Banks are automatically changing accounts to the FEDNOW system

[91cavgt]

Preface; This is going to take more than one post to get all of the information out.



It is happening folks. For those that don’t know, last month the Federal Reserve released the FEDNOW system. This is the framework for a CBDC(central bank digital currency). There are a number of financial institutions that jumped in head first into this, including banks AND credit unions. So just because your money is in a credit union does NOT mean that it is safe. Here is a list of financial institutions that are early adopters. This list is straight from the horses mouth, the Federal Reserve.

[91cavgt]

Many people know that the FED NOW system is a foundation for a CBDC, which does not sit well with a lot of those people. So, as you see roll outs of this system, you will see a couple of key catch phrases that are used to try to make people feel better about what is occurring. What are those catch phrases?

Real-Time and

Value-Added


Take a look at the Federal Reserve’s own description of the FED NOW system to see for yourself.

[91cavgt]

And now we have the proof that those early adopters are in fact switching their system to the FED NOW system. I’ve got a couple of accounts with Chase. Just this week I got an alert telling me that there is a new terms of conditions. If I do not agree to those new terms, then I WILL NOT be able to do ANYTHING online with my accounts including just checking the balances. So I downloaded those new terms of conditions. The first one was 125 pages, and the second one was 10 pages!! So, I read through them. Lo and behold, on page 91 it talks about the new “Real-Time Payment System”. Look at it for yourself in the link below.


So, in a nut shell, if you don’t agree to the FED NOW system being where your accounts are now in, then you can’t do ANYTHING online with your account(s). This will be rolling out to all banks in due time.



I need a beer. My head hurts.

[DapperDan]

How do we combat this?

[91cavgt]

How do we combat this?

I wish I had an answer for you. A lot of employers require direct deposit and will not cut you a check. So, those employees are stuck between a rock and a hard place. Refuse the FED NOW system and you will be looking for a new job.

Not only that, but the Post Office recently warned people to not mail checks. If you don’t mail checks then you have to do online banking which means being a part of the FED NOW system.

[doghouse]

It's coming, with no choice to us. I'm just curious as to who is behind all of this?

[hpdrifter]

It's coming, with no choice to us. I'm just curious as to who is behind all of this?

you really don't know?!? One world government...do business their way or get cut off!

[Bard]

Well, they are certainly getting ramped up to do away with brick and mortar it seems. I called Wells Fargo to file a complaint, debit card got charged 3x for gas at HEB. They wanted me to agree to "voice recognition" and when I refused I was not able to continue my filing. I had to go to the bank and told them, they knew and acted disappointed in the new system. Funny thing is she couldn't do anything but call an 800# and was so frustrated by the time she got done with the call I think she was ready to walk out of her job. While we were doing that the gal helping another couple that were pi**ed off next to us about how Wells was moving their money around w/o their permission and cancelling payments etc... it's getting ugly in the banking system. Silver/Gold/Crypto, two of those are easy remedies, crypto takes some learning and even then it's a crap shoot right now.

[WItoTX]

What is the FED NOW system?

Here you go, taken from Coffee and Covid. It lays out why the FEDNOW system is being implimented. TL;DR - Our banking system is from the 50's. BRICS is modern, new, and fast. America, in order to remain the global reserve currency, are updating our system so transfers can occur instantaneously, as opposed to our current system, which takes days.

From C&C:

First of all, and most importantly, FedNow is NOT a digital currency. Not even sort of. Let’s get that straight, because there seems to be some confusion over that point.

Smarter objectors, understandably wary of any step the federal government makes in the direction of a central digital currency, argue that FedNow is a dangerous component of a future digital currency. That might be true. But, using that logic, you could also argue that a government plan to protect the Nation’s electric grid from EMP attacks was “really” a precursor to eliminating gas cars.

Second, let’s talk about what FedNow actually is. The new Federal Bank service is an INTERBANK system (at least for now) allowing financial institutions to instantly transfer money through the Federal Reserve. That simple concept confuses people, because they naturally assume that banks can ALREADY do this. People therefore think instant transfers can’t POSSIBLY be all there is to it, because it’s so seemingly … insubstantial.

