"Google (GOOGL) plans to offer checking accounts to customers starting next year, a source familiar with Google's plans told CNN Business. Google is partnering with Citigroup (C) and a credit union at Stanford University for the initiative. The Wall Street Journal first reported Google's entry into checking accounts.
"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," a company spokesperson said.
But Google doesn't plan to take center stage on the checking accounts. Instead, the financial institutions' brands will be put on the accounts and banks will be responsible for the financial plumbing and compliance. Partner banks and credit unions will offer these smart checking accounts through Google Pay. Google also hasn't decided whether the accounts would charge fees.(...)"
"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," a company spokesperson said.
But Google doesn't plan to take center stage on the checking accounts. Instead, the financial institutions' brands will be put on the accounts and banks will be responsible for the financial plumbing and compliance. Partner banks and credit unions will offer these smart checking accounts through Google Pay. Google also hasn't decided whether the accounts would charge fees.(...)"
