One's bank and Savings and Loan account deposits are insured up to $250,000 (it used to be $100,000, I don't know when it was increased) by the Federal Deposit Insurance Corporation.  https://www.fdic.gov/resources/deposit-insurance/faq/index.html.  If one has cash assets greater than $250,000 (I've never been in that club) it would be prudent to have accounts in different banks so that you never have more than $250,000 deposited in one bank or Savings and Loan.

Some "investment accounts" may also allow one to write checks or otherwise make payments or money transfers, but may not always be covered by FDIC insurance, so it is good to ask.

FDIC insurance is backed by the full faith and credit of the United States government.

::snort::

They already control payments ... but are just slow as molasses in moving through through.

From your earlier post:
They already control payments, but are just slow about balancing the accounts afterwards.

They can confirm/reject payments real-time already ... just that the transaction requires longer to balance out of a pending state, but transactions can already be approved/denied in real time.  They could attach "social credit" considerations at point of sale whether or not they immediately balance against your account, so long as there's an electronic form of payment.  Nearly all debit card transactions go through VISA or Mastercard already.

Instant payroll for workers at gig economy companies is such an example, she said, adding that the service addresses a trend in the gig economy in which workers expect to have access to earned wages on demand, rather than on a traditional biweekly cycle. During the second quarter, instant payroll accounted for 15% of the total volume on RTP and grew 104% compared to the prior quarter.

The launch of FedNow could also enhance blockchain-enabled payment systems, to let banks settle payments using blockchain instantly at all times, said Kevin Greene, CEO of Tassat Group Inc.

What they need to do is stamp out alternatives, such as paper cash and, to a lesser extent, alternative currencies like BitCoin.  They can't control cash at point of sale, and can't really put a stranglehold on BitCoin ... just yet, even though they've tried to regulate it more and more.  When the time comes, they can just wipe out and ban the cryptos.  Those really can't be used for normal transactions anyway.  I can't go to a grocery store and pay them with BitCoin.  It's limited to some relatively-niche online vendors.

I recall when a lot of retailers were refusing cash during the COVID plandemic because it could allegedly transmit the virus.

But if the US dollar hyperinflates and becomes worthless, they would probably have to issue a replacement currency, and that's when I think the transition will happen.  US dollar could hyperinflate at any time.  It's just a question of when they feel like letting / making it do so.

Right.  FedNow and the coming FedCoin will be paperless $ and digital transactions.  I think we are VERY close to this happening.  Like less than a year.