
Episode 128 • • 1:02:41 - 1:07:28
128: Coming Soon: The Cashless Society
Digital Money, Social Security Debit Cards and Walmart
The U.S. Treasury is transitioning Social Security and Supplemental Security Income recipients to prepaid debit cards issued by Comerica Bank. Similarly, Walmart has announced a move to paperless payroll, paying employees via direct deposit or debit cards through First Data Corporation. The hosts argue these shifts benefit banks through transaction fees while increasing the risk of identity theft for "consumers."
