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 of overdrafts. We look at the origins of the overdraft facility in 1728 and the myriad reasons accounts go negative today, from temporary deposit holds to merchant errors,. We also analyze the contentious practice of "biggest check first" transaction processing, which some banks use to maximize overdraft fees. Join us for a comprehensive look at how we deposit, manage, and occasionally overspend our money.