Google to offer checking accounts: 7 things to know

Google will partner with Citigroup and California-based Stanford Federal Credit Union to offer consumer checking accounts, according to The Wall Street Journal.

Seven things to know:

1. The accounts are part of a project expected to launch in 2020, code-named Cache, the newspaper reported. 

2. The banks will run the checking accounts and be responsible for compliance.

3. Google executive Caesar Sengupta told the WSJ: "Our approach is going to be to partner deeply with banks and the financial system. It may be the slightly longer path, but it's more sustainable."

4. Mr. Sengupta also told the newspaper Google wouldn't sell checking-account users' financial data and has not determined whether the checking accounts would charge fees. 

5. Consumers would use Google's digital wallet, Google Pay, to access their accounts. 

6. Google's approach is the latest effort by the search engine giant to move into finance. According to the Journal, the company launched its digital wallet and looked at ways to use email to pay bills in 2015.

7. For its Cache project, Google welcomes the idea of potentially adding more bank partners in the future, according to Mr. Sengupta.

Read the Journal's full report here

 

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New Medicare payment model will help skilled nursing facilities, Moody's says
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One-third of US credit cardholder debt is from medical bills, survey finds

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