Video Transcription

Yo, what’s up everybody? It’s Justin Live from B2B Vault, the Payment Technology Podcast sponsored by Nationwide Payment Systems, hosted by this guy, the Cy Young, a payment processing himself. Allen Kopelman, and we’ll be providing you educational information about FinTech payment processing, small business and the technology businesses are using in the world today.

And in today’s podcast, we’re gonna be talking about the the, it’s like the monster in the news. The Godzilla of social media fed now. Oh my God, it’s so scary. What’s gonna happen? Are they coming for us? The feds are gonna take your cash, bro. Lightning is coming out of Thor’s backside. I don’t know.

What’s hell? What? It’s so stupid. There’s videos like everywhere on TikTok, fed Now. Fed, now Fed Now. These people don’t even know what they’re talking about. Yeah, We’ve been talking about it for a couple months now. I don’t wanna say I don’t ever feel like I’m like on some insider news thing, but Right.

But just because we’ve been, I’m paying attention to what’s related to FinTech, financial technology I get those alerts, the algorithms are showing me stuff because I’m clicking on it. You know what I mean? So my newsfeed is pretty much. FinTech. FinTech. FinTech, right? So I, I get alerts, I know what’s going on, right?

We live and breathe for FinTech. Yes, we do get a ton of quality content, otherwise we ain’t got it for you. So yeah, man, the whole Fed Now thing, we just been getting punched in the face with for at least two months. People don’t understand what it is. That’s part of the problem. I don’t understand what is fat now.

Yeah. And what is it and what is it all about? So that’s why we’re here, feel about it. That’s why we’re here. So let’s. Get to it and figure out what this Fed Now stuff is about. So one of the rumors is that all of a sudden some app is gonna mysteriously appear in your phone, and then everywhere you go, you’re gonna have to pay with Fed.

Now I’m hell, I’m actually the one supporting this rumor. I definitely been spreading that rumor. That it’s going to, I do think like you’re gonna wake up one morning and just like the, what’s the album? I’ve said this on the podcast, u2, the U2 album was on your phone. You didn’t install that right.

You didn’t download it, right? So it’s not like that technology isn’t out there. And especially when we’re coming talking about the government, right? Just like that morning we got the emergency alert at 3 36 in the morning. That sucked. That was not fun. No, there was like not happy.

There was 10. I had, there was a lot of people in my house that time, so that’s, and literally everyone’s phone was going off at the same time. So I thought that the world was ending. So they have the capability of with, no problem. There’s some, yeah, I guess so. I do believe we’ll wake up one morning if Fed now will be mysteriously inside of your phone, I got ma major problems with Fed Now what?

What it is, what it actually is. Fed Now we just did a podcast about how the government destroyed Bitcoin in, in one year. Crypto, not crypto, not Bitcoin, but crypto, they destroyed the crypto industry in one year. Fed now. What are they thinking? They’re just gonna wipe out all the banks, all the credit card companies, all the credit card processors, everything.

I think the public is smarter, smart enough to look at this if they know the facts. Yeah. This, because what you just said is like literally what I’ve been thinking in my head. That’s just insane. What they’re what that could what? What would be thrown in there? We don’t live in, I never even thought about the banks being a part of it, because I just.

Being in business so long I always it screw up everything, but No, I know. Just saying as far as the payment processing, cuz I always, if you’re using your bank to do your merchant services, then you’re tripping. But no, but let’s understand credit cards and how they work and what’s the, let’s just talk about credit.

So first of all, let’s understand let’s dive into this, and answer a few questions. Number one, what is Fed Now? Fed now is a way to move money from cash. My bank account, Fiat to Justin’s bank account using this Fed Now thing, which the rumored cost would be 15 cents per transaction.

Every merchant should sign up for it, blah, blah, blah. So now the flip side of that, all of a what? Where are you gonna, how are you gonna process this? How’s it. How’s there gonna be like a battery board? Is there gonna be able to be a charge back? How long does it take? Do you get your money? No, they, the merchant side, they said it’s instant, instantly moving.

That’s what they said. That’s the, that’s what, how the explanation is. So do you think like all these companies who process credit cards are just gonna go. Oh yeah, man. Let’s get on the Fed Now Bandwagon and let’s all install Fed Now and all the credit card machines and we mark it up a penny or two.

Don’t worry that we’re gonna lose billions of dollars of revenue, right? And MasterCard and Visa is gonna lose billions of dollars and all the banks are gonna lose billions and millions of dollars, right? How’s that gonna, it ain’t, it’s not gonna work because first of all, let’s understand the United States credit system, okay?

