I am so glad there's now an option for transferring money that isn't trying to extract as much value as possible from the process. I'll have to use it before I start throwing around the word...
I am so glad there's now an option for transferring money that isn't trying to extract as much value as possible from the process. I'll have to use it before I start throwing around the word "gamechanger", but replacing the wire transfer with something that doesn't require actual paperwork is great all on its own.
Beyond that, the fact that this system allows for instantaneous acceptance of the transfer is huge. Having same-day transfers rather than having to wait 2-7 business days for the money to hit your account is most excellent.
This looks to be similar to the Pix payment system created by the Central Bank of Brazil. The introduction of easy, instant, free bank transfers turned the country upside down. Because you only...
This looks to be similar to the Pix payment system created by the Central Bank of Brazil. The introduction of easy, instant, free bank transfers turned the country upside down. Because you only need a phone number or a personal document number, the system is widely adopted for both large and small informal transactions. You can buy a beer on the beach from a street vendor and they'll take Pix payment over cards. It's a consensus that the system is a success across the board.
On the other hand, its also been abused by criminals with express kidnaps where the victim is forced to empty their bank accounts, extremely dedicated and organized crime that focus on stealing unlocked phones or circumventing security measures from banking apps. Because of that, some guardrails were introduced such as max daily limits and reduced limits at night time.
Probably better than many existing large, slow money transfers, but it's still back-end plumbing. Arranging things so that sending money is easy but scammers don't defraud people is in part a user...
Probably better than many existing large, slow money transfers, but it's still back-end plumbing. Arranging things so that sending money is easy but scammers don't defraud people is in part a user experience problem.
I use Zelle very occasionally to send money to my wife and that's it. Doing payments for Internet stores or bills or casual acquaintances are different. For stores, credit cards have a lot of consumer protection.
oh yeah I'm definitely still using credit cards for protection and those sweet sweet travel points haha, but maybe thill will help whip paypal back into shape, i've been hearing a lot of things...
oh yeah I'm definitely still using credit cards for protection and those sweet sweet travel points haha, but maybe thill will help whip paypal back into shape, i've been hearing a lot of things about them
Based on reading the FAQ, I suspect that Zelle will continue to be called Zelle and act basically the same, but your bank will start adverbragging™ about their new lighting-fast processing with a...
Based on reading the FAQ, I suspect that Zelle will continue to be called Zelle and act basically the same, but your bank will start adverbragging™ about their new lighting-fast processing with a small-print nod to the fact that the fed is backing out and basically doing all the work to speed it up.
Looks to be just an updated replacement (ish) for ACH, which makes many current bank-to-bank transfers possible, but faster. Service at the speed of websites instead of faxes. Welcome to the 90's, everyone!
I refuse to use Venmo and last used paypal a decade ago and even then only because it was a business account. I have used Zelle many times for many various reasons since it’s through my bank, but...
I refuse to use Venmo and last used paypal a decade ago and even then only because it was a business account. I have used Zelle many times for many various reasons since it’s through my bank, but never for a commercial transaction. For business purposes I have credit cards and don’t care how long it takes them to receive the funds.
Wow, I never realized Americans didn’t have something like this already. I always wondered why Venmo and similar were so popular, it all makes sense now. We’ve had peer to peer electronic money...
Wow, I never realized Americans didn’t have something like this already.
I always wondered why Venmo and similar were so popular, it all makes sense now. We’ve had peer to peer electronic money transfers in Canada since I’ve had a bank account. In the past there’s been a small fee (~$1) associated with it from your banking provider but I think it’s bundled at most banks now.
Funnily enough, one of Greece's far-left parties has a similar suggestion. It's not quite the same, but the "juxtaposition" is quite interesting. I'm curious to see how FedNow's adoption will go...
Funnily enough, one of Greece's far-left parties has a similar suggestion. It's not quite the same, but the "juxtaposition" is quite interesting. I'm curious to see how FedNow's adoption will go and what it will affect, just like the rest of the commenters said. For better or worse, the Dimitra system will probably not be implemented in any foreseeable future, considering MeRA25's votes are decreasing a lot.
I mean, it isn't a thing? It's the US federal government, they weren't going to consider bitcoin anyway, but I don't think bitcoin (or any cryptocurrency) has really achieved mass adoption as a...
I mean, it isn't a thing?
It's the US federal government, they weren't going to consider bitcoin anyway, but I don't think bitcoin (or any cryptocurrency) has really achieved mass adoption as a currency to any degree in the US.
Yes, bitcoin advertises similar features, but for various reasons most people still don't use it since the 14 years it's been around, so solutions to move around dollars electronically are still relevant.
I would be interested if you could come up with a specific hypothetical way that this could suck so that we could debate that, as opposed to general cynicism that it won't work. The government...
I would be interested if you could come up with a specific hypothetical way that this could suck so that we could debate that, as opposed to general cynicism that it won't work. The government operates a number of things that don't suck, so it's not always the case. Do you have specific concerns?