But nope. That’s all there is to it, all right. Banks cannot already handle instant transfers. It still takes up to 24 hours (for a fee) or even days. Most other countries — and this will be important in a minute, so remember it — most other countries can centrally clear instant transactions. But the U.S. lags disgracefully about fifty years behind in the technology.

I know, it’s unbelievable. The only two options businesses can use to clear transactions through their banks at present are ACH and wire transfer. For example, I use Quickbooks online payroll service, which is linked to my corporate bank account, and it uses “ACH” to pay the team. It usually takes 2-3 days for them to get the money deposited into their bank accounts, and I pay a per-transaction fee.

ACH stands for "Automated Clearing House." It was invented in the late 1960s and became operational in the early 1970s. It’s currently the most popular method. The other option is wire transfers.

Wires are even worse than ACH. In my small law firm, we send and receive about a dozen wires a month, on average. Larger law firms probably process hundreds. Real estate closing agents may handle thousands a month. And for whatever reason, a same-day wire costs THIRTY FIVE DOLLARS. If you don’t want to pay, you can wait three days for your money to clear.

And that’s it. The only two choices.

You probably still can’t believe our payment system is that archaic. I can prove it. Think about the proliferation of alternative services like Venmo, services that work around the banks and allow people to pay each other ‘directly.’ Why don’t banks offer that service? Why is there even a market for Venmo in the first place? Why can’t I just use my bank’s mobile app, and just pay whoever I want, whenever I want, without waiting?

The reason is because that service has never been available to banks. Not before now. Thus, FedNow is a third option for payment processing, joining the antiquated ACH and wire transfer services. Read it for yourself, right from the Federal Reserve’s own press release:

Why haven’t they done this before now? Because banks didn’t want it. Guess what they did for the three days while all our payments were clearing? The banks collected interest on our money. Apparently it adds up to a lot. So, to preserve that lucrative line of inter-transactional profit, the U.S. banking lobby stopped captured government agencies from modernizing our country’s payment processing infrastructure.

“Okay Jeff,” you are saying, “I see it’s not actually a CBDC, but why NOW? Hmm? Isn’t it curious it’s coming out just when they want to make a digital dollar? How about that?”

Well, yes and no. As much as they’d like to control every minute aspect of our lives, I’m not completely sure our politicians even want to give up dollars. I mean, how will Hunter get paid, if Ukrainian oligarchs can’t roll up hundred-dollar bills, wrap them in rubber bands, and put them in ziplock bags? But that’s another story. Let me offer you an alternative, sufficient hypothesis for “why now.”

Consider this headline that ran in Bloomberg yesterday:

As you know, the “BRICS” coalition (Brazil, Russia, India, China, and South Africa) has been working on a new global currency to compete with the dollar — along with a competitive payments transfer system. What do you want to bet the new and improved BRICS payment transfer system is instantaneous, and doesn’t take up to three days to clear transactions like our system does?

In other words, our creaky, fifty-year-old payment processing technology was a MAJOR weakness in the upcoming battle of the currencies. It HAD to be fixed. Other countries might choose to go with BRICS just because it clears payments faster and more conveniently. At scale, instantaneous transfers shifts a significant amount of interest from banks back to customers. It’s just basic economics.

Using the BRICS currency would be cheaper and easier. Not to mention more convenient.

So at long last, U.S. government officials applied a long-overdue update to our payment-processing infrastructure. It is entirely possible FedNow is more about preserving the dollar’s global dominance than setting up a social credit system. It is also very possible FedNow was NOT something they wanted to do, but they were forced to do it by competitive pressure.

In other words, we should have had this technology at least thirty years ago, but the banking lobby made sure it never happened.

Where is all this angst coming from? I’m not sure, but consider that anyone who is betting against the dollar is probably not too happy about FedNow catching up to whatever BRICS is developing. So there is a lot of incentive for well-heeled people and governments to spread psyops, fear, and doubt about it.

