Unless you’ve been living under a rock then you’ve heard about Fednow and all the theories about what’s going to happen when it becomes available.
Well I’m making this post to clear up the rumors and myths plus break down the real hidden agenda that most people aren’t aware of.
But before we do all that allow me to reintroduce myself.
My name is DeVaughn Put in Work Burke for TheWealthbuilderz.com and co owner of The Wealthbuilderz Solutions LLC if you love content like this video and talking about making more money, saving more money and building a better you and business then go ahead and subscribe to this blog and subscribe to my newsletter.
What is Fednow?
Fednow is the governments new instant payment service. This service will enable you to send money in seconds 24/7 365. It doesn’t matter if it’s the weekend, after banking hours and even holidays. This is the major difference between FedNow and ACH Transfers.
ACH Transfers are processed in batches and usually take one to three business days to complete. So basically Fednow will give banks the ability to offer instantly available funds in real time.
Fednow will be available to all banks and credit unions but there is no requirement as of yet for it to be used. Fednow Launches in July 2023
What is Fednow replacing?
Fedenow is replacing the time it takes for money to clear through ACH. Supposedly the Fednow system will clear money instantly. There will be a cost for banks to use Fednow just like any other payment service. It’s unclear if banks will pass on the cost to use Fednow to the customer but most likely they will.
$500,000 will be the default transfer amount and $100,000 will be the limit for a financial institution to transfer. Fedenow is going to be used domestically and not for anything internationally.
The Fednow has two main uses. These usages are basically for account to account transfers but the funny thing is we already use apps like Zelle, Cashapp and Venmo.
The other usage is basically having the ability to pay a bill right when its due and receive immediate confirmation that a payment is accepted.
The question is. is Fednow going to effect us in any negative way? Probably not right out the gate but I think in the next few months or even years this “new” payment process will make it much easier for the government to track what Americans do with their money because the U.S. Treasury is on board to use this app. What concerns me about this app is not the app its self but the way it’s probably going to be used with the CBDC. If you don’t know the CBDC is its the Central Banks Digital Currency. From what I can tell in the near future this will replace the dollar.
Everything is going digital and the fact that the world is moving away from using our dollars as reserve currency. Makes it even more obvious that this currency is going to come into play in a major way.
With this new digital currency the Government will be able to track where our dollars are spent. They will control how much we spend and when we can spend this “digital money”.
Soon it will be a situation where we will be watched very closely by big brother and it won’t be a good thing. Anyway if you want to find out more about CBDC check it out here.
If you want to learn how to build business credit the right way check out the Wealthbuilderzsystem.com
It’s The Wealthbuilder himself DeVaughn Put in Work Burke signing off for Fednow What is it and how will it effect you.
Until next time Wealthbuilderz
Make more save more build more.
Peace!!