The credit system in the United States is either A, you have money in your bank account that you’re currently using, Zelle, PayPal Cash app. Apple pay, right? To take money from your bank account, and there’s probably a bunch of other smaller, lesser known apps. Take money from your bank account, send it to somebody else.

There’s even a new thing called from this company called Eew S. It’s part of the company who made Zelle, and they’re gonna have a new way for people to pay on the internet, taking your money outta your bank account, sending it to the merchant. Personally, I’m not doing that. Why? I can tell you my son has lost money like that.

Justin told the story on a previous podcast about his daughter sending $300 for sneakers through Cash App. Your money is not protected. The whole reason that people use credit cards is for a host a plethora of reasons. Why does the government not understand that they don’t care? Then the government doesn’t care.

They just go, oh, let’s just do this. It sounds good. That’s a terrible, but without way of thinking about, but without delving in and understanding how the business works, first of all, in the US everybody is on a credit system of unsecured credit. Right now, I just ask Camille social media marketer, she’s young, she’s 18, 19 years old.

She had to get her first credit card. She had to give them money. On deposit to get a credit card. That’s called secure credit. Yeah. When you use your debit card, which is taking money outta your bank account, that’s also called secure credit because that credit is only what you have in that bank account, right?

So you have secured credit and unsecured credit. There’s way more unsecured credit being used every day than secured credit in the us, outside of the us It’s the exact opposite. Which it should be like that in America. People you know, and also is like you compare to a country like Canada, they have seven banks or eight banks.

That’s it. In the United States we have thousands of banks, and then we have other hundreds and hundreds of third party. Neobanks. And we have other companies who also issue credit cards. So you have all these other credit card, tons and tons of different credit cards from tons of credit card issuers and tons of banks.

So there’s hundreds of, if not thousands of banks. Okay. So the system is not set up like that and the system is set up like, oh, these companies give you. Rewards. So cash back discounts miles points, whatever it is, that’s what you’re getting for using these credit cards. And at the end of the month, you either pay your bill or you’re paying interest, you pay part of your bill, and that’s how it works.

Unsecured credit, right? So the, the, that, that’s how it works in the United States. So why would a consumer want to use Zelle, PayPal Cash app we’ve already seen in Congress. Them going bananas on Zelle for thousands and thousands of people getting hit up with fake Zelle requests, fake PayPal, fake cash app requests.

And we talked about that, right? We talked about that on the podcast. Wells Fargo Bank got sued. Elizabeth Warren went after Wells Fargo. She went after the Bank of America, and then Zelle came back and the banks came back, said, Hey, there’s a difference between people being stupid and fraud, people and fraud and falling for a scam, right?

So there’s a whole difference in what scam is a scam, man. You people been falling for scams then? This, that’s what I don’t wanna say that the country’s founded on, but we’ve been getting scammed a lot and people, yeah, the scams are endless through email, through text message, sms.

It’s, the scams are endless through there. Now there’s a, there’s huge AI scam going on where they call your phone number. They record, they either get you to talk and they record your voice or they just get your voicemail and apparently that’s enough for them to put into an AI software. Now they can clone your voice, type in a bunch of stuff and make it sound like I’m calling Justin and saying, Hey Justin.

My car broke down on the side of the road, hooked me up, sent me 200 bucks by Zelle, and then Justin hears the message. He’s okay, bro, I’m gonna hit. Help you out. And he sends me 200 bucks. Meanwhile, he sent the money to some scam person, not me. Calls me on the phone, say, Hey man, that literally hap not happened to me, but one of my we’re my, my, my people, my friends, right?

From high school we’re still like in a group chat together. And there was this one guy, Orlando, and we had all knew that he was going through a little tough patch in life. But we didn’t know the extent of it. Anyway. One day we’re just getting, I just look at my phone and there’s just messages.

And it’s all from Orlando. It’s like frantic, that’s like kind of frantic, but in a sense, believable. So I, one of, one of the, everyone’s yo, should we, who should, who’s gonna send Obama some money? And then, Someone said, I got it. You know what I mean? Like I, I’m gonna send it to him now.

So it turned out to be a scam and it was totally a scam. Like somebody had, he lost his phone, they end up logging into his Facebook, was reconnected. The cash app to the, I’m just like, how can you get, people are smart, man. It’s nuts. So just be careful with the scams. Yeah. And also like they’re hitting up older people with these phone messages.

