Re:Pass the Payment Choice Act
by toomuchtodo on Sunday September 06, 2020 @01:38PM
(#24393079)
The Fed’s Instant Payment network is due to be live in 2023 or 2024 (with supposedly minimal costs compared to credit transactions). It would behoove the EFF to lean on the Fed to roll that out alongside this legislation ("here's the problem, here's the solution").
Getting the unbanked and underbanked is a similar policy issue: support the post office operating as a bank with reasonable fees, as is done in other countries. What’s it cost to maintain deposit accounts at scale for Americans unbanked? Roughly $5MM-$10MM a year in administration expenses. This is a rounding error in the federal budget.
Getting the unbanked and underbanked is a similar policy issue: support the post office operating as a bank with reasonable fees, as is done in other countries. What’s it cost to maintain deposit accounts at scale for Americans unbanked? Roughly $5MM-$10MM a year in administration expenses. This is a rounding error in the federal budget.