I don’t like this at all. The name alone, Cache, is dripping with smugness. When it comes to your money privacy is always paramount. CNBC’s Jeff Cox reports:
Google will offer checking accounts next year, according to a source familiar with the company’s plans, representing Big Tech’s boldest move yet into the consumer banking business.
Most previous efforts have focused on credit cards and payment platforms.
The accounts for the project will be run by Citigroup and the Stanford Federal Credit Union, the source said, confirming a report in The Wall Street Journal.
As part of a project code-named Cache, the company will become the latest Silicon Valley leader to try its hand at the banking space. Previous attempts by Apple and Facebook faced obstacles, with consumers growing increasingly skeptical over providing large technology companies with their personal information.
Google does not intend to sell customers’ data, Caesar Sengupta, an executive at the firm, told the Journal.
“If we can help more people do more stuff in a digital way online, it’s good for the internet and good for us,” Sengupta said.
Read more here.
Originally posted on Your Survival Guy.