A roundup of some of the most popular but completely untrue stories and visuals of the week. None of these are legit, even though they were shared widely on social media. The Associated Press checked them out. Here are the facts:
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Claim: The Federal Reserve is launching a digital currency app, FedNow, that will eliminate physical cash.
The facts: FedNow is a service that allows banks and credit unions to transfer funds more quickly. It’s not a form of currency, nor is it a move toward eliminating cash, the Board of Governors of the Federal Reserve System stated.
FedNow has been in the works since 2019 and will launch in July 2023. In recent days, social media users have misrepresented the service, claiming it is a step toward “getting rid of physical money and having digital currency.”
In response to the misinformation and confusion, the Federal Reserve reiterated on Twitter that FedNow is not a form of currency. Instead, it is a payments service that will be available to banks and credit unions, enabling them to speed up the processing of checks and electronic payments. This will mean people can access their paychecks and transfer money to other accounts instantly, any time of the day or week.
Currently, these processes can take up to three days to clear and are often delayed on holidays and weekends.
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