Because they could go copy my voice and make it sound like me. Call my mom, tell my mom something, oh, that my mom needs to do something. Hopefully, she fell for a few scams. I really worry about that too. I think so. There’s something that we all gotta just like a little standard, like a question of something that only that person would be able to answer or something like.

We, I’m sorry we even have to think like that, but like we’re in a state of Yeah, like you should have a code word with your parents like, oh, mom, pineapple message. Yeah. Pineapple. Okay. What’s the message? Yeah, that’s the swinger. Code word What? I don’t know. Nothing. No. That was just an old video that was going, okay.

Find that voice express. No. Anyway, man. Okay. No, but I’m just saying people should, people need to go do crazy stuff. Have, like I get stupid messages in my email. What day of the week was I born? Or something like that. I don’t, something that you gotta, something random that you’d be able to verify that you’re actually talking to that person.

Yeah, it’s messed up because PE even on 60 Minutes, they just showed something about it. It’s been going on to older people and it’s really bad. But yeah, I worry about that with my mom for sure, because my mom will fall for it. I know she will. So let’s talk about, the Fed now thinks, do we need this Fed Now?

We already have Zelle PayPal Cash app, the new thing, early Warning Systems with Apple Pay. You can u plus a whole bunch. Just probably another 2030. You’re free. You’re, yeah, there’s so many Venmo, blah, blah, blah. Why do we need that? Yeah. Venmo, right? Do we need Fed now? Why do we need Fed now?

Like what? What do we need this for? Oh, it’s gonna be cheaper. It’s better. Do we need to government watching what we’re doing, watching what we’re spending our money on? Yeah. Do we need them to decide oh, you’re getting gas right now? Oh no, you can only get 20 bucks, not 40 bucks. You need to go buy an electric car whether you can afford it or not.

You took a 15 minute shower. Yeah, it’s not good. And then, you combine fed now with this central digital currency, it’s already, banks are starting to check people like, oh, why are you taking 10 grand outta your bank account? Why are you getting five grand outta your bank account?

I tell ’em, you don’t pay enough interest here at my bank, at this bank, so I’m gonna go to another bank that pays more interest to put some of my money in. And people are doing that. They’re moving their money around. That’s about the only good thing that’s happened with this inflation is the, is interest rates are at, four or 5%, which is good.

I remember back in the eighties when you were getting 10, 15, 20% on your money, Interest rates on loans were through the roof. Like you went to go buy a house, you’re paying like 10% interest. Oh mortgage, it was insane. Asylum. Right now it’s what? Seven now? It’s pretty high.

It’s six, 7%. My house is financed at about 3%. You’re lucky. Yeah. It’s quite a few years ago, but it’s hurting people now. We don’t need to get rid of cash in the United States. The United States needs cash. There’s a lot of people who have cash. There’s a lot of businesses that function in cash tip.

A lot of tipping is done with cash. There are a lot of cash businesses that still exist. Okay? So you know and Fed now to me, Like when I first heard about it, I thought it was gonna be like a big business to business thing. Oh, I’m buying something for a hundred. That’s what it sounds like. No, but that’s what I thought it was.

No, literally. That’s what it sounded like to me too. So I thought it was like, oh yeah. And I was thinking about, yeah, how can I use this for some of my bigger customers? That sell like a 50 thou, $50,000 worth of concrete or who already connected with the government or something like that? No.

Like they’re doing business with big companies. No, I get it. So they’re, and now, like they don’t take, do ACH cuz it takes 2, 3, 4 days to do ACHs. Or they have to make the company send a wire. One of the things that happened with wires was, is during Covid they made it so you can just wire money from your computer.

And they just send you a text. With a code, you put it in, you can send out a wire. You didn’t have to go to the bank and sign three pieces of paper to send out a wire. Yeah. They still busted you over your head for that. For what? The charge, the fee for doing that. Sending a wire. Wires. Now they’re cheaper now cuz you don’t have to go using employee to do it.

I’m saying last year, 20 during covid you’re sending a wireless $36. Right now it’s cheaper cuz you do it from your computer. So you’re not paying. I’m saying like if I did it through my bank that’s personal. I’m talking about business. No, I’m, oh, business wires 36. Yeah, they were 35, 36 bucks.

International wires, 50 bucks. So yeah, fed Now sounds like a good solution for those kind of businesses. However, the problem exists with Fed now that they haven’t addressed is when you send the money, what’s, is there a dispute process? Who’s handling that dispute process? How is that gonna work? And if the government is responsible for that, I don’t see them doing a very good job.

