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FakeNoose

(41,875 posts)

45. That's OK with me - the US banks must follow US laws

Sat Jul 22, 2023, 11:06 AM

Jul 2023

If they don't do things by the book, there are protections and repercussions all down the line.
US banking is the one system we can trust.

All the "Paypals" out there are set up to take whatever they can get away with.

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Federal Reserve launches FedNow instant payment service that could bypass Venmo and PayPal [View all] BumRushDaShow Jul 2023 OP

Participating banks brooklynite Jul 2023 #1

JP Morgan Chase. roamer65 Jul 2023 #38

They will have instant knowledge of every nickel you spend or move bucolic_frolic Jul 2023 #2

I'm sure someone would be happy to receive some Bitcoin from you... brooklynite Jul 2023 #3

Personally I'd rather trust the fed in that regard Major Nikon Jul 2023 #5

+1 sybylla Jul 2023 #10

THIS THIS THIS THIS Effete Snob Jul 2023 #15

The banks already have that Johnny2X2X Jul 2023 #7

+1 sybylla Jul 2023 #11

Yes, this AllyCat Jul 2023 #22

Speaking of PayPal Marthe48 Jul 2023 #23

...and they have the ability to control with whom you can and can't exchange money Dorn Jul 2023 #8

Avoid banks at all costs! unblock Jul 2023 #9

As opposed to your bank? zipplewrath Jul 2023 #12

Tell me you don't know how private banks and credit companies work without telling me sybylla Jul 2023 #13

Yikes bucolic_frolic Jul 2023 #14

You are theoretically correct. But this stuff goes on already with or without FedNow. I'm KPN Jul 2023 #16

Thank you. bucolic_frolic Jul 2023 #18

In what way is the principle "kind of analogous"? muriel_volestrangler Jul 2023 #37

They do now... MiHale Jul 2023 #20

They aready know! Going back to when paper checks were the rule. NM Grins Jul 2023 #25

Did you actually think all that was private before this Fed initiative? paleotn Jul 2023 #30

It's no different than usi g a check, debit card or credit card, PayPal or Venmo ToxMarz Jul 2023 #32

So would Paypal and Venmo DBoon Jul 2023 #40

Not if you are the wealthy up to the Uber Rich!!!!!!!!!! DENVERPOPS Jul 2023 #44

That's OK with me - the US banks must follow US laws FakeNoose Jul 2023 #45

Will they allow legal weed businesses participate jojog Jul 2023 #4

Huzzah - About bloody time. GoneOffShore Jul 2023 #6

I'm sure they already monitor Paypal and the like, Bayard Jul 2023 #17

Give me cash, anyday The Mouth Jul 2023 #19

The suitcases get heavy sometimes. paleotn Jul 2023 #31

Meh The Mouth Jul 2023 #39

Let me suggest you move to Uzbekistan... brooklynite Jul 2023 #41

HA! I was a temporary millionaire in Tashkent when I traded in $200US for some Uzek Sum EX500rider Jul 2023 #55

Will this be better-than, faster-than, more-secure than Zelle? Oopsie Daisy Jul 2023 #21

Can't be faster, I am standing next to some of my customers when they Zelle me, takes about a second EX500rider Jul 2023 #56

They've had this type of thing in Canada for years Sanity Claws Jul 2023 #24

So, 35 banks? Wednesdays Jul 2023 #26

Yesterday was the soft launch Major Nikon Jul 2023 #34

I remember cash. No fee, no bullshit. twodogsbarking Jul 2023 #27

9 out of 10 drug dealers prefer cash Major Nikon Jul 2023 #35

Good to have more options IronLionZion Jul 2023 #28

I refuse to use Venmo or PayPal because it's founder is Peter Thiel Grins Jul 2023 #29

Where can you use Zelle? I've yet to see anyone who accepts it. AllyCat Jul 2023 #43

All the major banks seem to support it. XorXor Jul 2023 #47

Oh, so it's only for sending cash, not purchases. AllyCat Jul 2023 #52

Simply this: The Federal government is ultimately more accountable than any private corporation. n/t TygrBright Jul 2023 #33

But "the Fed" is not the government, is it? AllyCat Jul 2023 #42

That's a popular right wing conspiracy theory. brooklynite Jul 2023 #49

I didn't even think it was RW. Felt like I read it here even. AllyCat Jul 2023 #51

Its an anti-establishment meme... brooklynite Jul 2023 #54

Oh my gosh, what a difference this will make FakeNoose Jul 2023 #36

I print my own cash. So much easier. whenever I run low, I pull out the old plates Wonder Why Jul 2023 #46

Sweet. I had no idea that was an option. XorXor Jul 2023 #48

LOL! AllyCat Jul 2023 #53

This is excellent news Deminpenn Jul 2023 #50