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Google is reportedly offering checking accounts next year



Google will be the latest technology company to bank with the search giant to offer checking accounts next year, according to the Wall Street Journal.

The accounts for the project will be operated by Citigroup and Stanford Federal Credit Union, the report states. Google did not immediately return an email for comment.

As part of a project code named Cache, the company will be the last Silicon Valley leader to enter the banking area. Earlier attempts by Apple and Facebook met obstacles, with consumers becoming increasingly skeptical about giving large tech companies personal information.

Google has no intention of selling customer data, says Caesar Sengupta, an executive director of the company.

"If we can help more people do more things in a digital way online, it's good for the internet and good for us," Sengupta said.

Apple's offerings have had several problems. Collaboration with Goldman Sachs has been tense after Apple said it created the card without the help of a bank. There have also been complaints recently that the algorithm used to determine customer credit limits is biased against men.

Facebook's attempt at digital currency caused major financial backers to fall out of regulatory concerns.

Google's plans are to tag the checking accounts with the names of the financial institutions, not their own.

Read the full WSJ story here.


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