And it’s a problem. And am I giving up my privacy for using Fed Now do I want to use Central digital currency? I. Just to, for my spending money, because now the government’s gonna track me. Listen, people don’t, there’s conspiracy people that say, go buy gold. Go buy silver. Go buy precious metals, even by crypto to protect yourself.

But, this whole thing to me smells like WeChat. People don’t understand it. WeChat, like in China, you want to go on the internet, you gotta get out your phone, scan the QR code on your screen, they verify that’s you accessing your computer. Okay. Which is crazy, although that ma, that kind of makes sense.

I wish that I had that like on my computer. That’s how it signed in, but I got facial. Yeah, me too. I have facial now, but I’m just saying So you gotta do that thing with the phone, right? Facial recognition, sir. But I’m saying you gotta do this thing with the phone. It opens up the door to your house, it open, locks the door to your house, lets you get in the elevator, push the floor you want to go to, if you wanna go to a different floor.

It records it knows whose apartment you went to. They know when you leave the building. They know when you left out of the complex. They know what you’re doing all the time. They know how long you were there, what days of the week, how often you go. They know that, oh, why did they, they could call you on the phone and go, Hey, Justin, there’s a food store.

Seven minutes from your house walking distance. Why did you walk 15 minutes to this other food store? Maybe you like the food there better, or maybe you wanted to see a friend over there. Maybe I like to support that group of people. But I’m just saying, I don’t know. But they know what that is. And then the other thing is like by using Fed Now and Central digital currency, which I don’t see the need for either one of these, is this the, they’re talking about this social credit score thing, right?

And social credit score. I’m not down with that. Oh, you want to give me a social credit score? Dude, the whole social credit score thing is, Disturbing. Yeah. To say the least. It’s overreach of, I don’t care because, I’m not for instance, the social credits thing is, for, I don’t know how true this is.

It’s true. I don’t know, we’re, I can’t pull the files or whatever. But, so apparently everyone out there that you guys been doing your pay for this one, Put this in a cart thing at Walmart, at the self checkout. You’ve been on camera surveillance camera this whole time. And even though they, like you, they, you try to take a PlayStation or a large ticket item, security was coming to get you.

They’re, a lot of times, you, they’re letting you slide with that pack of chicken or whatever it is that you’re trying to get away with. When this social credit thing hits America, which it will. And it is going to, it’s gonna come. And the thing I don’t like about it, all of y’all that’s been thinking, you’ve been getting away with something, you ain’t been getting away with Jack and it that, that you can Google because the company Walmart actually just sold all that data.

That’s crazy. But that’s what I don’t like is that you have the government trying to do stuff. But instead of them trying to do it because they can’t, because it’s a overreach of government powers, they’re enlisting private business to do this stuff. Do the dirty work, man, do the dirty work for them.

And this has become very evident in the last four or five years and in the last two years that a certain person in the White House has been there. It’s gotten very much worse. I agree. And. You, this is not good. The direction things are going in when it comes to how we handle money in the United States, because money is freedom, right?

You have the freedom to do whatever you want with your money, right? You can spend your money, you can buy whatever you want. Nobody’s stopping you from going to buy this or that. No one’s deciding oh, you used too much electricity last week. Oh, you forgot to turn off the electricity when you went to work.

So tonight you’re gonna be hot in your house or vice versa. You, for you left the heat on all day, now we’re gonna shut your heat off tonight. Because they want to have smart meters in your home. They want to have this fed. Now this is all basically an overreach of government. This is Homeland Security on steroids, man.

And this is an overreach of government. I don’t think anybody should go along with this. At all. So I’m against you. Hear it right here on B2B vault. Do not pay with Fed now. Say no to Fed Now, man. Say no to Fed. Now. Literally don’t even, don’t go there. Don’t go there. Not even if you’re a business, no matter how good it sounds, the end result is, the end result is gonna be the surveillance of American citizens, and I don’t like it.

And yeah, it’s just got me thinking of all kinds of little spooky little things, man. Like how they’ll be con, like for, yeah, dude. We just talked. It’s a scary situation to think about. No, we just talk about in one year they took down the crypto market. What are you gonna do? Fed down? All of a sudden you’re gonna take out all the credit card companies banks, credit unions, neobanks, investment firms, tech companies, investment companies.

No, they’re, what are they gonna do? They’re fed. Now. You’re not gonna be able to buy stocks anymore. What are they gonna say? Oh, you can’t buy stocks, you can’t have a 401k. How far is this gonna reach into everybody’s life? I say no to Fed now. Fed now is no good. Okay? They’re not even telling us what it’s gonna do.

