Digital wallets might be worse-is-better bank accounts.
A variant of that concern I wouldn't endorse but think is better: we intentionally let certain classes of financial institutions extract a lot of money from large populations of people without much money, but this is actually a good thing, b/c of service guarantees + regulation.
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There's some social purpose to having Local Bank Of Community Pillars have a 100+ year relationship with the community they serve, fund the local soccer team, and employ people to listen patiently to financially unsophisticated consumers' daily money issues.
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And there's a tradeoff: they are plausibly threatened by a big, impersonal technology company (with customer support by /dev/null) doing the most important parts of their product line for ~$150 a year per account less than they need to make rent. But that $150 is real money.
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