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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 jmichaelhudsondotnet on Thursday November 14 2019, @09:24AM (5 children)
As with Libra-facegag, this will be a nice high water mark.
That they can even find someone who will accept 200k/year to mouth the words 'We, google, will protect your data' is what is astounding to me at this point.
Who is this for? Who even thinks this up? Who is like, 'you know what, we should merge email with banking.'
It reads to me like an april fools joke. 'Let's complicate everything more at the same time we centralize and monopolize it!'
All the eggs in one basket, as fast as possible! - is not a solid design principle. Nor is 'we will let you handle all the details.'
(Score: 1, Insightful) by Anonymous Coward on Thursday November 14 2019, @09:40AM (4 children)
2019: Spam an emoji on YouTube, and we delete your Google account. [businessinsider.com]
2020: Blink wrong, and we freeze your Google bank account.
(Score: 3, Insightful) by VLM on Thursday November 14 2019, @12:51PM (3 children)
More likely
(Score: 2) by maxwell demon on Thursday November 14 2019, @01:56PM (2 children)
How would Google know how you voted?
The Tao of math: The numbers you can count are not the real numbers.
(Score: 0) by Anonymous Coward on Thursday November 14 2019, @03:24PM
By picking up on the emissions of the voting machine in direct presence of the google phone?
(Score: 0) by Anonymous Coward on Friday November 15 2019, @10:54AM
They don't need to. They already have enough information on you to know how you will vote.