New Personal Checking Account Offerings by Google
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we all know that Google is one of the biggest and most useful tech companies in the world—but now the company wants to take things and step further by helping you with your bank account. It’s recently been announced that Google is set to offer its first-ever checking accounts next year.
According to @CNN, beginning in 2020 Google will offer customers checking accounts through an exclusive partnership will Citigroup and the credit union at Stanford University. While the financial insitutions’ own brands will be put on customers accounts and banks will be responsible for the financial upkeep and compliance, those same partner banks and credit unions will offer the smart checking accounts through Google Pay. Currently, Google has yet to decide if the accounts will charge customers any fees.
The decision to provide checking accounts is the latest example of a big-name tech company making a move into the financial services arena. Like Google, Amazon is also pondering the decision to introduce checking accounts, while Facebook previously announced its Libra cryptocurrency project. Additionally, Apple recently collaborated with Goldman Sachs to launch a brand credit card—and we already know how popular Apple Pay has become with millions of iPhone customers.
Discussing the headline-making new move, a Google spokesperson had this to say:
“We’re exploring how we can partner with banks and credit unions in the US to offer smart checking accounts through Google Pay, helping their customers benefit from useful insights and budgeting tools, while keeping their money in an FDIC or NCUA-insured account.”
With many people being so indifferent and flat-out resistant to well-known financial institutions such as Wells Fargo and Bank of America, Google could very easily attract a lot of customers who are looking for an alternative.
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