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 institutions’ 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.