Fed Says 57 Firms Set To Use 'FedNow' Instant Payments After Late July Launch -...

Fed Says 57 Firms Set To Use 'FedNow' Instant Payments After Late July Launch

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  If this takes off you won't be able to leave home without it. No buying. No selling. No paycheck. Imagine if you say the wrong thing on line, or question the efficacy and safety of a vaccine. The future will be interesting.
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      .... because they can't do it? They do not have that degree of centralized control.

      FedNow effectively gives all control over both credit and banking to the federal government. There will be no "late" on child support, you'll simply have it taken. There will be no "late" on property tax, it'll all be done for you.

      They won't have to orchestrate anything with banks to deny access to cash withdrawal - there simply won't be any cash withdraw to speak of.

      Imagine being unable to open a bank account or shop in a gr

      • There will be no "late" on child support, you'll simply have it taken

        Stop threatening me with a good time. Regardless though:

        1. That's bullshit. The technical ability to do something is not the same as the legal ability.
        2. The legal situation has always been that a government with jurisdiction over banks could force child support payments anyway. Because banks do, actually, already have the technical ability to do that.
        3. The Fed is actually a quasi-independent* organization that isn't the government. It's always been like that. So again, see (2), nothing's changed.
        4. The Federal Government, which is almost certainly the only entity with the Fed in its jurisdiction, doesn't give a shit about child support payments. That's a state thing. States don't have the ability to pass laws to force the Fed to do anything, but they do have the ability to regulate, to some degree, local banks. Underlining, again, the fact that no new power exists here.

        What you've written is hyperbolic batshit paranoid lunacy.

        * The only role the government has in the Fed is picking who runs it. And, well, passing laws, the latter of which is also the power it has over Chase, TD Bank, and First St Olaf Bank.

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        This is the most normal part of your post and it sounds paranoid, not least because child support and property taxes are state-level garnishments/writs. Do you have any evidence supporting your claim that the Feds would do this at all, or that states could do it without the same legal rigamarole as 1998 AD?