2nd Quarter 2023 Contents:
Case #1 – FedNow … but maybe not now. FedNow is the new payments system from the Federal Reserve. The promotional information from Fed give us hope that this will be a great system. But our contacts tell us this new system is 80% over budget and still considered “buggy” by Fed’s internal auditors. We don’t recommend early adoption.
Case #2 – Don’t let them take the money and run. Drawdown wires (aka debit wires) were all the rage 25 years ago. The rage stopped when lots of banks lost lots of money. Do you care to guess what’s all the rage again? We don’t recommend caution here; instead, we recommend total avoidance.