This is the Ramsey Call of the Day, part of the Ramsey Network.

Today's question comes from Caleb in Georgia.

What do you think about the new Fed Now and centralized banking that's soon happening in the U.S.?

What I commonly see is that they're gunning to take away cash,

which goes against a lot of what your programs are for. Please correct me where I'm wrong. I'm

still learning more about it, but I'm curious to see what you have to say. Well, the Fed has announced this,

and there are really two components of it that matter. The first one is that they're going to

modernize an antiquated banking system. Today, when you, for instance, deposit a check,

it takes three to ten days for that check to clear the other bank.

In a digital world, that should take three to ten seconds for your check to be bouncing

or good. When I put your check in my account or vice versa, or I make a transfer to your account. It shouldn't have to sit there

three days to be verified. It ought to be able to just reach over to the other bank, find out

if you've got some freaking money in there, and take it out and move it over to your bank.

That's how a check's supposed to work. And that system is operating like the 1930s right now, and they're trying to move it

into the digital world. That is, as far as I can tell, 100% positive, what I understand of it.

The second piece is they're talking about issuing digital dollars, which they already do, so I don't understand.

I mean, they're not saying they're going to do away with cash.

They're saying they're going to offer digital dollars.

Well, let me help you, George.

When we move money from your account to my account and you don't use actual physical dollars to go to

the branch and make a deposit you have by definition move digital dollars baby that's what they are

yeah most transactions in today's world are digital like 98% are digital there's no cash transactions

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