Google to Offer Checking Accounts

Google will soon offer checking accounts in a partnership with two banking institutions, news of which comes as the company faces backlash over the collection of health data on millions of Americans. Working with Citigroup and a credit union near its headquarters, Google is expected to launch the checking account project, codenamed Cache, next year, according to the Wall Street Journal. “Big tech companies see financial services as a way to get closer to users and glean valuable data,” the outlet reported. “Apple Inc. introduced a credit card this summer.” “Amazon.com Inc. has talked to banks about offering checking accounts. Facebook Inc. is working on a digital currency it hopes will upend global payments.” Google’s data collection already made headlines this past week when the Wall Street Journal revealed Google’s partnership with Ascension, the second-largest health care system in the U.S., in an attempt to create AI software that analyzes millions of patient records. Both Google and Ascension quickly responded to the report, with Google suggesting the project is compliant with federal health law. (Read more)

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