New system for transferring money, making payments FedNow. Paypal of the future

mshchem · Apr 26, 2023

Just now beginning to roll out. Kind of unnerving.

About the FedNow Service

What is the FedNow Service and how will it help enable financial institutions to deliver end-to-end faster payment services to their customers?

www.frbservices.org

Huss · Apr 26, 2023

So the Fed will have direct access to your accounts?

Steven Lee · Apr 27, 2023

This is a wonderful thing. You should be celebrating. USA banks use a ridiculously outdated system for domestic wires called ACH. This is a long-awaited replacement. Expect to instantly send money with a click of a button from your checking account to any other's person checking account without waiting for 2 business days for the ACH moronism to clear and without paying wire fees.

mshchem · Apr 27, 2023

Huss said:
So the Fed will have direct access to your accounts?

This and AI our goose is cooked.

mshchem · Apr 27, 2023

Steven Lee said:
This is a wonderful thing. You should be celebrating. USA banks use a ridiculously outdated system for domestic wires called ACH. This is a long-awaited replacement. Expect to instantly send money with a click of a button from your checking account to any other's person checking account without waiting for 2 business days for the ACH moronism to clear and without paying wire fees.

Yes, I'm sure you are correct. I see a conspiracy everywhere

Sirius Glass · Apr 27, 2023

Huss said:
So the Fed will have direct access to your accounts?

That will make tax collection more efficient.

Mick Fagan · Apr 27, 2023

We've had that ability since well before the end of the last century, as for cheque accounts, they have more or less gone the way of the Dodo.

Running a business, we dispensed with our costly cheque account in the 1990's and switched over completely to Electronic Funds Transfer (EFT). Everyone uses it and yes there can be pitfalls, but........

gbroadbridge · Apr 27, 2023

Mick Fagan said:
We've had that ability since well before the end of the last century, as for cheque accounts, they have more or less gone the way of the Dodo.

Running a business, we dispensed with our costly cheque account in the 1990's and switched over completely to Electronic Funds Transfer (EFT). Everyone uses it and yes there can be pitfalls, but........

First EFT, then PayID and Osko, and coming soon NPP to make it even easier to pay someone.

mshchem · Apr 27, 2023

I haven't written an actual paper check in years. Still have the waiting for a payment to be processed though. So much easier when we used gold and silver

Mick Fagan · Apr 27, 2023

gbroadbridge said:
First EFT, then PayID and Osko, and coming soon NPP to make it even easier to pay someone.

Don't scare them, let them get used to one thing at a time.

jvo · Jun 19, 2023

Huss said:
So the Fed will have direct access to your accounts?

It seems only your banking institution will have your account numbers, just like transfers between banks though in real time.

Maybe it will no longer "take up to 7 days" for that store refund for a returned item to show up in your account - they make money on the float. It did take them less than a minute to take the money.

New system for transferring money, making payments FedNow. Paypal of the future

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