Companies are always looking to expand into new areas. It’s just a good business model to bring in more customers.
But would you trust a tech company to handle your banking? Apple came out with its own credit card a few months ago, and you can tap or click here to learn about the Apple Card.
Now, Google wants to get into the banking world as well. What’s their plan?
Are you ready to bank with Google?
Google already knows more about us than we ever thought possible. It stores tons of information on all of us, like our location history and shopping habits.
The main reason Google claims to collect our data is to provide users with more accurate targeted ads. If the sound of being tracked bothers you, tap or click here to learn how to turn off Google location tracking.
Since the tech giant already knows almost all of our moves, why not let it handle our financial needs? That might be what Google was thinking when it decided to enter the banking field.
According to the Wall Street Journal (WSJ), Google will begin offering consumers checking accounts next year through its Google Pay app. It’s part of Google’s bigger project known as “Cache.”
Google is teaming up with Citigroup, and a smaller financial institution near its home base called Stanford Federal Credit Union, to provide the service. These banks will handle the financial aspects of the checking accounts and make sure everything is in compliance with federal regulations.
Google stated, “We’re exploring how we can partner with banks and credit unions in the U.S. 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.”
The company also said you don’t have to worry about data being sold for tracking purposes. But, with its history, we’ll believe it when we see it.