@financialeducator_rob: FedNow is here and currently 35 banks and credit unions use it. With the new systems now you can skip the long transaction delay and receive instant payments. Refunds are also going to be instant payments Instead of the usual 7-10 business day delay. However, there are some powerfull cons that need to be taken un consideration. 1- If you are the victim of fraud, because of the instant transactions and no delay for money to clear, you cant reverse any transaction. Meaning, you lose the money 2- Bankruns are also going to be easy. You don't need to go to the bank, instead you can take your money out at anytime and any day. Potentially collapsing a bank in Seconds. It's going to take a few years before the system is running everywhere and In full. #fednow #banks #moneytoks #payments #refund #bank

Roberto | Finance & Money Tips

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Sunday 23 July 2023 23:18:34 GMT