In this episode, we explore the infrastructure of daily personal finance, beginning with the convenience of direct deposit. We explain how this electronic transfer system handles salaries and bill payments, and look at the alternatives available for government benefit recipients who do not possess traditional bank accounts,.

Next, we trace the history of online banking from its precursors in the early 1980s to the modern rise of "neobanks" and branch-less institutions,. While digital platforms offer 24/7 access and lower operating costs, we discuss the significant security challenges they present—such as phishing and "man-in-the-browser" attacks—and the criticism that closing physical branches discriminates against elderly and disabled populations,,.

Finally, we unpack the mechanics and controversies  ...