It might, but it sounds like a good move in the right direction. While I've lived in the US almost my whole life, I spent a year in Singapore that was really refreshing to see good, functional...
It might, but it sounds like a good move in the right direction. While I've lived in the US almost my whole life, I spent a year in Singapore that was really refreshing to see good, functional services from the government. I understand it's difficult to compare the two situations, but it made me want that.
I feel like something like this with existing options (i.e. Zelle) give the government a "trial" run at providing a service and improve on it which gives me optimism and hope that we can do more of this.
I am so glad there's now an option for transferring money that isn't trying to extract as much value as possible from the process. I'll have to use it before I start throwing around the word "gamechanger", but replacing the wire transfer with something that doesn't require actual paperwork is great all on its own.
Beyond that, the fact that this system allows for instantaneous acceptance of the transfer is huge. Having same-day transfers rather than having to wait 2-7 business days for the money to hit your account is most excellent.
This looks to be similar to the Pix payment system created by the Central Bank of Brazil. The introduction of easy, instant, free bank transfers turned the country upside down. Because you only need a phone number or a personal document number, the system is widely adopted for both large and small informal transactions. You can buy a beer on the beach from a street vendor and they'll take Pix payment over cards. It's a consensus that the system is a success across the board.
On the other hand, its also been abused by criminals with express kidnaps where the victim is forced to empty their bank accounts, extremely dedicated and organized crime that focus on stealing unlocked phones or circumventing security measures from banking apps. Because of that, some guardrails were introduced such as max daily limits and reduced limits at night time.
Edit: a quick Google shows that FedNow is actually inspired by Pix, so that makes a lot of sense: https://www.bloomberglinea.com/english/inspired-by-brazils-pix-federal-reserve-reportedly-plans-similar-payments-model/
I'm wondering what this means for a service like Zelle, and if things like Paypal/Venmo will be forced to start coming down in price.
Probably better than many existing large, slow money transfers, but it's still back-end plumbing. Arranging things so that sending money is easy but scammers don't defraud people is in part a user experience problem.
I use Zelle very occasionally to send money to my wife and that's it. Doing payments for Internet stores or bills or casual acquaintances are different. For stores, credit cards have a lot of consumer protection.
Zelle has no consumer protection. Treat like cash. Only send to trusted parties.
oh yeah I'm definitely still using credit cards for protection and those sweet sweet travel points haha, but maybe thill will help whip paypal back into shape, i've been hearing a lot of things about them
Based on reading the FAQ, I suspect that Zelle will continue to be called Zelle and act basically the same, but your bank will start adverbragging™ about their new lighting-fast processing with a small-print nod to the fact that the fed is backing out and basically doing all the work to speed it up.
Looks to be just an updated replacement (ish) for ACH, which makes many current bank-to-bank transfers possible, but faster. Service at the speed of websites instead of faxes. Welcome to the 90's, everyone!
This is correct. I work in the industry and closely with those services.
Exciting that FedNow is finally out there and getting some visibility!
I refuse to use Venmo and last used paypal a decade ago and even then only because it was a business account. I have used Zelle many times for many various reasons since it’s through my bank, but never for a commercial transaction. For business purposes I have credit cards and don’t care how long it takes them to receive the funds.
Wow, I never realized Americans didn’t have something like this already.
I always wondered why Venmo and similar were so popular, it all makes sense now. We’ve had peer to peer electronic money transfers in Canada since I’ve had a bank account. In the past there’s been a small fee (~$1) associated with it from your banking provider but I think it’s bundled at most banks now.
Funnily enough, one of Greece's far-left parties has a similar suggestion. It's not quite the same, but the "juxtaposition" is quite interesting. I'm curious to see how FedNow's adoption will go and what it will affect, just like the rest of the commenters said. For better or worse, the Dimitra system will probably not be implemented in any foreseeable future, considering MeRA25's votes are decreasing a lot.
Are we just pretending Bitcoin isn't a thing?
I mean, it isn't a thing?
It's the US federal government, they weren't going to consider bitcoin anyway, but I don't think bitcoin (or any cryptocurrency) has really achieved mass adoption as a currency to any degree in the US.
Yes, bitcoin advertises similar features, but for various reasons most people still don't use it since the 14 years it's been around, so solutions to move around dollars electronically are still relevant.
Man this sounds like a good thing I guess, but somehow it's gonna suck. It always does when the government controls something entirely
I would be interested if you could come up with a specific hypothetical way that this could suck so that we could debate that, as opposed to general cynicism that it won't work. The government operates a number of things that don't suck, so it's not always the case. Do you have specific concerns?
It might, but it sounds like a good move in the right direction. While I've lived in the US almost my whole life, I spent a year in Singapore that was really refreshing to see good, functional services from the government. I understand it's difficult to compare the two situations, but it made me want that.
I feel like something like this with existing options (i.e. Zelle) give the government a "trial" run at providing a service and improve on it which gives me optimism and hope that we can do more of this.