Federal Reserve Board Announces Plan for Instant Cash

Federal Reserve Building in Washington DC

The Federal Reserve Board is developing an immediate payment system to allow people to pay bills before their paychecks clear. The system called "Fed-Now" will permit banks to provide real-time payments to customers without having to sign up to reap the benefits. The Federal Reserve says the system will give people better access to managing their own money. Fed-Now is expected to be available to banks in 2023 or 2024.

Photo: Getty Images

The Joe Pags Show

The Joe Pags Show

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