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FedNow Is Live

federalreserve.gov

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Re: FedNow Is Live

#571

Post by lmm »

ZoomerCretin wrote: post #543
phpisthebest wrote: post #533

Earlier quoted context omitted.

[flagged]

https://www.motherjones.com/politics/2023/02/kiwi-farms-die-... https://fortune.com/2022/09/05/kiwi-farms-so-bad-cloudflare-... It is anything but false. They bragged about their kill count. Do you have any source for your claim?

The "immediate threat to human life" was not identified specifically; the only post meeting that description was taken down by moderators in less than an hour (which compares favourably with many social media sites' response times to similar incidents) and was from a new account that hadn't posted anything else, so hardly representative of the site's culture.

While I don't know the specifics behind your other link, like most articles about it it's using second- and third-hand claims; given there was an orchestrated smear campaign against the site, I'm sceptical. It was certainly convenient that Kiwi Farms was removed from the Internet Archive just as articles like this were being published, making it impossible to verify or disprove any of their allegations. If you're worrying about sources (which you are absolutely right to!), I'd start there; do the posts that article is talking about actually exist?

Re: FedNow Is Live

#572

Post by yieldcrv »

mlsu wrote: post #419
lisper wrote: post #15

Earlier quoted context omitted.

> Is this akin to government-backed Venmo, or something? Yes, exactly. But you have to keep in mind that this is a two-edged sword. On the one hand, it's going to be convenient and probably secure. On the other hand, it's going to let the government see every transaction you make, which for some people will be a very high price to pay.

Put the flag of North Korea into the notes of a venmo transaction. You will very quickly find out the extent to which the government knows what you are doing with your money.

Thats actually a private corporation having an excessively skittish interpretation of federal regulations.

The government would still need to go out of their way to know about that transaction. And the liability would only come after you or the organization got in trouble for something else.

Re: FedNow Is Live

#573

Post by yieldcrv »

booleandilemma wrote: post #494
imilk wrote: post #449

Earlier quoted context omitted.

That's just not true and conspiracy nonsense.

Maybe not that specific example, but it's very true generally. You can get your account blocked for specific words in your Venmo payments: https://www.inc.com/tess-townsend/venmo-reportedly-blocking-... https://angelinatravels.boardingarea.com/2017/05/04/careful-... I tested one of these and had to send Venmo customer support an email explaining I was not a terrorist.

which once again has nothing to do with the government and everything to do with Venmo incorporated (Paypal Inc.) choosing to operate that way out of fear of the government

Re: FedNow Is Live

#574

Post by phpisthebest »

ZoomerCretin wrote: post #543
phpisthebest wrote: post #533

Earlier quoted context omitted.

[flagged]

https://www.motherjones.com/politics/2023/02/kiwi-farms-die-... https://fortune.com/2022/09/05/kiwi-farms-so-bad-cloudflare-... It is anything but false. They bragged about their kill count. Do you have any source for your claim?

[flagged]

Re: FedNow Is Live

#575

Post by cj »

grepfru_it wrote: post #570
cj wrote: post #555

Earlier quoted context omitted.

I can think of 0 occasions where I’ve given anyone my bank account info who isn’t a commercial organization (employer, electric company, etc). I had no idea it was the opposite in the UK. Edit: with the exception of writing physical checks, of course. I use those when the receiver doesn’t accept Venmo or Apple Pay.

I am currently disputing an international payment and wire transfer (or walking/driving my happy ass to their office and paying cash) is the only method allowed by the lawyer representing me. That's at least one occasion you are not accounting for (a foreign entity that needs the equivalent of cash to proceed)

Right, but it’s likely a law firm you’re wiring to, not an individual.

The GP was saying they use wire transfers between friends day-to-day which isn’t the case in the US.

Re: FedNow Is Live

#576

Post by patmorgan23 »

dheera wrote: post #472
NavinF wrote: post #453

Earlier quoted context omitted.

"retail investors" normally refers to individuals at home and T+2 doesn't affect them because they have margin accounts. The only limitation is that if you day trade, you'll need $25k in your margin account. If you don't day trade or you have $25k, you can withdraw $0.01 a few milliseconds after selling $0.01 in shares

Personally I use the word "retail" to refer to restaurants, stores, malls, and other soulless things that occupy commercial real estate. I use "customers" to refer to souls that occupy residential real estate.

They retail investors, just like the people who patronize all of those businesses are retail customers.

Re: FedNow Is Live

#577

Post by paradaux »

oorza wrote: post #548
LadyCailin wrote: post #537

Earlier quoted context omitted.

Credit card fees that aren’t passed through to you are a bit tragedy of the commons. Probably good for them to go away. It’s fine if you choose to pay them, and it’s still worth it to you, but otherwise you’re forcing everyone around you to subsidize your credit card rewards. That’s not fair.

Alternatively, everyone not taking advantage of the credit card protections isn't taking advantage of what's offered around them. Everyone should be subsidizing everyone else, because no one should be using a debit card to make direct consumer purchases in 2023. It's too fraught with risk comparatively, and even the scummiest of the sub-prime credit cards give you a grace period to not accrue interest.

No one? That's a rather brash statement to make. Here in Ireland I can count on zero hands how many people use credit cards on a day to day basis. Debit cards are the norm in much of the EU I would assume.

Re: FedNow Is Live

#578

Post by grecy »

zerocrates wrote: post #317
earthboundkid wrote: post #221

Earlier quoted context omitted.

When I lived in Japan twenty years ago, everybody just wired money electronically and checks were long obsolete. In the US, I write checks every week or so. They also had a system where you would put your checkbook into the teller machine and it would print your credits and debits into the book for you. It was very convenient. On the downside, the ATMs were turned off (!) during national holidays, so you had to get c…

Surprised you're writing checks every week: I haven't written a check in years. ACH transfers, sure, but not physical checks. I do still receive them occasionally, almost always as printed checks from companies.

I’m 41 , I’ve never written a cheque in my life, and have received less than 10 in my life.

Australia/Canada have been doing free bank transfers since before I was old enough to know

Re: FedNow Is Live

#579

Post by xyst »

V / MC / AXP / DFS should be scared.

So easy to undercut the vast network of middlemen involved with using credit cards and debit cards.

Re: FedNow Is Live

#580

Post by supertrope »

88913527 wrote: post #441
HoyaSaxa wrote: post #314

Earlier quoted context omitted.

TLDR: Nearly all payments will irrefutably settle within a handful of seconds Strictly speaking the primary means in which money moves in the United States from a volume perspective is ACH today. That system is a T+1 day from a default perspective, but it has offered the option to same-day settle during a handful of batches throughout a business day. However, ACH is not irrefutable and so it is common to have holds a…

Couldn't having payments settle so quickly result in increased risk of overall system instability? I don't have a specific example, but I'm thinking of things like bank run panics. I'm sure this sort of thing would have been considered, however.

Faster settlement can also have stabilizing effects. With less money in transit there's less counter-party risk. Annoying rules like having to wait 10 bank days to spend money from a larger check you deposited can go away. The whole point of a checking account is liquidity.
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