
The big guy, ie gov’t, gets a piece of the action!
Imagine all the banks and payment folks like PayPal Quicken etc that this will impact. wow
...so they can control you....after cash is eliminated you will be a slave. Never in possession of your own money. Every transaction you make will be monitored. You will only be permitted to buy what they allow you to, when they allow you to and where they allow you to. Only approved products from approved vendors.
Send a tweet mocking Biden? No food for you. Contribute to a Republican politician? No airline ticket for you. Already use you monthly allotment of emissons? no gasoline for you. and of course no ammunition for you. ever.
Save too much for retirement? Not fair to the freeloader class. they will let you know how much you need and confiscate the rest....
So they can take it from you when you’re deemed “a problem”.
If they don’t like the transaction, well, then there’s no transaction.
Back to Barter
WHITE by accident of birth.
NATIONALIST by love of country; America first.
That's a problem because...?
I’m going to explore Tally Money, which apparently involves digital-transfer-of-gold-ownership: the gold held in bailment in a vault in Switzerland. An idea whose time has come.
“or so like zelle, cash app, paypal and the such with more government tracking.”
Try sending $2k via zelle.
“ The Federal Reserve Thursday officially launched its long-awaited instant payment service FedNow, which allows consumers and businesses to send and receive money in seconds.…”
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Good to know but can’t we already do that?
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