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Google will offer checking accounts, says it won't sell the data
The Google empire is enormous and ubiquitous, covering basically the entire Internet in one way or another. There is, however, one lucrative business the company does not yet have a foothold in: banking. And now it has plans to change that.
Google is working to launch consumer checking accounts next year, The Wall Street Journal first reported this morning. The project, code-named Cache because apparently nobody can resist a pun, is expected to launch next year, sources told the Journal. CNBC, also citing "sources familiar," confirmed the WSJ's reporting.
Google: Not a bank
The accounts will be run in partnership with Citibank and a credit union based out of Stanford University. Google executive Caesar Sengupta told the WSJ that the accounts will carry branding from the banks, not from Google, which will also "leave the financial plumbing and compliance" to the banks.
Google and its partners are still hammering out the details of these accounts, including whether or when accounts might incur fees. (Many banks that offer checking accounts waive monthly fees for customers who maintain a certain average balance or who use direct deposit.)
"Our approach is going to be to partner deeply with banks and the financial system," Sengupta told the WSJ. "It may be the slightly longer path, but it's more sustainable."
Also at The Verge.
(Score: 2) by maxwell demon on Thursday November 14 2019, @07:55AM (3 children)
So Google says they won't sell the data? Add an implicit “yet” to the statement.
The Tao of math: The numbers you can count are not the real numbers.
(Score: 0) by Anonymous Coward on Thursday November 14 2019, @08:41AM
Wouldn't you want Google to sell the data if they were offered enough money to do so? You want Google to be successful, right?
(Score: 2) by PiMuNu on Thursday November 14 2019, @12:13PM
Too late.
Visa already sells the data (and I never checked Mastercard).
(Score: 2) by Unixnut on Thursday November 14 2019, @12:46PM
> So Google says they won't sell the data? Add an implicit “yet” to the statement.
I believe them, I don't think they will sell the data. Google is a data hoarder. It is too valuable to Google to sell it to competitors.
Generally, my strongest desire for my personal information is to keep it out of companies such as Google. I am worried about companies selling my data TO companies like Google.
If Google is the one collecting it, then them not selling it onwards is pretty much irrelevant.