Free Republic

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...

Many Bank of America customers posted on social media Wednesday that they were experiencing major problems with the digital payment app Zelle. Individuals took to Twitter to share messages received from Bank of America that claimed they had negative account balances. Others stated they were having difficulty getting through to the bank's customer service department. Twitter user Jeepeto Cuarenton shared an image indicating his account balance was $-2,060.44. WHAT THE HECK? @BofA_Help @BankofAmerica I want my money back ASAP! I don’t have money for gas! Stuck at home. Your customer service phone doesn’t work! WHATS WRONG? pic.twitter.com/MB0U0VcQHG — Jeepeto Cuarentón...

The law was included in the Democrats' $1.9 trillion American Rescue Plan Act, which was passed with only Democratic votes through budget reconciliation to avoid the Senate filibuster -------------------------------------------------------------------- *resident Joe Biden and Democrats in Congress passed a new rule that requires payment companies and cash applications such as Venmo and PayPal to report $600 or more of payments to the Internal Revenue Services. The law was included in the Democrats' $1.9 trillion American Rescue Plan Act, which was passed with only Democratic votes through budget reconciliation to avoid the Senate filibuster. The new rule took effect at the beginning...