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> Do you think Google is going to do any better at this? Google's new checking account isn't really Google. They don't currently have the licenses needed to ac

> Do you think Google is going to do any better at this? Google's new checking account isn't really Google. They don't currently have the licenses needed to act as a bank. It's basically a Google branded checking account from Stanford Federal Credit Union. From what I've read, Google's checking account will be similar to Uber's credit card in that you will sign up and get some benefits through Google/Uber, but pretty much all maintenance will be handled by the issuing bank. Source: https://www.fool.com/investing/2019/11/17/why-is-google-about-to-launch-checking-account-for.aspx https://www.fool.com/investing/2019/11/17/why-is-google-abou...

MetalGuru 7y ago
And this is intentional. Google definitely doesn’t want to be regulated as a bank. It just wants your financial data, so it can send better targeted ads.
- thepangolino 7y ago
  Isn’t access to that financial data extremely well regulated? I’ve often thought of launching a credit card company solely for access to people’s transaction data. That provides tremendous insight into many companies turnovers allowing to anticipate earnings.
  - rrix2 7y ago
    Not regulated well enough, imo, MasterCard is already willing to sell data to these same actors: https://www.theverge.com/2018/8/30/17801880/google-mastercard-data-online-ads-offline-purchase-history-privacy https://www.theverge.com/2018/8/30/17801880/google-mastercar...
    - vkou 7y ago
      Half of Visa's, and MasterCard's business model is selling payment flow. This isn't some novel development for these processors - they've been doing it for decades. Shockingly enough, people don't care enough to shred all their credit cards! Even people who tend to get outraged on the internet about these sorts of things still have, and use at least one. (And before someone brings up that EU is not heavy on credit cards - the function of European debit cards in this space is not one whit different from that of a credit card.)
      - rrix2 7y ago
        Live too live in a debt based society!
      - icebraining 7y ago
        Well pointed out, Mister Gotcha.
scottlocklin 7y ago
Or you could just open a checking account with a credit union that doesn't sell your data to Google.

MetalGuru 7y ago

And this is intentional. Google definitely doesn’t want to be regulated as a bank. It just wants your financial data, so it can send better targeted ads.

thepangolino 7y ago
Isn’t access to that financial data extremely well regulated? I’ve often thought of launching a credit card company solely for access to people’s transaction data. That provides tremendous insight into many companies turnovers allowing to anticipate earnings.
- rrix2 7y ago
  Not regulated well enough, imo, MasterCard is already willing to sell data to these same actors: https://www.theverge.com/2018/8/30/17801880/google-mastercard-data-online-ads-offline-purchase-history-privacy https://www.theverge.com/2018/8/30/17801880/google-mastercar...
  - vkou 7y ago
    Half of Visa's, and MasterCard's business model is selling payment flow. This isn't some novel development for these processors - they've been doing it for decades. Shockingly enough, people don't care enough to shred all their credit cards! Even people who tend to get outraged on the internet about these sorts of things still have, and use at least one. (And before someone brings up that EU is not heavy on credit cards - the function of European debit cards in this space is not one whit different from that of a credit card.)
    - rrix2 7y ago
      Live too live in a debt based society!
    - icebraining 7y ago
      Well pointed out, Mister Gotcha.

scottlocklin 7y ago

Or you could just open a checking account with a credit union that doesn't sell your data to Google.