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Google Wallet Funds to Be FDIC Insured

Apr 20, 2015, 7:29 AM by Eric M. Zeman

People who use Google Wallet should be able to rest a bit easier, as Google Wallet funds are now protected by the federal government. Google has altered the terms of service for its Wallet product and will store users' funds in FDIC-insured banks. This means if Google collapses, users' money will be safe. A Google spokesperson revealed the change to Yahoo Finance. Similar cash transfer apps, such as Venmo and PayPayl, do not offer such protection for their users because the funds aren't stored in FDIC-insure banks. Mobile payment services like Apple Pay are based on credit card transactions, so user funds are not generally stored in a third-party bank account at all.

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Comments

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This forum is closed.

crood

Apr 20, 2015, 9:39 AM

In other words...

...Google will now be collecting interest on your money.

Brad K

Sounds like you have an issue with that. If you don't like it you still have the option of keeping your own money in your own bank and earning interest on it yourself.

If it wasn't insured I bet you would take issue with that too. These companies...
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vikes0115

That's INCREDIBLY unlikely right now. Banks can borrow from the Fed at essentially no cost, which is why interest rates have been driven down to practically nothing on deposits. As someone who has to find banks to place CD's for a non-profit organiz...
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