How it’s gonna work. There’s this, they’re literally just saying that it’s gonna be the digital currency, it’s the payment system of the future. Yeah. But they’re combining it with the central digital currency, which I don’t believe that they could pull off that. I don’t believe the government has the wherewithal to just pull that off.

Although I see some banks being cashless in the bank, people will just find other banks to go to. People now are going to, they can’t do. Take their cash to bank to pnc, cuz they have some cashless branches. Guess what? PNCs losing those customers. Those customers are going to community banks and credit unions.

They totally lost me. And people are gonna leave those banks because they don’t, can’t get cash. Who are they? I it is beyond that. You can’t get cash thing, it’s just the, like the contactless. Service, whatever you, it’s like you walk into this building at the bank, right?

There’s no counter. Like you can’t walk up to a window and you have to wait to be seated in this room to discuss your finances with this other person who’s gonna question you. Are you sure you need to pull out that much money? Yeah. That’s crazy. I don’t like it. And dude, what are you talking about, man?

Give me my money. Shut up. And go about your business. I don’t need a lecture. Yeah. This is what I’m talking about. This is, I don’t understand the banking system right now. Yeah. But that’s an example of the government putting pressure on the bank to put in policies to deter people from using cash. I don’t agree.

Oh, that way with that. Yeah. No, that’s definitely, that’s what that is because that’s definitely what it was because it was during like. Not during Covid because we’re just getting over Covid o I guess. I don’t know. And it was in Florida. We were never under Covid restrictions. No, but I’m just two months.

But yeah, but it was around that time, like maybe a year ago when I, yeah, it was a, it was literally a year ago because my daughter was here and she had just, she was just here and so she left. So yeah, it was about a year ago. I think people need to do your research. Look up what’s fed now.

You don’t need fed now. You can do whatever you want now with your money. I think people, apple Pay is fed now. Yeah. Apple Pay, Google Pay. You already have it. It’s just the government one to have their fingers in it. Yeah. They wanna watch what you’re spending so that they can have 88,000 more IRS agents to this, to go look at how you spend your money.

That’s a ridiculous thought. Okay. That’s too much government oversight. Too much government intrusion. Okay. We don’t want it to be a political show, but let’s just point it out for what it is, because it’s not a conspiracy theory. Okay? No. This is not a conspiracy theory. I’m not Alex Jones because Fed Now is coming.

It’s not like we’re assuming. No, but I’m just saying this isn’t a conspiracy theory show. These are facts. The facts are we don’t need Fed now. No. The fact is we don’t need fed now. We don’t need the government. Watching how much we spend, how much electricity we use, we don’t need the government running our lives.

We don’t need us to turn into China. And there you have it. That’s it. Fed. Now say no to Fed. Now kaki, if you have questions about Fed now, you want to have a discussion about it, you want to debate me about it, you want to, you got some other views about Fed, now you want to ask us questions about it? Go right ahead.

I’ve been researching this Fed now for a couple of months. I’ve been watching it, been talking to different payment companies, credit card companies, or what do you, are you guys doing anything with Fed Now and, no nobody’s, nobody wants to do anything with it because it’s basically a take down.

That’s what it looks like. I said, I called it out from the beginning when I saw this stuff going on with cryptocurrency. I go, it’s a choke point, 2.0. They’re coming after crypto business and they’re gonna destroy it. And the evidence was last week when we went to the crypto, Bitcoin 2023 was right do.

And we saw what, how the business was decimated. Literally. Fed now, and this digital currency thing could do that to the banking system in the United States. And then everybody, the financial system of the United States, right? The financial system could be ruined. Our financial system could be. It’s not gonna happen overnight of course, like you said, but yeah, we’re in a, we.

People have to stand up People. Yeah. People need to resist this whole move to Fed now. Resist it. Resist cashless. Your bank says, oh, we don’t do cash. Say I’m gonna move to another bank. Indeed. And that’s what it is. So Fed. Now that’s the podcast about Fed. Now. Say no to Fed now.

Anyway, thanks for listening. Check us out on Facebook, Twitter, Instagram, TikTok, LinkedIn. Follow us on YouTube. Turn on the notifications. You’ll never miss another episode. B2B vault.info. Check us out. I’m in the process of redesigning that. I’m almost done actually. So we done look out for that. Other than that, got nothing.

If you need a merchant account, head over to nationwide payment systems.com. Hit the solution finder. Get everything that you need right then and there. Peace out