Google Wallet Funds to Be FDIC Insured
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In other words...
croodApr 20, 2015, 9:39 AM
...Google will now be collecting interest on your money.
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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 can't do anything to help out their customers without people pointing out and taking issue with the part that benefits them as well.
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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 organization; its become very difficult to find a bank even willing to take a large deposit unless you have other business with that bank that is profitable enough to offset the cost of them taking the large deposit.
Banks have to pay an assessment to the FDIC based on the amount of deposits they have, which also inflates the cost of holding deposits. Because of this some banks have actually started charging their customers fees to hold deposits. This is also part of the reason why free checking a...
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