Don’t fall for it.

Finally, to be clear: I am 100% against a U.S. digital currency. Don’t need it, don’t want it. I know where to find Bitcoin if I ever feel the urge. Fortunately, I have serious doubts whether they could even pull it off. And I’m not even sure a digital currency would be Constitutional, but that’s a different post.

It’s just that FedNow is NOT a digital currency, and I’m pretty sure they built it to counter BRICS. So.

[Brazos Hunter]

This is where I am at on it all and actually life in general; For the majority of my adult life I have questioned change. The closer I get to retirement the more I question and wonder about our future. The world we live in today doesn’t even resemble the world I grew up in in the 70’s. Everyone, including kids, are busy 24/7 and rarely if ever do most take pause to smell the roses.

I will be retiring with a state government pension/retirement and my bride with the school. Both are government plans and both we have zero control over. Banks and CU’s alike are going to do what they are told to do, period. Just how much control do we actually have? In some places you can’t garden or collect rain water and God forbid you try to have a couple chickens!

What I’m getting at is whatever is going to happen is going to happen so the best thing we can do is diversify every aspect of our lives while we can. Always have a contingency plan and never put all your eggs in one basket! Trust in the Lord and live with honor, integrity and respect and don’t look back, it will depress you.



Michael

[muzzlebrake]

Find some stainless steel lids for those old fruit jars and get to digging some holes for burying your loot. Don't forget to draw a map and detail it down to the inch.

[hpdrifter]

What is the FED NOW system?



So at long last, U.S. government officials applied a long-overdue update to our payment-processing infrastructure. It is entirely possible FedNow is more about preserving the dollar’s global dominance than setting up a social credit system. It is also very possible FedNow was NOT something they wanted to do, but they were forced to do it by competitive pressure.

In other words, we should have had this technology at least thirty years ago, but the banking lobby made sure it never happened.

Where is all this angst coming from? I’m not sure, but consider that anyone who is betting against the dollar is probably not too happy about FedNow catching up to whatever BRICS is developing. So there is a lot of incentive for well-heeled people and governments to spread psyops, fear, and doubt about it.

Don’t fall for it.

Finally, to be clear: I am 100% against a U.S. digital currency. Don’t need it, don’t want it. I know where to find Bitcoin if I ever feel the urge. Fortunately, I have serious doubts whether they could even pull it off. And I’m not even sure a digital currency would be Constitutional, but that’s a different post.

It’s just that FedNow is NOT a digital currency, and I’m pretty sure they built it to counter BRICS. So.

yep, it's NOT CBDC. ALL it amounts to is interbank transactions

Life is rosy isn't it!

until they get that well established and EXTEND it to private citizens!

it's kinda like changing little laws here and there, them bam; they can twist them for whatever reason they want.

[BrianL]

Not sure why you all are up in arms about a clearing system. If you have a checking account, debt card, or auto-pay you use them everyday, they are just slower! This is just a faster way to process transactions. It may someday remove a lot of third party providers, reduce cost, and speed transactions. Ever wonder how many back-end networks a common debit card transaction runs on?

[91cavgt]

Not sure why you all are up in arms about a clearing system. If you have a checking account, debt card, or auto-pay you use them everyday, they are just slower! This is just a faster way to process transactions. It may someday remove a lot of third party providers, reduce cost, and speed transactions. Ever wonder how many back-end networks a common debit card transaction runs on?

Has a government program ever only done what their original intent was? Even though the Federal Reserve is not federal and has no reserves, it is ran, controlled, and works hand in hand with the government in all aspects. Make no mistake, this system will be abused by our government.

[BrianL]

Has a government program ever only done what their original intent was? Even though the Federal Reserve is not federal and has no reserves, it is ran, controlled, and works hand in hand with the government in all aspects. Make no mistake, this system will be abused by our government.

You realize most all your non currency transactions clear thru Fed now???