In this episode, we profile Equifax, one of the "Big Three" consumer credit reporting agencies headquartered in Atlanta, Georgia. We trace the company's origins as the Retail Credit Company in 1899 and its controversial history of collecting rumors regarding consumers' sex lives and political activities—practices that led to a strategic name change in 1975. We delve into the massive 2017 cybersecurity breach, where hackers exploited a vulnerability to access the personal data of approximately 147.9 million Americans, remaining undetected in the system for 134 days. Listeners will learn about the fallout of this event, including the indictment of members of China’s People’s Liberation Army, the insider trading convictions of Equifax employees, and the subsequent $700 million settlement with regulators. Finally, we discuss the company's other security and reporting failures, from a 2022 error that sent inaccurate credit scores to lenders, to a lawsuit filed by a man named God who was erroneously reported as having no credit history.

In this episode, we explore the National Credit Union Administration (NCUA), the independent federal agency responsible for chartering, regulating, and insuring the United States credit union system. We discuss the agency’s formation in 1970 and its critical role in managing the National Credit Union Share Insurance Fund, which protects the deposits of millions of account holders up to $250,000.

Listeners will learn about the agency’s historical evolution, including its response to the high interest rates of the 1980s and its navigation of the 2008 financial crisis, which involved stabilizing the system after the failure of major corporate credit unions. We also cover the NCUA's recent initiatives, such as providing regulatory flexibility during the COVID-19 pandemic and current goals regarding economic equity and climate change mitigation. Finally, we touch on the agency’s leadership structure, currently headed by Chairman Kyle S. Hauptman.

In this episode, we take a comprehensive look at the Federal Deposit Insurance Corporation (FDIC), the U.S. government corporation created by the Banking Act of 1933 to restore trust in the American banking system during the Great Depression. We break down exactly how the FDIC protects your money, currently insuring up to $250,000 per ownership category, and clarify which assets are covered—such as checking accounts, savings, and CDs—versus those that are not, like stocks, mutual funds, and safe deposit boxes.

Tune in to learn how the FDIC is funded through member bank premiums rather than public tax funds and how it manages the "Resolution" process when a bank becomes insolvent. We also explore the agency's historical impact, from stabilizing the banking sector after the Panics of the early 20th century to managing the Savings and Loan crisis of the 1980s and the 2008 financial crisis.

Have you ever wondered why a simple rumor can bankrupt a financial institution? In this episode, we explore the terrifying mechanics of the bank run, a phenomenon where a bank’s insolvency becomes a self-fulfilling prophecy simply because depositors believe it will fail. We break down the economic theory behind these panics, specifically the Diamond–Dybvig model, which illustrates why it is actually rational for you to withdraw your money if you suspect others are doing the same.

Join us as we discuss:

• The Flaw in the System: How fractional-reserve banking creates an inherent "asset–liability mismatch," where banks hold long-term loans (like mortgages) but owe depositors cash on demand, meaning no bank can ever pay everyone at once.
• Historical Catastrophes: How banking panics caused much of the economic damage during the Great Depression in the U.S., while Canada avoided them entirely due to different regulations. We also touch on pop culture depictions, from Mary Poppins to It's a Wonderful Life.
• The Modern Threat: The evolution from physical lines at the teller to "cyber runs," where digital rumors and attacks can drain billions in hours—illustrated by the 2023 Silicon Valley Bank collapse and the 2025 cyber-attack on Iran's Bank Sepah.
• Prevention Tactics: The strategies banks and governments use to stop the bleeding, from deposit insurance and central bank bailouts to old-school tricks like slow service and impressive architecture designed to project stability.

Tune in to understand why the only thing keeping your money accessible might be the confidence of your neighbors.

Analogy to solidify understanding: Think of a bank run like a coat check at a massive concert venue. The venue (the bank) takes everyone's coats (deposits) and assumes that people will leave gradually over several hours, allowing the staff to retrieve items efficiently. However, if someone screams "Fire!" (insolvency fear), everyone rushes the counter at the exact same moment. Even if all the coats are safely in the back, the staff physically cannot return them all instantly. The system collapses not because the coats are missing, but because the demand for immediate access exceeds the system's design.

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.

Are you maximizing your interest or losing money to maintenance fees? In this episode, we break down the three fundamental pillars of personal banking: Transaction Accounts, Savings Accounts, and Money Market Accounts. We explore how each serves a specific function in your financial life, from daily spending to long-term growth.

