The financial landscape is undergoing a seismic shift with the introduction of the Federal Reserve's new instant payment service, FedNow. Launched on July 20, 2023, FedNow has been touted as a game-changer in the U.S. payment system. However, its arrival has also sparked concerns among consumers who fear the implications of a government-controlled payment system and the potential erosion of their financial autonomy. The deployment is shrouded in secrecy. In fact, you could already be in it. Are you?
The origins of FedNow date back to 2018, when the Federal Reserve first surveyed for opinions on a rapid payment system. In August 2019, the Fed officially announced the system, with a projected availability in 2023-24. Now, it's July 2023, and FedNow is here. If you know about FedNow, I'm pretty sure you understand what this might mean for your financial future.
There is a proactive way to protect your wealth. To start, I'll tell you a little secret: you might already be enrolled into FedNow without your knowledge or consent. Read on to find out your bank's adoption date and how to discover if you're already in FedNow.
Many financial institutions have already adopted FedNow, including prominent banks such as JPMorgan Chase and Wells Fargo, and even a list of smaller regional banks & credit unions.
However, the transition has been stealthy. An official document from the Federal Reserve lists 54 institutions and service providers that have directly adopted FedNow. But most banks don't announce this to their customers.
Cryptic announcements from regional banks, dated between July 24 – 26, 2023 from the documents we've found, are hiding something. Did you get a letter or notice from your bank about changes to your policy, with verbiage like this?
Some of these seem innocuous. But upon looking deeper into banks' policies and contracts, the changes mention one of the Fed's "Service Providers Supporting Payment Processing for Financial Institutions."
Remember that document above? Look deep into your bank's contracts for a mention of one of those names. This is your bank's way of cleverly hiding its relationship with FedNow.
Even if your bank or credit union is not among the 37 institutions named in this official document, it CAN still be a FedNow participating bank right now.
FedNow was first launched on July 20, 2023. However, banks are gradually adopting it, and you can find your bank’s launch date by looking at recent letters & notifications, and tracing them to your bank or credit union’s contract.
Understandably, the alarm's been sounded. Many of my friends and colleagues are scared and concerned about FedNow, a precursor to a future of CBDC (Central Bank Digital Currency) – where the government could be watching what you spend and where. If you're like any of those people, now's the time to think about where to put your money.
At GoldAndSilverApp.com, we understand these concerns. As a brand of the only authorized distributor of the Texas-based private mint and refinery Sovereign Mint Exchange, we are committed to helping you make informed decisions about your wealth. In light of the gradual FedNow launch, we believe it's more important than ever to consider diversifying your portfolio with precious metals.
Precious metals like gold and silver have long been recognized as a safe haven in times of economic uncertainty. Unlike fiat currencies, which are subject to inflation and the whims of government policy, precious metals retain their value over time, and they've never gone to zero over thousands of years. They offer a tangible, secure asset to buffer you against economic downturns and financial instability.
As we navigate the new financial landscape ushered in by FedNow, it's crucial to consider all your options. While participation in FedNow is voluntary, the Federal Reserve is actively working to onboard additional institutions throughout the year. This means that even if your bank isn't currently on the list of early adopters, it may well be within the coming weeks.
Next time you open your bank's mobile app, or get a letter about "policy changes", pay close attention, and do some digging.
In the face of these changes, we recommend taking proactive steps to safeguard your wealth. This includes diversifying your portfolio with precious metals, keeping a close eye on your bank's actions, and staying informed about developments in the financial sector.
At GoldAndSilverApp.com, we provide real-time price checks for precious metals and offer our personal experience on how to buy gold and silver. Our goal is to empower you to make informed decisions about where to put your money in advance of economic recessions and depressions.
In our next article, we'll delve deeper into the concept of building your own central bank and how to balance the risks of FedNow using precious metals. We'll explore strategies for maintaining financial independence and securing your wealth in an increasingly uncertain economic landscape.
Remember, knowledge is power. By staying informed and taking proactive steps to protect your wealth, you can navigate the FedNow era, and soon, the CBDC era, with confidence and peace of mind.