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Comment Re:Wasn't FedNow supposed to fix this? (Score 2) 87

Is Wells Fargo even part of FedNow?

Yes it is, but the other banks involved in sending payments also need to be FedNow participating institutions in order for it to be used as a funds transfer method. At the moment there aren't very many participating institutions, but that should change as more and more people and businesses start demanding it.

Comment Re: Why don't most folks use a local credit union? (Score 4, Informative) 87

Most credit unions don't have their own SWIFT code, so an intermediary bank is required to process wire transfers.

I'm not sure if your Boulder-based credit union is Elevations, but they were a pain to deal with when withdrawing money out of state. They also gave me an attitude when I closed my account. Hope that answers your question.

Comment Watch out (Score 3, Interesting) 36

This appears to be all about having control over your identity and your finances. Unlike passwords, you can't change your retinas at will. Hypothetical scenario: you do or say something the WorldCoin folks don't like (or a hacker gains access to your account and does something similar using your credentials). Your authorization to use and transfer your own money is revoked by the system. What recourse will there be?

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