Bank just notified stopping all electronic transfers 3rdcweek July... what have you heard? CBDC or QFS?
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I hate to break it to you but the local credit union is probably not the upstanding, independent entity you imagine it to be...
They'll all move to Fednow eventually, absent something occurring that ends Fed money as we know it. You don't escape the Fed by moving from one Fed bank to another...
What makes you think I imagine it's great?
They are better than the big globalhomo banks. They loan money locally for house and car loans for its members not yoloing into derivatives and swaps. They are also owned by their members 100% or at least mine is.
I can actually go to their board meetings and call them out if I need to. I don't think you can do that with JP morgan.
That you recommended OP move their fed bucks to a credit union, as if that somehow addressed their concerns about FedNow?
Yes. Even if it's a shitty system it will be less shitty in a credit union.
People still need banking services to pay bills and such.
I put all my extra money into real money and into my safe.
I wasn't willing to stash all of my fiat cash under my mattress so a Credit union was the best thing I could think of that still let me interact with the real world. I bought silver and gold long ago and I'm unwilling to part with it in barter until it's real value is realized. That being the case, I need some of that fiat currency and I gotta keep it somewhere.
Something to consider... Credit union deposits are not guaranteed by the FDIC, so the Fed has a little less control over them than a bank who's deposits are guaranteed by FDIC. Credit union deposits are guaranteed by the NCUA, which is still a government agency, but it is not the under direct control of the Federal Reserve. That could give us a little bit of time to get our money out if needed. It's not guarantee, but it's the best option that I saw.