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Scary news might make people click on your videos, but it also makes them lose their financial savvy.
Key Point
- FedNow is a new service that allows you to instantly move money from one bank account to another.
- Rumors and conspiracy theories about TikTok may sell ads, but they are dead wrong.
- FedNow will benefit us all, according to people familiar with the matter.
Do you know what’s for sale? fear and blood. News One of the first terms I learned of him early in his career was, “If it bleeds, it will lead.” In other words, we remove all happy “dog saves boy from well” stories if they have a particularly horrific incident to cover.
Nothing has changed since the dawn of the printing press (just kidding, I actually started printing shortly after the printing press was invented). There are always people trying to scare you into clicking a story or watching a TikTok video. The more ad sales you make, the more you earn.
It’s a vicious circle.
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their version of the truth is scary
The latest example of this is a TikTok video sent by a friend. It features 3 fascinating 20 (or 30)-somethings talking about how FedNow (the new Federal Reserve System due to start next year) will change life as we know it It was said.
A very serious young woman spreading horrific news goes on to say that FedNow is a way for the federal government to know how to spend your money. If you spend the money, the government claims it will cut off access to the funds.
The men sitting to her right seem a little indifferent at first, but as her passion grows so does their interest. Here are some of the things they tell their viewers.
- FedNow is “cutting out the middleman” and discontinuing payment apps like CashNow, PayPal and Venmo.
- The service will do away with cash and force Americans to use new digital currencies.
- FedNow makes it impossible for people to access money unless they use the app in line with government plans.
- The service tracks and monitors how Americans spend their money.
- FedNow will be the government’s own digital currency.
None are correct — not even close
Again, trauma sells. The more TikTok creators scare people, the more they ask them for advice. Because they are preferable to the alternative of deliberately taking advantage of people by spreading false information.
truth matters
In response to each piece of somewhat hysterical (but poorly researched) information, here’s what the new FedNow service means to you.
- Apps like CashNow, PayPal, and Venmo aren’t going anywhere. As President and COO of OneUnited, America’s largest black-owned bank, Teri Williams provides the answer. “The first thing they need to know is that CashNow, PayPal, and other apps aren’t going anywhere. It will be a win-win.”
- FedNow is not a digital currency and there is no cash outflow. The FedNow service is just a way for the Federal Reserve to update how fast money can be transferred from one bank to another. I used to write checks. The person or company that wrote these checks had to wait two days or more for the check to pass through the postal system, access the recipient’s bank account, and clear the check. It can even take days for more modern ACH payments to clear. With FedNow, you can make payments, open accounts, and get liquidated instantly.
- The FedNow service is not an app. According to Williams, “It’s not an app. It’s not a digital currency. It’s a way to quickly transfer money between bank accounts.”
- FedNow is not how the government tracks your spending. If governments are interested in tracking you, they’ve had the means to do so for decades. is very important, whether it’s Venmo, CashApp, or something else, it leaves an electronic footprint.”
Conclusion
One thing humans avoid like the plague is change. Change is unpredictable and scary. Even good changes. According to banks that have signed on to the FedNow service, this change is good for all of us. Business owners no longer have to wait for payments to be completed. Homeowners can pay their electricity bills and know their accounts are up to date in no time. It’s all about making it easier for the Federal Reserve to move into his 21st century and do business as usual for all of us.
There are two morals to this story. The FedNow service is an example of how the Federal Reserve strives to keep up with the times by offering instant service. Another moral of the story? To love all things good, don’t get your news from random people on TikTok.
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