Eli5:Where exactly does my money go and how is it secured whenever I use a debit card?

Question

Eli5:Where exactly does my money go and how is it secured whenever I use a debit card?

In: Technology

Answer 1

the non-econ-nerd and technical response:

The data that corresponds to ‘your money’ is exchanged between your employer, their bank, their payroll provider, and your bank.

Don’t google search for ‘COBAL and banking’ if you don’t want to have a sense for how tenuous the IT stack that underpins our entire financial system really is