A video claims the FedNow Service will charge Americans hefty fees to use what it falsely describes as a new “monetary system.” But FedNow is an instant payment service, which would charge the fees to the financial institutions choosing to sign up.
Americans. A new claim on Facebook alleges the service will be extremely costly for consumers.
"Are you aware of what this is going to cost you? Because you have to pay to use the monetary system, the new one that’s coming around," said a man in an April 22"Are you ready for this — to pay 45 cents for every transaction you do? A dollar for liquid management transfers? Twenty five dollars per month, per account?" he continued."Are you ready for this, guys? I don’t think you are, but you should get ready.
A caption on the video warns that people could lose their financial sovereignty and includes the hashtags #CBDC and #FedNow. But the video misleads viewers about what the FedNow Service is, and who would pay the fees described on the website. The caption confuses the program with a potential central bank digital currency.
The FedNow Service is not a new monetary system, as the video claims. It’s a new instant payment infrastructure developed by the Federal Reserve that is launching in July. It allows financial institutions such as banks and credit unions to provide instant payment services to their customers, according to a
United States Latest News, United States Headlines
Similar News:You can also read news stories similar to this one that we have collected from other news sources.
PolitiFact - NASA astronaut dropped the ball, but video shows only part of the storyAn edited video shared on social media shows a NASA astronaut dropping a plastic globe, which appeared to fall to the ground. But it’s not evidence of a space conspiracy theory; the full video shows the globe floating back up seconds later.
Read more »
PolitiFact - Video no muestra ‘huevos artificiales’ para el consumo alimenticio, estos son juguetesEn Español: Un video en Facebook alega que hay huevos artificiales para el consumo alimenticio, creado en China. En realidad, estos son juguetes.
Read more »
PolitiFact - Pfizer’s $2.3 billion settlement was not related to COVID-19 vaccinesPfizer paid a $2.3 billion health care fraud settlement, but it was in 2009 and for an anti-inflammatory drug called Bextra. It was more than a decade before the COVID-19 pandemic.
Read more »
PolitiFact - Fact-checking 2024 presidential candidates, who’s runningHere are the people who have officially declared themselves to be candidates or announced an exploratory committee for the 2024 presidential race, and a look at how some of their claims have fared on our Truth-O-Meter.
Read more »
PolitiFact - Could President Biden use the 14th Amendment to head off a debt default?How could a clause in the 14th Amendment shape the battle over the debt limit? The White House is considering invoking the amendment to end the standoff, but courts have rarely ruled on the provision in question.
Read more »
PolitiFact - House Republicans’ findings about the Biden family’s foreign business practices, explainedNewly released bank records show that Biden family members received more than $10 million from foreign companies during and after President Joe Biden’s vice presidency. They didn’t prove that Hunter Biden or other Biden family members violated the law.
Read more »