Key Topics Covered:

• The Daily Driver: We explain the Transaction Account (known as a checking account in the US or current account in the UK). Learn why these accounts are designed for liquidity and "on demand" access via debit cards and checks, rather than generating interest. We also cover the evolution of "free banking" in the UK versus the fee structures common in the US.
• The Safety Net: Discover the utility of the Savings Account, a safe harbor for cash that typically accrues compound interest. We discuss High Yield Savings Accounts (HYSA), which can earn up to 10 times more interest than standard accounts, and the regulations regarding withdrawal limits.
• The Hybrid: We demystify the Money Market Account (MMA). Often confused with mutual funds, these FDIC-insured deposit accounts generally offer higher interest rates than savings accounts but often require higher minimum balances to avoid fees.
• The Fine Print: We touch on overdrafts, lending mechanisms, and how regulations like Regulation D have historically shaped how often you can touch your money.

Tune in to ensure you have your money in the right place for your financial goals!

To help visualize these accounts:

Think of your banking setup like a house:

• The Transaction Account is your Front Hallway. It is a high-traffic area where people (money) constantly come and go. You don't store things here long-term; it is strictly for access and movement.
• The Savings Account is the Pantry. You store resources here for later use. It is accessible if you really need it, but you aren't running in and out of it every five minutes.
• The Money Market Account is a Wine Cellar. It is designed for long-term storage of higher-value items. It requires a specific "stock" (minimum balance) to be worth maintaining, but the longer things sit there, the more value they tend to retain.

Ever wonder what actually happens behind the scenes when you swipe your card or deposit a paycheck? In this episode, we go back to basics to deconstruct the fundamental tools of personal finance: the bank account and the debit card. We explore the legal reality of where your money goes when it hits the bank and how plastic payments have revolutionized global commerce.

In this episode, we cover:

• The Nature of Deposits: Why depositing funds actually means transferring ownership to the bank, turning your money into a liability for them and an asset for you.
• Account Structures: The difference between credit balances (the bank owes you) and debit balances (you owe the bank), and the distinction between transactional "current" accounts and savings accounts.
• Debit Card Dynamics: How these cards differ from credit cards by withdrawing existing funds immediately and the evolution of processing systems like Online (PIN) versus Offline (signature) transactions.
• Global Systems: A look at how debit networks vary worldwide, from Canada’s Interac system and Germany’s Girocard to the rise of contactless payments and prepaid cards for the unbanked.
• Risks & Protections: Understanding "authorization holds," overdraft risks caused by processing delays, and how consumer protections compare between debit and credit networks.

Join us for a deep dive into the financial infrastructure that powers our daily lives.

In this episode, we explore the mechanics of plastic money, starting with the critical distinction between standard credit cards and charge cards—instruments that typically require the balance to be paid in full every month. We trace the history of these payment methods, from Western Union’s 1914 paper identification cards to the 1950 launch of Diners Club, which introduced a card accepted at multiple merchants.

We also break down the complex world of interest rates, explaining why the Annual Percentage Rate (APR) often differs from the Effective Annual Rate (EAR) due to daily compounding. Listeners will learn about "stoozing," a strategy where consumers borrow at 0% interest to generate profit through high-interest savings accounts.

Finally, we discuss how financial institutions determine credit limits based on ability-to-pay regulations and how "maxing out" these limits can hurt your credit score through high utilization ratios. We conclude with a look at late fees, examining their history in libraries and the criticism that such fees disproportionately penalize the poor.

Join us as we swipe through the history and mechanics of the credit card, a financial tool used by over 70% of adults in the United States. In this episode, we trace the evolution of plastic money, from the metal "charge coins" of the late 19th century to the launch of the BankAmericard in 1958, which revolutionized revolving credit.

We break down exactly what happens when you tap or swipe, explaining the complex "interchange" system involving the merchant, the acquiring bank, and the card issuer. You will learn the critical difference between a standard credit card and a "charge card," and how "revolving" accounts allow debt to build up over time.

We also uncover the financial traps and benefits of the industry, including:

• The Minimum Payment Trap: How paying only the minimum can lead to negative amortization and massive interest costs.

• Hidden Fees: The impact of interchange fees on merchant pricing and how rewards programs effectively transfer wealth from cash users to card users.

• Global Differences: Why "credit cards" in France function more like deferred debit cards, and why Japan remains a largely cash-oriented society.

• Security Evolution: The shift from magnetic stripes to EMV smart chips and the ongoing battle against fraud.

Whether you are a "transactor" who pays in full or a "revolver" carrying a balance, this episode offers a comprehensive look at the plastic in your wallet.

In this episode, we dive deep into the evolving landscape of identity theft, a crime where personally identifiable information is exploited for fraud or deception. We move beyond simple financial theft to explore the five distinct categories of this crime, including medical identity theft, child identity theft, and the increasingly common "synthetic" theft, where fraudsters fabricate entirely new identities. We also examine the tactics thieves use—ranging from physical "dumpster diving" to sophisticated malware like Zeus—and the devastation they cause, such as wrongfully issued arrest warrants and ruined credit scores. Finally, we analyze the global legal response, looking at how nations like the US, UK, and Sweden are legislating to protect citizens from having their lives stolen.